By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, February 10th. Please refresh for updates.
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Twitter (NYSE:TWTR) stock rose 8.5% after the social media giant beat targets for quarterly sales and profit and followed its social media peers in forecasting a strong start to 2021, as ad spending rebounds from a rock bottom.
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Cisco (NASDAQ:CSCO) stock fell 4.6% after the tech company reported a decline in revenue for a fifth straight quarter, as clients spent less on its network infrastructure products for offices due to the rise of remote working.
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Lyft (NASDAQ:LYFT) stock soared 10% after the ride-hailing company said it could make an adjusted profit by the third quarter of this year thanks to additional cost cuts and an expected rebound in demand from the second quarter.
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Uber (NYSE:UBER) stock rose 5.9% ahead of the company’s quarterly earnings, gaining a boost from rival Lyft’s solid results.
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General Motors (NYSE:GM) stock fell 1% after the auto giant warned that a global semiconductor chip shortage could cut its earnings by $1.5 billion and $2 billion this year. That compared unfavorably with Toyota Motor (NYSE:TM), whose ADRs rose 1.7% after it raised its profit guidance for the year through March.
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Yelp (NYSE:YELP) stock rose 1.1% after the provider of recommendations beat expectations for its fourth quarter, and also projected a return to year-over-year revenue growth in 2021.
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Mattel (NASDAQ:MAT) stock rose 2.1% after beating quarterly sales estimates, helped by strong sales of Barbie dolls and Hot Wheels cars to parents seeking non-digital diversion for their locked-down children.
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Pepsico (NASDAQ:PEP) stock rose 0.6% after the company said its pancake mix and syrup products would be sold under the new name "Pearl Milling Company" after dropping the "Aunt Jemima" brand logo last year.
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Baidu (NASDAQ:BIDU) stock rose 6.5% after CNBC reported that the Chinese search giant was in talks to raise money for a standalone artificial intelligence semiconductor company.
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Coca-Cola (NYSE:KO) stock rose 1.9% after the soft drinks company topped expectations, helped by cost-cutting efforts that offset a lockdown-related hit to sales.
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Eli Lilly (NYSE:LLY) stock rose 1.6% after the company became the latest drugmaker to receive an emergency use authorization from the U.S. Food and Drug Administration for its combination antibody therapy to fight Covid-19.