Stocks making the biggest moves premarket: Google, Advanced Micro Devices, Starbucks and more
In this image from March 6, 2023, an AMD-branded smartphone is prominently displayed on a computer motherboard. As credit goes to Florence Lo from Reuters, this illustration captures the heart of recent tech industry movements.
Keep an eye out for these companies making waves before the bell has even rung.
Alphabet — Disappointing Q4 advertising revenue led Alphabet’s stock to dip by 5.2%. Despite surpassing Wall Street’s top and bottom-line expectations, its advertising revenue of $65.52 billion failed to meet the $65.94 billion anticipated by StreetAccount analysts.
Paramount Global — The media company’s stock jumped over 13% in premarket trading, buoyed by news of a $14.3 billion takeover offer from billionaire Byron Allen, valuing Paramount at approximately $30 billion inclusive of debt and equity.
Advanced Micro Devices — AMD’s shares slipped by 4.3% following the disclosure of their fourth-quarter earnings that fell in line with consensus expectations. Surpassing quarterly revenue estimates, they still put forth a more cautious first-quarter forecast with expected sales around $5.4 billion, below analysts’ expectations of $5.73 billion.
Microsoft — Even after outperforming top and bottom-line expectations for its fiscal second quarter, Microsoft gave a somewhat underwhelming third-quarter revenue outlook, leading to a 0.2% slip in shares. Notably, the stock had dipped by 2% in immediate post-market trading following the announcement.
StarBucks — Starbucks’ shares are trending upwards in premarket trading, despite delivering a less-than-stellar financial update for its fiscal first quarter. Starbucks’ profits were 90 cents per share, falling short of analysts’ expectations by 3 cents, according to LSEG. Revenue also missed estimates, coming in at $9.43 billion rather than the expected $9.59 billion
Tesla— Tesla took a 2.9% hit in its shares following a Delaware judge’s rejection of CEO Elon Musk’s $56 billion pay package, citing the board’s failure to demonstrate that the plan was fair.
Mondelez International — Mondelez shares fell by 4.4% after the snack company reported slower growth in Q4 and predicted soft growth in comparable sales for 2024, despite topping Q4 adjusted earnings per share and meeting revenue expectations.
SoFi Technologies — Their digital banking shares dwindled by 3.1% in the wake of a Morgan Stanley downgrade from equal weight to underweight, citing potential revenue challenges and execution risks likely to impact profitability goals.
