By Peter Nurse
Investing.com — Stocks in focus in premarket trade on Tuesday, October 26th. Please refresh for updates.
Facebook (NASDAQ:FB) stock rose 1.2% after the social media giant announced better than expected third-quarter earnings, even after its revenue growth slowed to 35% on the year, from over 50% in the first half. The company also announced a $50 billion increase to its stock buyback program.
Uber (NYSE:UBER) stock rose 0.5% after the ride-hailing company agreed to launch a new rapid grocery delivery service in Paris with Carrefour (PA:CARR), Europe’s largest retailer.
United Parcel Service (NYSE:UPS) stock rose 4.6% after the delivery firm reported a hefty 23% rise in quarterly profit on Tuesday, bolstered by high e-commerce demand.
General Electric (NYSE:GE) stock rose 1.4% after the conglomerate detailed an upward revision to its full-year earnings forecast after reporting higher than expected third-quarter profit.
Eli Lilly (NYSE:LLY) stock rose 1.1% after the drugmaker raised its full-year profit and revenue forecasts, mainly due to higher sales of its Covid-19 therapies.
3M Company (NYSE:MMM) stock fell 0.2% after the manufacturer tightened the range of its full-year earnings forecasts, citing disruptions in its supply chain network, even as its third-quarter revenue was helped by higher demand for its safety and industrial products.
Hasbro (NASDAQ:HAS) stock rose 2.2% after the toy maker reported an 11% increase in quarterly revenue, helped by demand for its collectible card game “Magic: The Gathering”.
Beyond Meat (NASDAQ:BYND) stock fell 2.7% after Credit Suisse downgraded its investment stance on the faux meat manufacturer to ‘underperform’ from ‘neutral’, citing the company’s cut in sales guidance.
Coinbase (NASDAQ:COIN) stock rose 1.4% after Citigroup initiated coverage on the cryptocurrency exchange with a ‘buy’ rating, saying it offers significant upside for investors looking for exposure to the asset class.
Raytheon Technologies (NYSE:RTX) stock rose 0.3% after the aerospace parts manufacturer raised its forecast for full-year adjusted profit, citing expanding commercial air travel.