Intel, GameStop, ViacomCBS and more

Take a look at some of the major engines on the premarket:

Intel (INTC) – Intel said it would spend $ 20 billion to build two new plants at the existing facility in Arizona, in an effort to gain more market share and fill the gaps created by global chip shortages. Intel aims to start production at the new plants by 2024. Intel shares rose 4% in pre-market trading, while competitor Taiwan Semiconductor (TSM) shares fell 2.1% following the announcement of Intel.

GameStop (GME) – GameStop reported quarterly earnings of $ 1.34 per share, missing forecasts by a penny a share. Revenues were also below consensus. The video game retailer did not address the Reddit-fueled trading frenzy in its stocks during its earnings conference call, but in a Securities and Exchange Commission presentation it said it was considering the idea of ​​raising money by selling stocks to fund its ongoing transformation. . The shares fell 12% in pre-market trading.

ViacomCBS (VIAC) – Shares of the media company fell another 7% in the previous market after plunging 9.1% on Tuesday on news of a $ 3 billion stock offering.

General Mills (GIS) – The food producer fell 2 cents a share below Wall Street forecasts, with quarterly earnings of 82 cents a share. Revenues beat estimates and General Mills said it expects household food demand to remain elevated relative to pre-pandemic levels. Its shares fell 1.9% in the premarket.

Winnebago (WGO) – Company shares gained 3.7% on pre-market share after the RV maker reported a quarterly profit of $ 2.12 per share, compared to a consensus estimate. of $ 1.42 per share. Revenues beat analysts’ forecasts and Winnebago experienced an expansion of nearly 6 percentage points in gross margins during the quarter.

Adobe (ADBE): Adobe beat estimates by 35 cents a share, with a quarterly profit of $ 3.14 per share. The software company’s revenue also beat estimates, and Adobe issued strong earnings guidance for the current quarter and full year based on its Creative Cloud flagship suite and other cloud-based offerings. Adobe was up 1.2% in premarket shares. (AMZN) – Amazon has appointed Adam Selipsky as CEO of its Amazon Web Services unit, effective from the date current CEO Andy Jassy replaces Jeff Bezos as CEO of Amazon later this year. Selipsky had been an executive at Amazon Web Services to become CEO of Tableau Software, which has since been acquired by (CRM). Amazon was up 1% in premarket trading.

Bank of New York Mellon (BK) – The bank’s shares rose 1.3% in the previous market following a double upgrade from Bank of America Securities to “buy” from “underperforming.” BofA said its call is based on an attractive valuation, as well as an improved earnings outlook.

Exxon Mobil (XOM): Moody’s rating agency downgraded Exxon Mobil’s debt ratings to Aa2 from Aa1, pointing to the energy giant’s goal of maintaining its dividend. Moody’s said the policy will slow down debt reduction at Exxon Mobil.

AMC Entertainment (AMC) – AMC shares fell another 2.1% in premarket trading following Walt Disney (DIS) announcement that it would delay the release of its movie “Black Widow” by two months and offer it. simultaneously in theaters and on its Disney + service. for a fee. The theater operator’s shares had slumped 14.7% yesterday and 10.3% on Monday.

Steelcase (SCS): Steelcase gained 6 cents a share in its latest quarter, compared to a consensus estimate of a loss of 1 cent a share. The office furniture maker’s revenue also beat forecasts. However, the company gave a weaker forecast than expected, as demand for office products remains weak. Its shares lost 3.4% in the premarket.


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