Stocks making the biggest moves premarket: Verizon, Amazon, Intel, AT&T, Visa, Uber & more
Verizon - Verizon reported a quarterly profit of $1.25 per share, a penny a share above estimates. Revenue also came in above Wall Street forecasts, helped by a greater-than-expected increase in postpaid subscribers.
VF Corp. - The apparel maker reported a quarterly profit of $1.26 per share, falling 5 cents a share short of estimates. Revenue was also less than analysts had expected, amid weaker demand for brands like North Face and Vans. The company reaffirmed its full-year forecast, however, and announced a 5 cent a share increase in its quarterly dividend to 48 cents per share.
Amazon.com - Amazon reported quarterly earnings of $4.23 per share, below the consensus estimate of $4.62. Revenue was above Wall Street expectations, however. The company reported its first year-over-year profit decline in more than two years, as it spent more on one-day shipping and other initiatives.
Intel - Intel beat estimates by 18 cents a share, with quarterly profit of $1.42 per share. The chip maker's revenue was also above forecasts and Intel raised its full-year revenue outlook amid strong demand, and it added $20 billion to its share buyback program.
AT&T - Chief Operating Office John Stankey told Reuters that the company's HBO Max service aims to reach about 80 million global subscribers by 2025, with about 50 million in the U.S. He also said the service will be available for free to 10 million AT&T customers who are also HBO subscribers when it launches next spring.
Facebook - Facebook is launching a news service today to a limited test audience of 200,000 users. The Wall Street Journal reports that ABC, NBC, Fox, Conde Nast, and the Washington Post are among the outlets that have agreed to participate.
Gilead Sciences - Gilead came in a penny a share above estimates, with a quarterly profit of $1.75 per share. The drugmaker's revenue was essentially in line with forecasts. Gilead reported lower-than-expected sales of its cancer treatment Yescarta.
Visa - Visa reported a third-quarter profit of $1.47 per share, 4 cents a share above estimates. Revenue beat Wall Street forecasts as well, boosted by more spending on debit and credit cards. The company also announced a 20% dividend increase.
Alaska Air - Alaska beat analyst forecasts by 11 cents a share, with a quarterly profit of $2.63 per share. The airline's revenue was essentially in line with estimates. Alaska Air's key metric of revenue per available seat mile came in slightly above forecasts.
Boeing - Boeing's design and certification of the MCAS flight control system was criticized heavily in a report by Indonesian regulators on the crash of a Lion Air flight last year that killed 189 people. The report also blames Lion Air's maintenance work and its pilots. Boeing responded to the report, saying it was redesigning the Angle of Attack sensors which inform the anti-stall system so that they would now turn the system on, only if both sensors agree.
Anheuser-Busch InBev - The beer brewer cut its full-year profit forecast, as sales of its beers fall in markets like Brazil and South Korea.
Citigroup - Citi named Latin American chief Jane Fraser as president and head of its consumer bank, putting her in line to eventually succeed Chief Executive Officer Michael Corbat.
Booking Holdings - The stock was downgraded to "market perform" from "outperform" at Raymond James. The firm said the Street appears overly optimistic about revenue growth and profit margins for the operator of Priceline, Kayak, and other travel booking sites.
Dick's Sporting Goods - Dick's was upgraded to "buy" from "neutral" at Goldman Sachs, which points to a healthy athletic market as well as better service and a more differentiated experience at Dick's stores.
Uber Technologies - Uber was rated "buy" in new coverage at Guggenheim. The firm said the ride-hailing service operator has underappreciated pricing leverage, among other factors.
Avis Budget - Avis Budget was downgraded to "hold" from "buy" at Deutsche Bank, which points to softer pricing for the car rental company as well as the pending retirement of CEO Larry De Shon.