Tesla, IBM, American Express, KeyCorp, And Other Stocks Making Moves In Premarket

‍Tesla

A drop in earnings and net income by more than 20% caused the electric vehicle maker's stock to fall by about 7%. People could make a more informed decision about car purchases if the macroenvironment is uncertain, according to Tesla CEO Elon Musk.

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IBM

During premarket trading, the company reported an earnings beat, which lifted the stock by more than 1%. Refinitiv estimated that IBM would earn $1.26 per share, but it posted $1.36 per share instead. However, the company's infrastructure business could have been more active, resulting in lower revenue than expected.

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American Express

StreetAccount had expected adjusted earnings per share of $2.66 for the first quarter, but the company reported adjusted earnings per share of $2.40. The company's revenue, however, exceeded expectations, reaching $14.28 billion as opposed to $13.98 billion.

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F5

In response to mixed earnings results for the second fiscal quarter, shares of the cloud-based software company dropped about 7%. Despite the drop in earnings, F5 still posted revenue of $703.2 million and adjusted earnings of $2.53 per share. Based on FactSet data, analysts were expecting $2.42 in earnings per share and $698.4 million in revenue. A 9% reduction in the company's global headcount is also announced, resulting in the elimination of 620 employees globally.

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Bath & Body Works

Piper Sandler reduced its rating from overweight to neutral, causing shares to drop 3.7%. Margin pressures are limiting upside potential, according to the Wall Street firm.

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Las Vegas Sands

Refinitiv's first-quarter earnings forecast for the casino operator was for 20 cents per share, but it came in at 38 cents, beating expectations by 5.5%. In addition, revenue was higher than expected.

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AT&T

A mixed earnings report for the first quarter resulted in a 4.6% decline for the telecommunications giant. Refinitiv reported $30.14 billion in revenue compared to the $30.27 billion expected by analysts. Nevertheless, adjusted earnings per share were 60 cents, slightly higher than expected at 59 cents.

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Zions Bancorporation

Analysts had expected $1.53 per share from the regional bank, but last week's earnings fell to $1.33, which gave shares a 4.5% decline, according to Refinitiv. StreetAccount estimates Zions would earn $687.5 million in net interest income. It reported $679 million instead.

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D.R. Horton

Homebuilder shares rose nearly 5% in premarket trade following the company's second-quarter earnings report. According to StreetAccount, earnings per share were $2.73, compared to the $1.93 expected by analysts. The company generated $8 billion in revenue versus an expected $6.45 billion.

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Alaska Air

A wider-than-expected loss for the first quarter led Alaska Airlines' shares to fall more than 1%. In addition to $2.20 billion in revenue, the company lost 62 cents per share. As reported by Refinitiv, analysts expected revenue of $2.19 billion to result in a loss of 48 cents per share. In terms of net loss, Alaska posted a flat result compared to last year.

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KeyCorp

A revenue and earnings miss in the first quarter lowered the shares of the financial services firm by about 3%. An income of $1.71 billion and a profit per share of 30 cents were reported by the bank. According to FactSet, analysts expected $4.79 billion in revenue and 44 cents per share. KeyCorp reported a decrease in average deposits of $2.3 billion from the previous quarter.

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Seagate Technology

In the premarket, Seagate shares fell 1.3% following its disappointing third-quarter revenue report and weak earnings per share guidance for the fourth quarter. According to CEO Dave Mosley, big customers delayed orders due to weaker-than-expected demand.

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