Investing.com — Stocks in focus in premarket trade on Tuesday, April 20th. Please refresh for updates.
IBM (NYSE:) stock rose 2.9% after the tech giant recorded its highest quarterly sales growth in more than two years, boosted by its bets in the high-margin cloud computing business.
Johnson & Johnson (NYSE:) stock fell 0.4% after the drugmaker reported $100 million in sales for its Covid-19 vaccine, whose use was paused by U.S. regulators last week. Still, it beat expectations for quarterly revenue and profit and raised dividend payouts to shareholders.
United Airlines (NASDAQ:) stock fell 3.1% after the airline reported a bigger-than-expected $2.4 billion net loss for the first quarter, as fuel costs rose despite demand staying weak due to the pandemic.
Abbott Laboratories (NYSE:) stock fell 3.6%, handing back some of the over 13% gains seen so far this year, despite reporting a more than threefold jump in quarterly profit, buoyed by robust demand for its Covid-19 test kits.
Apple (NASDAQ:) stock fell 0.1% ahead of a virtual launch event later Tuesday, at which the iPhone-maker is expected to unveil a new podcast subscription service and may show off tiny tags meant to locate lost items.
Travelers (NYSE:) stock rose 1.6% after the insurer beat estimates, raised its dividend and added $5 billion to its share buyback program, helped by strong underwriting results and improved investment returns. This comes despite winter storms that more than doubled casualty losses compared with a year ago.
Lockheed Martin (NYSE:) stock fell 0.9% after the defense supplier disappointed with its revenue figures, despite reporting better-than-expected quarterly profits, helped by higher profits at its unit which makes ships and helicopters.
Procter & Gamble (NYSE:) stock fell 0.2% after the consumer products giant beat quarterly sales estimates, helped by a sustained wave of demand for soaps, detergents and other cleaning products during the pandemic. The stock is up over 6% this month.
PayPal (NASDAQ:) stock rose 0.1% with the online payments service set to allow select customers of its Venmo app to buy, sell and hold cryptocurrencies.
Boeing (NYSE:) stock fell 0.4% despite Dubai Aerospace Enterprise announcing an order for 15 737 MAX 8 jets, signaling an end to the aircraft leasing giant’s pricing standoff with planemakers.
Tesla (NASDAQ:) stock fell 0.7% on uncertainty surrounding the electric car maker’s Autopilot software, following a fatal crash over the weekend. CEO Elon Musk has tweeted that the Autopilot driver assistance system was not engaged, a statement seemingly at odds with police information that neither of the two people who died in the crash was sitting in the driver’s seat.
Altria (NYSE:) stock fell 2.7% and British American Tobacco (LON:) (NYSE:) ADR fell 3.1%, continuing Monday’s losses on the back of a WSJ report that the Biden administration is considering whether to cap nicotine levels in cigarettes.
Nike (NYSE:) stock fell 1.7% after Citigroup (NYSE:) downgraded its stance on the sports apparel retailer to ‘neutral’ from ‘buy’, saying a backlash in China over comments about labor conditions in the region of Xinjiang could result in a short-term slowdown.
Kansas City Southern (NYSE:) stock soared 17% after the Wall Street Journal reported that Canadian National Railway (NYSE:) plans to make a $30 billion bid for the railroad operator, an offer that represents around a 20% premium to the agreement Kansas City reached with Canadian Pacific (NYSE:) last month.