Premarket Movers Friday - Snap, Mattel, Skechers, Intel
Stock futures rose modestly Friday following the S&P 500's sharpest drop in five weeks after a report said President Joe Biden would propose raising taxes on wealthy investors.
Dow Futures Higher, Bitcoin Below $50,000 on Biden Tax Hike Concerns
Here are some of the top movers during premarket trading on Friday.
1. Snap SNAP | Up 5%
Shares of Snap (SNAP) - Get Snap Inc. Class A Report rose after the social-media company reached 280 million daily active users.
Snap reported revenue and user growth that beat expectations, prompting several analysts to lift their one-year price targets.
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2. Mattel MAT | Up 7.3%
Shares of Mattel (MAT) - Get Mattel Inc. Report were higher after the toymaker raised financial projections for the year, pointing to strong sales trends including its iconic Barbie doll.
3. Skechers SKX | Up 10%
Shares of Skechers (SKX) - Get Skechers U.S.A. Inc. Report advanced. Morgan Stanley upgraded the stock to overweight from neutral after the sneaker major reported first-quarter earnings.
Skechers profit doubled due to higher demand for its shoes from overseas.
4. Intel INTC | Down 2.2%
Shares of Intel (INTC) - Get Intel Corporation Report dropped early Friday after the semiconductor giant’s new chief executive, Pat Gelsinger, said a global chip-supply shortage could stretch two more years. The company posted weaker quarterly earnings.
5. American Express AXP | Down 3.3%
Shares of American Express (AXP) - Get American Express Company Report were falling premarket Friday after the financial-services giant posted lower-than-expected revenue amid a slowdown in consumer credit spending.
6. Honeywell HON | Down 1.2%
Shares of Honeywell (HON) - Get Honeywell International Inc. Report slipped in premarket trading even after the technology company posted stronger-than-expected first-quarter earnings. Honeywell's aerospace sales slumped 22% to $2.63 billion. Commercial-aircraft demand remains lower as travel restrictions linked to the coronavirus continue in place.
