By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Tuesday, July 21st. Please refresh for updates.
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IBM (NYSE:IBM) stock soared 5.2% after the tech giant beat estimates for second-quarter profit late Monday, despite revenue dropping 5.4%, signaling a strong pipeline of demand in its cloud computing business.
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Coca-Cola (NYSE:KO) stock rose 2% despite the soft drinks manufacturer reporting net sales fell 28% from a year ago; the company said it sees improving demand as worldwide lockdowns ease.
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Philip Morris (NYSE:PM) stock rose 2.9% after the tobacco giant beat expectations with sales and profit, reporting second-quarter net income of $1.94 billion and earnings, adjusted for asset impairment costs, of $1.29 per share.
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Lockheed Martin (NYSE:LMT) stock rose 3.6% after the aerospace company lifted its 2020 sales and earnings forecasts on the back of a better-than-expected second quarter.
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Amazon (NASDAQ:AMZN) stock rose 2%, continuing Monday’s large gains on the back of Goldman Sachs (NYSE:GS) lifting its price target on the e-commerce giant to $3,800, seeing 28% upside. This outweighed news of the company’s Prime Day being delayed.
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AT&T (NYSE:T) stock rose 0.6% despite its unit Warner Bros. delaying the release of blockbuster film ‘Tenet’ indefinitely. This was supposed to be the movie that kicked off the film industry’s return to theaters.
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Tailored Brands (NYSE:TLRD) stock fell 1.4% after the retailer said it was set to close up to 500 stores, cutting its workforce by about 20% as a result of the coronavirus outbreak.
- Tapestry (NYSE:TPR) stock rose 3.7% after Chairman and CEO Jide Zeitlin resigned from the company for personal reasons, effective immediately. The Coach handbag maker said CFO Joanne Crevoiserat has been appointed as interim boss