By Geoffrey Smith
Investing.com -- Stocks in focus in premarket trade on Friday. Please refresh for updates.
- Nvidia (NASDAQ:NVDA) stock rose 0.8% after the chipmaker reported that profit doubled from a year ago in the three months through April, thanks largely to pandemic-related effects.
- The company reported that sales to data-centers – a major beneficiary of the trend to remote work and online shopping - rose 80% to a record $1.14 billion. Revenue at its games segment increased 27% to $1.34 billion.
- Hewlett Packard Enterprise (NYSE:HPE) stock fell 7.6% after the company announced it will look for over $1 billion in annual savings to bring its cost structure into line with expected revenue trends in the post-Covid-19 world.
- Alibaba ADRs (NYSE:BABA) fell 2.2% after the Chinese e-commerce giant’s surge in revenue and earnings was overshadowed by fears of renewed tension between the U.S. and China, intensifying fears of a possible clampdown on Chinese companies listed in the U.S.
- Alibaba rival Pinduoduo (NASDAQ:PDD) rose 3.8% after its quarterly numbers outweighed such concerns.
- Deere & Company (NYSE:DE) stock rose 3.6% after the maker of agricultural equipment and machinery said revenue and profit fell by less than feared in the three months through April. The company also fared better than analysts expected with regard to cost control.
- IBM (NYSE:IBM) stock rose 0.3% after the company said it expects to shed jobs in response to the long-term effects of the coronavirus pandemic. The company didn't specify how many people it's looking to lay off but The Wall Street Journal said it could be "several thousand", citing a person familiar with the company's thinking.