Alphabet, PayPal, AMD, Meta, Starbucks: What to Watch When the Stock Market Opens Today
Tech stocks are on track to lead gains at the open after major corporations reported strong earnings for the final quarter of 2021. Here’s what we’re watching in Wednesday’s trading:
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Alphabet shares added 10% premarket. The Google parent posted another quarter of strong sales growth and said it would do a 20-for-1 split of its stock.
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PayPal shares plunged 1[ads1]8% ahead of the bell. The payments company issued lackluster guidance for the year and said rising inflation’s effect on consumers will hit transaction volumes. Another payments company, Block,
formerly known as Square, was also down, by 6.8%
PayPal reported an earnings drop.
Photo:
fabrizio bensch / Reuters
- Chip maker Advanced Micro Devices rose more than 12% after it reported revenue and a sales outlook above analysts’ forecasts, also sending shares of Xilinx,
a semiconductor firm it is planning to acquire, up 12%. Nvidia,
another chip maker, climbed 5.6%, and Marvell Technology added 4.41%.
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General Motors ticked up 2.3% premarket. The car maker reported higher earnings and said it plans to accelerate the timetable for some electric-vehicle launches.
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AMC Entertainment edged up 1.1% premarket, building on Tuesday’s 5% gain that came after Chief Executive Adam Aron said the quarterly results will be the company’s strongest since before the Covid-19 pandemic.
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Starbucks slipped 2.9% ahead of the bell. The coffee chain said holiday sales helped boost its business in its most recent quarter, though higher-than-expected inflation, a tight labor market and cost increases limited results.
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AbbVie gained 1.1% premarket. The pharmaceutical company reported earnings and gave forward guidance that beat analysts’ expectations.
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Meta Platforms,
MetLife and Qualcomm are among the companies giving updates after the close.
Chart of the Day
- Activists are taking advantage of slumping stock prices to push for changes at some of the UK’s biggest publicly traded companies.
Write to James Willhite at james.willhite@wsj.com
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