Meta Shares Fall in Premarket

By George Banko

October 26, 2023

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Good morning Wake-up Watchlisters! While you’re sipping coffee you’ll see stock futures fell on Thursday after poor earnings from tech companies led to a sharp dip yesterday. More big tech names are set to report today including Amazon and Intel. Overall, investors are hoping these reports will give them a clearer picture of the economy.

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Here’s a look at the top-moving stocks this morning.

Meta Platforms (Nasdaq: META)

Meta Platforms is down 2.97% premarket. The tech cited how its spending could be affected by global macro conditions. Its outlook offset an otherwise strong third quarter earnings report, which showed the Facebook owner post a bottom line of $4.39 per share, which was nearly double last year’s total and slayed Wall Street forecasts.

International Business Machines Corporation (NYSE: IBM)

International Business Machines Corporation is up 1.34% premarket after the tech group reported third quarter earnings that beat analyst estimates. IBM reported adjusted earnings of $2.20 per share versus Wall Street estimates of $2.12. Revenue of $14.75 billion was better than expected $14.68 billion.

United Parcel Service (NYSE: UPS)

UPS is down 3.36% premarket despite posting stronger-than-expected third quarter earnings on Wednesday. However, it lowered its full-year sales forecast following a series of disruptions and lost clients linked to its months-long labor dispute. UPS said earnings for the three months ending in September were pegged at $1.57 per share, down 47.5% from the same period last year but just ahead of the Street consensus forecast of $1.52 per share.