Hot Stocks: SAVE gains on takeover, F pops on earnings, while META and QCOM slide on future guidance
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Early on into Thursdayâs premarket trading session and shares of Spirit Airlines (NYSE:SAVE) and Ford Motor Company (NYSE:F) have both trended higher. SAVE gained on a merger deal with JetBlue Airways (JBLU), and F jumped on strong earnings.
Falling lower are shares of the tech giant Meta Platforms (NASDAQ:META) and shares of Qualcomm (NASDAQ:QCOM). Both META and QCOM have found themselves in the red after the two companies delivered investors with weaker then expected future guidance figures.
Gainers
Spirit Airlines (SAVE) tracked higher by 4% in early market trading after the low-cost airline carrier had agreed to be bought out by JetBlue Airways (JBLU) for $3.8B. According to the agreement put in place, JBLU will acquire SAVE for $33.50 per share in cash.
Ford Motor Company (F) has moved into the green, +6.7% as the auto manufacturer stock delivered higher than anticipated earnings results and reaffirmed its full-year targets. Fordâs beat on top and bottom lines came despite deteriorating sales and supply chain problems the firm faced in China.
Decliners
Meta Platforms (META) started Thursday off on its back foot down 4.5% after its second-quarter earnings missed analyst estimates and the firmâs third-quarter guidance fell well short of expectations. Meta Platforms revenues of $28.82B fell 1%, which was its first revenue drop as a public company. Delivering a further blow was METAâs Q3 outlook: The company anticipates revenues of $26B-$28.5B, compared to Wall Street's estimate for $30.38B.
Shares of Qualcomm (QCOM) have fallen lower by 3.6% in Thursdayâs premarket session after the semiconductor giant posted third-quarter results that beat expectations, but said fourth-quarter results would be sharply below Wall Street's estimates.
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