Before the bell, take a look at the businesses that are in the news.
Alphabet — After reporting less-than-expected advertising income for the fourth quarter, Alphabet’s stock fell 5.2%. Although the parent company of Google reported advertising revenue of $65.52 billion, it exceeded Wall Street’s projections on both the top and bottom lines. That was less than the $65.94 billion analysts surveyed by StreetAccount had predicted.
Paramount Global: Following the announcement that billionaire businessman Byron Allen had made a $14.3 billion buyout offer, the media company’s stock shot up more than 13% in premarket trade. The total acquisition value, including debt and stock, for Paramount is approximately $30 billion.
Cutting-edge Micro Devices Following the release of the semiconductor company’s fourth-quarter earnings on Tuesday, which met consensus estimates, the stock fell 4.3%. AMD provided a first-quarter forecast that was lower than anticipated despite beating quarterly revenue projections. Analysts had predicted $5.73 billion in revenue for the first quarter, but the business said it anticipated around $5.4 billion in revenues, plus or minus $300 million.
Microsoft: The software giant beat both its top and bottom lines for the second quarter of its fiscal year, but its sales projection for the third quarter was less optimistic than anticipated. As a result, shares of the company fell by 0.2%. Soon after the data were announced, the stock fell as much as 2% during extended trading.
Coffee Shop Premarket trading saw a rise in the coffee chain’s shares despite a dismal fiscal first-quarter financial statement. According to LSEG, Starbucks reported 90 cents in earnings per share, which was 3 cents less than experts had predicted. Revenue came in at $9.43 billion as opposed to the projected $9.59 billion, slightly below projections as well.
Tesla: After a Delaware judge rejected Tesla CEO Elon Musk’s $56 billion remuneration package on Tuesday, the company’s board of directors was unable to provide sufficient evidence to support the decision, which caused shares of the electric vehicle manufacturer to drop 2.9%.
Mondelez International — Following the company’s announcement of a slowdown in growth for the fourth quarter and its prediction of moderate growth in comparable sales for 2024, the snack maker’s shares fell 4.4%. On the other hand, Mondelez did report in-line revenue and adjusted earnings per share for the fourth quarter.
Following a downgrade from equal weight to underweight by Morgan Stanley, SoFi Technologies, a digital banking firm, had a 3.1% decline. Headwinds in revenue and execution issues that could impede profitability targets were mentioned by Morgan Stanley.
Source (CNBC)
