Stock’s biggest moves: Activision Blizzard, Microsoft
Stock’s biggest moves: Activision Blizzard, Microsoft
Solar inverter company Enphase Energy fell 16% after reporting disappointing second-quarter earnings guidance. The company said its next quarterly revenue will be between $700 million and $750 million. Enphase reported $1.38 per share on revenue of $726 million. Shares of rival Solaredge Technologies fell 5.82%.
Boeing shares advanced 3.72% in premarket trading. The company reported earnings per share of $1.27 on revenue of $17.93 billion.
Shares of Activision Blizzard retreated about 10.44% in premarket trading after U.S. regulators blocked Microsoft’s acquisition of the video game publisher.
First Republic Bank Shares of the battered regional bank were down 10% before the bell, potentially weighing on the broader banking sector again.
PacWest Bancorp – Shares advanced 14% in early morning trading. The regional bank said deposits fell more than 16% in the first quarter to about $28.2 billion. PacWest also reported a loss of $1.22 billion.
Shares of Microsoft jumped 8% after Microsoft reported its fiscal third quarter results. The tech firm reported $2.46 per share on revenue of $52.86 billion. Microsoft’s finance chief issued fourth-quarter guidance of $54.87 billion to $55.89 billion in revenue.
European stocks fall
European stock markets fell sharply as concerns about an improving global banking sector resurfaced.
The pan-European Stoxx 600 index retreated 0.85% in midday trading in London, with healthcare shares up 1.52%, industrials up 1.73%, and tech up 1.62%.
London-listed bank Standard Chartered posted a 21% gain.
Its shares were higher, while the European banking sector was down 0.5%.
Meanwhile, trading in Asia-Pacific markets was mixed.
The regional bank released its quarterly results on Monday and said deposits fell 40% in the first quarter.
Dutch semiconductor firm ASML was downgraded after reporting a significant drop in first-quarter orders after the market closed.
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