By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, January 27th. Please refresh for updates.
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Microsoft (NASDAQ:MSFT) stock rose 1.7% after rose 1.7% after the software giant reported late Tuesday first-quarter earnings and revenue that beat consensus estimates, led by strength in its fast-growing cloud business as the pandemic accelerated the societal trend to digitization. Gaming (X-box sales) and PC purchases in particular boosted revenues.
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Boeing (NYSE:BA) stock fell 3.5% after the aircraft manufacturer reported a net loss for 2020 of $11.9 billion, and pushed out the debut of its 777X airliner to 2023. It did receive some good news as its 737 MAX airliner was declared safe to return to service in Europe.
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Starbucks (NASDAQ:SBUX) stock fell 2.9% after the coffee chain reported a larger-than-expected fall in quarterly sales as the renewed surge in coronavirus cases in the United States kept customers at home.
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GameStop (NYSE:GME) stock soared 43%, retracing earlier gains of over 100%, after an Elon Musk tweet generated more interest in the video game company. Musk, a favorite of retail investors, tweeted a link to a Reddit thread about the company.
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Walmart (NYSE:WMT) stock fell 0.6% after the retail giant said it will add small robot-staffed warehouses to dozens of its stores to help fill orders for pickup and delivery as Americans shift their spending.
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Walgreens Boots (NASDAQ:WBA) stock rose 4.7% after the Wall Street Journal reported that the retail giant is set to name Starbucks executive Roz Brewer as its new CEO. That will make WBA the largest company in the U.S. to be headed by a black woman.
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Allstate (NYSE:ALL) stock rose 6.8% after the insurance giant said it was set to sell its life insurance unit to Blackstone (NYSE:BX) for $2.8 billion, with the deal set to close in the second half of the year.
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Advanced Micro Devices (NASDAQ:AMD) stock fell 5% amid worries about the company’s margin growth despite it beating quarterly revenue estimates and forecasting robust 2021 sales on strong demand for its chips.
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AT&T (NYSE:T) stock fell 2.9% after the telecommunications giant reported a hefty fourth-quarter net loss of $13.88 billion. That said, the company added 800,000 net new postpaid phone subscribers during the quarter, ahead of expectations.