Shares of Tesla, the electric vehicle manufacturer, dropped over 7% following the release of their third-quarter earnings results. The earnings came in at $0.66 per share on $23.35 billion in revenue, falling short of the $0.74 per share on $24.10 billion in revenue estimated analysts. This disappointing performance failed to impress investors.
In contrast, streaming entertainment provider Netflix experienced a significant jump in their stock price, increasing nearly 13% after the release of their quarterly results. The company added 8.76 million subscribers during the period, surpassing analyst estimates of 5.49 million subscribers. The increase in subscribers can be attributed to a crackdown on password sharing and the introduction of a new advertising-supported tier.
Consumer electronics retailer Best Buy also saw a positive turn in their stock price, with a more than 2.5% increase before the opening of Thursday’s trading session. This increase was fueled an upgrade to buy from Goldman Sachs, highlighting the stock’s attractive valuation.
Cybersecurity software provider CrowdStrike experienced a 2% gain in stock price following an upgrade to buy from Jefferies. The upgrade was based on CrowdStrike’s position as an industry leader and its ability to capitalize on long-term cloud tailwinds. Similarly, cybersecurity company Zscaler observed an almost 2% increase in premarket trading after receiving an upgrade from Jefferies. The upgrade was attributed to an improved growth outlook.
Renewable energy company First Solar added nearly 2% in premarket trading after receiving an upgrade to overweight from JPMorgan. The bank deemed First Solar’s recent pullback as a favorable entry point for investors.
Automotive parts maker Aptiv also experienced a gain in stock price following an upgrade to overweight from JPMorgan. The bank emphasized Aptiv’s strong top-line growth outlook and profit margin drivers. Shares of Aptiv increased 2.8%.
On the other hand, fitness company Peloton saw a decline in their stock price, sliding 6.4% before the bell. This decline followed a downgrade to underperform from Bank of America, with analyst Curtis Nagle citing declining member engagement as a contributing factor.
Telecommunications company AT&T, on the other hand, saw an increase of over 4% after reporting third-quarter earnings that exceeded analyst expectations. AT&T reported $0.64 earnings per share on $30.4 billion in revenue, surpassing the estimated $0.62 earnings per share on $30.19 billion.
Alternative asset manager Blackstone experienced a 3% drop in premarket trading after reporting third-quarter results below expectations. Blackstone reported earnings per share of 94 cents on $2.32 billion of revenue, falling short of the anticipated $1.01 per share on $2.51 billion of revenue. Revenue showed less than a 3% year-over-year increase.
In positive news, Las Vegas Sands, the casino and resort company, saw its shares rise over 5% after reporting third-quarter revenue that exceeded expectations. The company posted revenue of $2.8 billion, surpassing the consensus estimate of $2.72 billion.
However, semiconductor equipment maker Lam Research experienced a 3% drop in premarket trading. While the company reported adjusted earnings of $6.85 per share on revenue of $3.48 billion, surpassing estimates from analysts, their forward guidance for the fiscal second quarter fell short of expectations.
Overall, these premarket movements of various companies showcase the volatility and dynamics of the stock market. Investors should closely monitor the performance of these stocks and consider potential opportunities for investment or adjustment of their portfolios.