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Stocks making the biggest moves premarket: Alphabet, Tesla, Texas Instruments, Meta Platforms and more

Garry Wills by Garry Wills
July 24, 2024
in Business Finance
Stocks making the biggest moves premarket: Alphabet, Tesla, Texas Instruments, Meta Platforms and more
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Check out the companies making headlines in premarket trading. Alphabet — Shares of the Google parent-company slipped nearly 4% before the opening bell. Advertising revenue in Alphabet’s YouTube segment undershot expectations in the second-quarter and overshadowed results that beat analyst estimates on the top and bottom line. Tesla — Stock in the electric vehicle company sank about 9% after second-quarter earnings were weaker-than-expected. Tesla’s revenue of $25.5 billion came in above Wall Street estimates, which forecast $24.77 billion, respectively. Texas Instruments — Stock in the chipmaker ticked up about 2% thanks to better-than-expected second-quarter earnings. Texas Instruments reported earnings of $1.22 per share while analysts polled by LSEG expected $1.17. Madison Square Garden Entertainment — The live entertainment stock popped 3.3% on the heels of a Goldman Sachs upgrade to buy from neutral. Goldman said the stock is a pure play on the venues business, and that investors have a good entry point after the stock’s recent underperformance. Visa — Stock in the credit card firm pulled back more than 3% after a fiscal third-quarter revenue miss. Visa’s $8.9 billion in revenue was slightly weaker than an estimated $8.92 billion from analysts polled by LSEG. AT & T — The telecommunications giant added almost 3% after reporting an addition of 419,000 wireless phone subscribers with monthly bills, well ahead of the consensus forecast from analysts polled by FactSet. AT & T saw quarterly earnings per share that were in line with expectations of analysts surveyed by LSEG, while revenue came in under where the Street anticipated. Capital One — The financial stock dipped about 1% after the company’s second-quarter report came in short of expectations. Capital One earned $3.14 per share, after adjustments, on $9.51 billion of net revenue. Analysts were expecting a profit of $3.39 per share on $9.57 billion of revenue, according to FactSet. Meta Platforms — The social media stock fell about 3% after Meta announced a free version of its Llama artificial intelligence model Seagate Technology — Shares of the computer hardware company climbed nearly 4% thanks to stronger-than-expected fourth-quarter results. Seagate posted earnings excluding items of $1.05 per share on revenue of $1.89 billion. Analysts polled by LSEG forecast a profit of 75 cents and $1.87 billion in revenue. Enphase Energy — The solar energy stock gained more than 2% in premarket trading, despite missing Wall Street estimates. The second-quarter results showed improved margin growth and Enphase provided a stronger-than-expected third-quarter forecast that calls for revenue in the range of $370 million to $410 million. Analysts polled by LSEG forecast $404 million. — CNBC’s Alex Harring, Sarah Min and Jesse Pound contributed reporting



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