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MARKETS LIVE BLOG:

STOCKS TRADE HIGHER; DISNEY SINKS AFTER EARNINGS

Apple reportedly designing its own AI chips for data centres

Intel. Snap, Facebook Slump Premarket; Mattel Gains

Investing.com
·2 min read

By Peter Nurse

Investing.com — Stocks in focus in premarket trade on Friday, October 22nd. Please refresh for updates.

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

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

Schlumberger (NYSE:SLB) 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:DWAC) 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:AXP) 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:SAM) 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:VFC) 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:ZM) stock rose 3.1% after JPMorgan (NYSE:JPM) 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:URBN) stock rose 2.7% after Citigroup (NYSE:C) 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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