Tesla, AT&T and Bed Bath & Beyond fall premarket; IBM rises


By Peter Nurse

Investing.com — Stocks in focus in premarket trade on Thursday, April 20th. Please refresh for updates.

  • Tesla (NASDAQ:TSLA) stock fell 7% after the EV manufacturer’s first-quarter gross margin missed market expectations due to aggressive price cuts for its vehicles.

  • AT&T (NYSE:T) stock fell 4.6% after the telecommunications giant missed first-quarter revenue expectations, signaling intense competition from deep-pocketed rivals.

  • IBM (NYSE:IBM) stock rose 1.2% after Big Blue beat estimates for first-quarter profit and signaled resilient demand for IT services.

  • Las Vegas Sands (NYSE:LVS) stock rose 5.5% after the casino operator reported better-than-expected quarterly revenue, helped by increased hotel occupancy.

  • Taiwan Semiconductor Manufacturing (NYSE:TSM) stock rose 0.5% after the chip maker reported slightly stronger-than-expected net income in the first quarter as some resilience in global chip demand helped fuel stronger sales.

  • Alaska Air (NYSE:ALK) stock fell 1.5% after the carrier reported a bigger-than-expected quarterly loss as higher expenses related to labor and fuel dented the carrier’s margins.

  • Bed Bath & Beyond (NASDAQ:BBBY) stock fell over 25% with the Wall Street Journal reporting that the troubled retailer is preparing to file for bankruptcy as early as this weekend.

  • American Express (NYSE:AXP) stock fell 1.5% after the credit card giant’s first-quarter profit missed estimates as it set aside more money to cover potential losses stemming from cardholders falling behind on their debt repayments.

  • Blackstone (NYSE:BX) stock fell 1.1% after the asset manager reported that its first-quarter distributable earnings fell 36% year-on-year, as a weak property market stopped it from cashing out on some holdings.

  • Philip Morris (NYSE:PM) stock fell 1.3% after the tobacco giant cut its full-year profit forecast, hit by rising tobacco leaf prices and energy and labor costs.


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