Market Movers in Premarket Trading
Apple Inc.
The stock of Apple saw a rise of 4% after the tech giant reported first-quarter results that exceeded analysts’ expectations. Strong services revenue helped to balance out iPhone sales that were weaker than anticipated.
Chemical and Energy Sector Updates
Chemical Giant: Chevron experienced a drop of over 1% following earnings that fell short in the fourth quarter. Despite reporting adjusted earnings of $2.06 per share—below the anticipated $2.11—Chevron’s revenue hit $52.23 billion, exceeding the consensus estimate of $46.75 billion. The setback was largely attributed to its refining sector, which faced its first loss in four years.
Exxon Mobil saw a slight uptick in shares after reporting fourth-quarter earnings that surpassed expectations, with $1.72 per share beating the estimated $1.56. However, revenue of $83.43 billion came in below the expected $86.63 billion.
Technology Stocks on the Rise
Intel shares rose by 1.5 % after slightly surpassing fourth-quarter earnings estimates with 13 cents per share, compared to the 12 cents forecasted by analysts.
KLA Corporation experienced a nearly 4% increase in shares after delivering fiscal second-quarter earnings that outperformed projections. The company reported adjusted earnings of $8.20 per share on revenues of $3.08 billion, exceeding analyst expectations of $7.75 per share and $2.94 billion.
Challenges for Retail and Homebuilders
In contrast, Walgreens Boots Alliance saw a significant decline of nearly 12% as it announced the suspension of its quarterly cash dividend amidst ongoing “long-term turnaround efforts” aimed at reducing debt and improving cash flow.
Beazer Homes also faced challenges, with shares dropping 9% after reporting first-quarter earnings of 10 cents per share—well below the 31 cents expected. However, its revenue of $468.9 million did exceed the anticipated $464.4 million.
Eastman Chemical shares rose close to 4% following fourth-quarter earnings that beat estimates with $1.87 per share, compared to the $1.57 expected.
Deckers, on the other hand, experienced a premarket decline of 15% despite reporting better-than-expected quarterly results, earning $3 per share on revenue of $1.83 billion, surpassing estimates of $2.56 per share and $1.73 billion in revenue.
Tech Triumphs
Lastly, Atlassian saw its shares surge by 20% after both its quarterly report and future guidance exceeded expectations, posting 96 cents per share on an adjusted basis and $1.29 billion in revenue, compared to the projected 76 cents per share and $1.24 billion in revenue.
— Reporting contributors include a dynamic team of finance analysts.
