IBM, Intel, Seagate, Schlumberger - Friday's Premarket Movers
Stock futures dropped Friday as investors considered that getting back to business as usual might take longer than they'd hoped as coronavirus-infection numbers spike.
Here are some of the top movers during premarket trading on Friday.
1. IBM IBM | Down 8.4%
Shares of IBM (IBM) - Get International Business Machines Corporation Report fell after the tech giant posted fourth-quarter revenue that did not exceed Wall Street expectations and fell 6% to $20.4 billion. The numbers marred an otherwise solid first year for the cloud-focused computer group under new Chief Executive Arvind Krishna.
2. Intel INTC | Down 4.7%
Shares of Intel (INTC) - Get Intel Corporation Report dropped even after the chipmaker topped fourth-quarter-earnings forecasts but provided few details on its manufacturing strategy under new Chief Executive Pat Gelsinger.
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The company said it would outsource more chip production. That's a shift from Intel’s traditional reliance on its own factories to make its most-advanced chips.
3. Ford F | Down 0.5%
Shares of Ford (F) - Get Ford Motor Company Report fell Friday after the automaker said it would spend an estimated $610 million to recall 3 million older vehicles due to potentially dangerous airbags.
4. Seagate Technology STX | Down 4.3%
Shares of Seagate (STX) - Get Seagate Technology Holdings PLC Report traded lower Friday even after the disk-drive maker reported fiscal-second-quarter profit and sales ahead of analysts' expectations and provided third-quarter guidance in line with Wall Street estimates.
5. Intuitive Surgical ISRG | Down 1.9%
Intuitive Surgical (ISRG) - Get Intuitive Surgical Inc. Report stock slumped lower despite an increase in profit and sales reported for the fourth quarter. Procedure volume rose 6% for its da Vinci robotic surgical systems, offset by fewer system placements as patients put off elective surgeries due to the pandemic.
6. Schlumberger SLB | Down 1.8%
Shares of Schlumberger (SLB) - Get Schlumberger N.V. Report fell even after the oil-services company topped profit forecasts, and beat revenue expectations for the first time in four quarters. Net income rose to $374 million, or 27 cents a share, from $333 million, or 24 cents a share, in the year-ago period.
