Oils Surge in Premarket on Crude Recovery; Index Inclusion Lifts Zoom By Investing.com

© Reuters.

By Geoffrey Smith 

Investing.com — Stocks in focus in premarket trade on Friday, April 24th.

  • Zoom Video (NASDAQ:) stock rose 4.0% after it was included in the , something that had already caused it to rise 12.6% on Thursday.
  • Financially stressed oil and gas independents leaped after crude futures extended their rebound and Treasury Secretary Steven Mnuchin flagged plans to help the troubled sector.
  • Abraxas Petroleum (NASDAQ:) stock nearly doubled, while Oasis Petroleum (NASDAQ:) stock, Denbury Resources (NYSE:) stock and Houston American Energy (NYSE:) stock all rose by between 40% and 60%.
  • Exxon Mobil (NYSE:) stock rose 2.3% while Continental Resources (NYSE:) stock rose 4.6% after it said it had shut down production in the Bakken shale in response to low prices.
  • Intel (NASDAQ:) stock fell 4.8% after the chipmaker withdrew its guidance for the year, citing Covid-19-driven uncertainty.
  • The stock is still struggling after reports on Thursday saying that Apple (NASDAQ:) will drop Intel chips from its Mac computers as of next year.
  • Verizon (NYSE:) stock was unchanged, underperforming the market, after the company reduced its earnings guidance for the year to flat, and scrapped its revenue guidance entirely, due to the Covid-19 pandemic.
  • The company chose not to cut capital spending despite pressure to keep costs down while some 70% of its stores are closed to the pandemic. Earnings missed expectations as it set aside $228 million to cover possible non-payment of bills as customers’ incomes are squeezed.
  • American Express (NYSE:) stock fell 0.1% after the company’s first-quarter profit fell 76% due to a $1.7 billion provision against possible credit losses. That repeats a pattern seen almost universally across the banking sector during this quarter.
  • Capital One (NYSE:) stock rose 1.2%, however, after reporting a similar picture after the bell on Thursday. Reserves against loan losses more than tripled from a year ago to $5.42  billion, something that also reflected its exposure to the oil and gas sector. he coronavirus pandemic and a drop in oil prices during the first quarter.
  • E-TRADE (NASDAQ:) stock fell 0.6% after the online brokerage missed expectations for first-quarter revenue and earnings.
  • While it enjoyed a sharp rise in trading volumes like its rivals, the company suffered from the effects of a price war that had forced it to cut trading commissions to zero before the pandemic struck.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.