GOOG, AMD, GM rally on earnings; SBUX, MRCY fall: Top Losers and Gainers
During the pre-market period on Wednesday, big-name tech companies reported earnings that dominated the news. As a result of their quarterly reports, the stock prices of Alphabet (NASDAQ:GOOG) and Advanced Micro Devices (NASDAQ:AMD) surged.
Despite revenue that fell short of expectations, shares of General Motors (NYSE:GM) rose. Customers were enticed by the automaker’s optimistic forecast for 2022.
As a result of their financial results falling short of expectations, both Starbucks (NASDAQ:SBUX) and Mercury Systems (NASDAQ:MRCY) have reported pre-market losses.
Gainers
Following the release of a better-than-expected earnings report and the announcement of a 20-for-1 stock split, Google parent company Alphabet (GOOG)(GOOGL) soared nearly 11 percent in pre-market trading.
Google’s ad business proved to be a major contributor to the company’s unexpectedly high profit. The total revenue increased by 32% to $75.3 billion.
Before the opening bell, Advanced Micro Devices (AMD) posted a double-digit percentage gain. Wall Street cheered when the company’s top and bottom lines exceeded expectations.
Non-GAAP earnings per share (EPS) for the third quarter came in at $0.92, exceeding expectations by $0.16. The company’s earnings rose by 49% to $4.83B, exceeding analysts’ expectations by over $300 million. The company’s CEO predicted “very strong” demand for its server business in 2022.
Pre-market gains for General Motors (GM) were driven by the company’s strong earnings results, which saw the stock rise 2%. While revenue fell short of expectations, the company came out on top in the bottom line and provided reassuring guidance for 2022.
Decliners
Shares of Starbucks fell after the company released its quarterly results (SBUX). As a result of rising inflation, the stock fell nearly 3% in pre-market trading on Monday.
As a result of Mercury Systems’ quarterly update, the stock price fell as well. Both the company’s top and bottom lines failed to meet expectations. Shares fell nearly 9% before the opening bell as a result.
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