By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Wednesday, August 3rd. Please refresh for updates.
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CVS Health (NYSE:CVS) stock rose 4% after the pharmacy company raised its annual profit forecast based on strength in its insurance business and sales of COVID-19 over-the-counter test kits.
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Moderna (NASDAQ:MRNA) stock rose 3.7% after the drug maker retained its full-year sales outlook for its COVID-19 shot despite decreasing orders from low- and middle-income countries through the COVAX international vaccine-sharing program.
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Regeneron (NASDAQ:REGN) stock rose 1.9% despite a sharp fall in quarterly profit, hurt by lacklustre sales of its COVID-19 antibody cocktail. However, this hit was partially offset by strong sales of its blockbuster drugs, including anti-inflammation drug Dupixent and eye treatment Eylea.
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PayPal (NASDAQ:PYPL) stock soared 14% after the fintech company raised its annual profit guidance, also helped by activist investor Elliott Management taking an over $2 billion stake.
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Airbnb (NASDAQ:ABNB) stock fell 5.7% after the vacation rental firm forecast bookings for the current quarter at par with the record-breaking previous one, a disappointment as investors had expected far more amid booming summer demand.
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Match Group (NASDAQ:MTCH) stock fell 21% after the parent to a number of dating apps provided a disappointing revenue forecast for the current quarter, with growth hit by the continuing fallout from COVID-19 and a strong dollar weighing on overseas sales.
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Advanced Micro Devices (NASDAQ:AMD) stock fell 5.3% after the chip designer forecast third-quarter revenue slightly below estimates, seeing a challenging market ahead.
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Robinhood (NASDAQ:HOOD) stock rose 2.5% after the brokerage announced another round of layoffs affecting 780 employees, some 23% of its staff, as it seeks to cut costs further after posting a 44% decline in revenue on slumping trading activity.
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Starbucks (NASDAQ:SBUX) stock rose 1.5% after the coffee chain beat quarterly profit estimates as higher prices and strong U.S. demand helped offset a hit to business in China from renewed COVID-19 lockdowns.