Intel. Snap, Facebook Slump Premarket; Mattel Gains

By Peter Nurse — Stocks in focus in premarket trade on Friday, October 22nd. Please refresh for updates.

  • Intel (NASDAQ:) stock fell 9.8% after the semiconductor company missed third-quarter sales expectations when it released its results late Thursday, citing a shortage of other makers’ chips that held  back sales of devices that use its flagship processors. The company continued to lose share in the key datacenter market segment.

  • Snap (NYSE:) stock slumped over 20% after the social media company, which owns photo messaging app Snapchat, said privacy changes implemented by Apple (NASDAQ:) have hurt the company’s ability to target and measure its digital advertising. Facebook (NASDAQ:) stock fell 4% and Twitter (NYSE:) stock dropped 3.4% due to the read across.

  • Mattel (NASDAQ:) stock rose 6% after the toy maker posted strong quarterly earnings and raised its 2021 sales forecast despite industry-wide shipping disruptions.

  • Schlumberger (NYSE:) stock fell 0.5% despite the oilfield services provider reporting a rise in third-quarter profit, with investors looking for even more as worldwide rig counts increase as fundamentals in the sector improve.

  • Digital World Acquisition Corp (NASDAQ:) stock soared over 80%, continuing Thursday’s sharp gains, with the special purpose acquisition company benefiting from plans to publicly list former U.S. President Donald Trump’s new social media company. 

  • American Express (NYSE:) stock rose 1.7% after the credit-card issuer reported another strong quarter, with consumers comfortable in spending more as Covid-19 restrictions are lifted.

  • Boston Beer (NYSE:) stock fell 3.7% after the brewer missed earnings expectations for the third quarter, weighed by disappointing sales of its Truly hard seltzer.

  • VF Corp (NYSE:) stock fell 7.9% after the Vans sneaker maker missed quarterly revenue expectations, hampered by global supply chain disruptions and factory shutdowns in Vietnam.

  • Zoom Video Communications (NASDAQ:) stock rose 3.1% after JPMorgan (NYSE:) upgraded its investment stance on the video conferencing company to ‘overweight’ from ‘neutral’, citing a cheap valuation with growth set to accelerate again.

  • Urban Outfitters (NASDAQ:) stock rose 2.7% after Citigroup (NYSE:) lifted its investment stance to ‘buy’ from ‘neutral’, seeing growth upside following a 25% slump in the stock since its last quarterly earnings.
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