By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Thursday, November 5th. Please refresh for updates.
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Qualcomm (NASDAQ:QCOM) stock soared 14% after the chipmaker provided better than expected quarterly earnings as well as robust guidance, predicting it will sell millions of chips for 5G mobile devices as people upgrade their phones.
- Apple (NASDAQ:AAPL) stock rose 2.7% and Microsoft (NASDAQ:MSFT) stock rose 2.7%, with the tech sector maintaining its post-election bounce as a divided Congress is unlikely to pass new regulations.
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Biogen (NASDAQ:BIIB) stock fell 1.6%, consolidating after Wednesday’s gains of over 40% on the back of the news the biotech’s experimental Alzheimer's drug is closer to getting approval for use in the United States.
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Expedia (NASDAQ:EXPE) stock climbed 7.6% after the travel bookings giant reported a smaller-than-expected loss for the previous quarter as well as stronger-than-forecast revenue, good news in a sector hit hard by the pandemic.
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Match Group (NASDAQ:MTCH) stock rose 5.7% after the company posted better-than-expected third-quarter revenue, as people used dating services Tinder and Hinge to meet people online during the pandemic.
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Regeneron (NASDAQ:REGN) stock rose 1.3% after the drugmaker’s revenue came in above expectations, helped by improved sales of drugs like eye treatment Eylea and eczema drug Dupixent.
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Merck (NYSE:MRK) stock rose 1.5% after the pharma giant announced it is buying pVelosBio for $2.75 billion in cash, in a move designed to boost its oncology treatment pipeline.
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Alibaba (NYSE:BABA) ADR fell 3.3% despite the e-commerce business growing revenue following China's emergence from the coronavirus lockdown. The company's U.S.-listed shares have gained about 39% this year but have fallen sharply in the wake of the cancellation of affiliate Ant Group's IPO.
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General Motors (NYSE:GM) stock rose 6.1% after the auto manufacturer posted a stronger-than-expected quarterly profit, driven by strong demand for trucks and SUVs in the United States.
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New York Times (NYSE:NYT) stock rose 3.7% after the publisher beat estimates for quarterly revenue, as more people subscribed to its digital news products during election season.
- American Tower (NYSE:AMT) stock fell 0.1% after the real estate investment trust announced it will buy telecoms company InSite Wireless Group in a $3.5 billion deal.
- Tilray (NASDAQ:TLRY) stock rose 17% and Aurora Cannabis (NYSE:ACB) (TSX:ACB) stock rose 22% after cannabis legalization was approved in five states.