By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Thursday, February 3rd. Please refresh for updates.
Meta Platforms (NASDAQ:FB) stock slumped over 22% after the Facebook owner reported its first ever drop in daily active users as well as disappointing quarterly earnings. The social media giant’s outlook also weighed, with Apple’s new privacy laws set to cost it $10 billion in revenue this year, according to CEO Mark Zuckerberg.
Spotify (NYSE:SPOT) stock fell 9.5% after the streaming service projected a slowdown in premium subscriber additions in the first quarter, as well as dropping its annual guidance.
T-Mobile US (NASDAQ:TMUS) stock rose 7.9% after the telecom company’s robust outlook on subscriber additions in the current year, banking on a high-speed 5G network where it claims a lead over rivals.
Biogen (NASDAQ:BIIB) stock fell 3.5% after the drugmaker forecast disappointing 2022 earnings, as it expects minimal sales from its Alzheimer's drug Aduhelm following the U.S. Medicare regulator's move to limit coverage of the treatment.
Honeywell (NASDAQ:HON) stock fell 3.2% after the industrial conglomerate reported lower-than-expected quarterly sales, the unit that caters to the aerospace industry was particularly hit by supply chain issues.
Align (NASDAQ:ALGN) stock fell 2.9% after the maker of dental braces said 2022 revenue would rise by 20% to 30% this year, a sharp slowdown in growth from the prior year’s growth of 60%.
Merck (NYSE:MRK) stock fell 0.9% after the drugmaker’s 2022 earnings forecasts disappointed, amid concerns about the success of its new COVID-19 pill, Molnupiravir. Molnupravir's trial results suggest it is less effective in treating severe disease than a rival drug from Pfizer (NYSE:PFE).
Ralph Lauren (NYSE:RL) stock rose 8.1% after the luxury goods retailer beat quarterly revenue estimates and raised its annual forecast, benefiting from soaring demand for luxury goods in the United States and Europe.
- Eli Lilly (NYSE:LLY) stock fell 1.1% after the pharmaceutical giant’s fourth quarter results revealed severe pricing pressure in all of its geographies, particularly in the important Chinese market.