By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Tuesday, July 21st. Please refresh for updates.
IBM (NYSE:IBM) stock soared 5.2% after the tech giant beat estimates for second-quarter profit late Monday, despite revenue dropping 5.4%, signaling a strong pipeline of demand in its cloud computing business.
Coca-Cola (NYSE:KO) stock rose 2% despite the soft drinks manufacturer reporting net sales fell 28% from a year ago; the company said it sees improving demand as worldwide lockdowns ease.
Philip Morris (NYSE:PM) stock rose 2.9% after the tobacco giant beat expectations with sales and profit, reporting second-quarter net income of $1.94 billion and earnings, adjusted for asset impairment costs, of $1.29 per share.
Lockheed Martin (NYSE:LMT) stock rose 3.6% after the aerospace company lifted its 2020 sales and earnings forecasts on the back of a better-than-expected second quarter.
Amazon (NASDAQ:AMZN) stock rose 2%, continuing Monday’s large gains on the back of Goldman Sachs (NYSE:GS) lifting its price target on the e-commerce giant to $3,800, seeing 28% upside. This outweighed news of the company’s Prime Day being delayed.
AT&T (NYSE:T) stock rose 0.6% despite its unit Warner Bros. delaying the release of blockbuster film ‘Tenet’ indefinitely. This was supposed to be the movie that kicked off the film industry’s return to theaters.
Tailored Brands (NYSE:TLRD) stock fell 1.4% after the retailer said it was set to close up to 500 stores, cutting its workforce by about 20% as a result of the coronavirus outbreak.
- Tapestry (NYSE:TPR) stock rose 3.7% after Chairman and CEO Jide Zeitlin resigned from the company for personal reasons, effective immediately. The Coach handbag maker said CFO Joanne Crevoiserat has been appointed as interim boss