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Alphabet, Microsoft, Mattel, Skechers Fall Premarket; Kraft Heinz Rises

Investing.com
·2-min read

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Wednesday, October 26th. Please refresh for updates.

Alphabet (NASDAQ:GOOGL) stock fell over 6% after the Google parent reported disappointing ad sales as advertisers cut back on their spending in the face of an economic slowdown.

Microsoft (NASDAQ:MSFT) stock fell 6.4% after the software giant forecast revenue growth in its closely watched Azure cloud-computing business will drop substantially in the current period from the prior quarter.

Kraft Heinz (NASDAQ:KHC) stock rose 3.5% after the food company beat third quarter sales estimates, as higher product prices offset pressure from reduced demand for its packaged meals and condiments.

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Mattel (NASDAQ:MAT) stock fell 5% after the toymaker cut its annual profit forecast and said it would ramp up promotions heading into the busy holiday season as red-hot inflation hit discretionary spending.

Boeing (NYSE:BA) stock rose 1.4% after the planemaker stuck to its forecast of generating cash this year despite struggling to raise commercial jet production due to labor and supply shortages and taking a $2.8 billion charge.

Texas Instruments (NASDAQ:TXN) stock fell 5.9% after the chipmaker forecast fourth quarter revenue and profit below estimates as it expects demand across most of its end markets to decline.

Skechers (NYSE:SKX) stock fell 14% after the casual footwear retailer missed third quarter earnings estimates and posted below-consensus guidance.

Visa (NYSE:V) stock rose 2% after the credit card giant reported better-than-expected quarterly earnings as more Americans took advantage of a stronger dollar to travel and entertain more.

Bed Bath & Beyond (NASDAQ:BBBY) stock fell 2.27% after the retailer named Sue Gove as its president and chief executive officer. Gove had been serving as the interim CEO since June this year.

Harley-Davidson (NYSE:HOG) stock rose 3.7% after the motorcycle maker reported a 38% jump in quarterly profit as higher shipments and strong pricing allowed the company to navigate cost inflation.

General Dynamics (NYSE:GD) stock rose 0.9% after the Gulfstream jet maker reported a rough 5% rise in its third quarter profit, fueled by strong demand for chartered flights.

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