By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Tuesday, October 27th. Please refresh for updates.
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Eli Lilly (NYSE:LLY) stock fell 4.9% after the pharmaceutical company ended a clinical trial of its antibody drug to be used in hospitalized Covid-19 patients after federal researchers concluded the therapy produced no marked improvement.
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3M (NYSE:MMM) stock fell 1.1% despite the industrial conglomerate beating estimates for quarterly profit, as the Covid-19 pandemic boosted demand for its healthcare equipment. The company said it expects sales to be flat to up low single digits in October, although it did not give any other guidance.
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Pfizer (NYSE:PFE) stock fell 0.3% after the pharma giant reported a 4.3% drop in third-quarter sales, hurt by increased competition for its off-patent pain drug Lyrica and lower demand for some of its treatments during the pandemic.
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Caterpillar (NYSE:CAT) stock fell 2% after the industrial giant reported lower third-quarter earnings as equipment sales fell across all of its three biggest business segments.
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HSBC (NYSE:HSBC) ADR rose 6.8% after the U.K.-based bank reported better-than-expected third-quarter results, with pretax profits of $3.1 billion, down 36% from the same period last year, but easily ahead of forecasts of $2.1 billion. It also raised the possibility of paying a dividend for 2020.
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Merck (NYSE:MRK) stock rose 1.5% after the company reported a hefty 54.7% rise in third-quarter profit, helped by strong sales of blockbuster cancer drug Keytruda and a rebound in sales of its key drugs.
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Advanced Micro Devices (NASDAQ:AMD) stock rose 2.9% after it announced it would buy Xilinx (NASDAQ:XLNX), up 17%, in a $35 billion all-stock deal. The deal intensifies the battle in the data center chip market but opens up new market segments for AMD.
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Harley-Davidson (NYSE:HOG) stock rose 9.5% despite the iconic motorcycle manufacturer reporting a near 10% drop in quarterly revenue. However, net income rose to $120 million in the third quarter, from $87 million a year earlier.
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Las Vegas Sands (NYSE:LVS) stock rose 3.8% after Reuters reported that the casino operator is exploring a sale of its flagship casinos in Las Vegas for about $6 billion.
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Zoom Video Communications (NASDAQ:ZM) stock rose 1.4% after the online meeting platform announced it was rolling out end-to-end encryption for all users globally.
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AIG (NYSE:AIG) stock rose 6.6% after the insurance giant reported a plan to spin off its life & retirement business into a stand-alone entity.
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Wells Fargo (NYSE:WFC) stock rose 0.2% after Bloomberg reported that the bank is exploring the sale of its corporate trust unit for more than $1 billion.