Dell, Facebook, HP: Premarket Movers
NEW YORK (
) --
Dell
(DELL) - Get Dell Technologies Inc Class C Report
was the big loser in premarket trading Wednesday as investors responded to the No. 2 PC maker's disappointing
released late on Tuesday.
Citing a "challenging" economic environment, the Texan tech giant brought in revenue of $14.42 billion, compared to $15 billion in the same period last year, and significantly below the average analysts' estimate of $14.91 billion.
Excluding items, Dell earned 43 cents a share, down from 55 cents a share in the prior year's quarter. Analysts surveyed by
Thomson Reuters
were looking for earnings of 46 cents a share.
The first-quarter numbers, combined with weak second-quarter guidance, pushed Dell's shares lower in extended trading and the company's stock was off 13.2% at $13.09 early on Wednesday. Dell was also one of the most active
Nasdaq
stocks on share volume of 763,044.
TheStreet Recommends
(FB) - Get Meta Platforms Inc. Class A Report
, which is preparing for its third full day of trading as a public company, crept up 0.61% to $31.16 in premarket trading, after closing down 8.9% on Tuesday. The social networking phenomenon was the most active Nasdaq stock on premarket volume of 1,544,525.
The largest-ever tech IPO is now attracting the
of regulators including
FINRA
and the
Securities and Exchange Commission
after reports emerged that
Morgan Stanley
(MS) - Get Morgan Stanley Report
may have communicated negative news about the offering to select clients.
On Tuesday
Reuters
reported that Morgan Stanley, the prestigious lead underwriter for the IPO, had cut earnings estimates for Facebook days before the pricing of the offer. The
Reuters
report raised questions about whether the earnings downgrade was communicated to only the investment bank's top institutional clients or more broadly.
HP
, which reports its second-quarter results after market close, was down 2.75% to $21.18 before market open amid rumors that the No. 1 PC maker could
up to 30,000 jobs.
TheStreet
will be live-blogging HP's earnings, starting at 3.45PM ET:
--Written by James Rogers in New York.
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