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Stocks - Alphabet, AMD, Gilead Slide in Premarket, Estée Lauder Soars

Investing.com - Stocks in focus in premarket trade Tuesday:

• Alphabet (NASDAQ:GOOG) stock sank 2.01% by 8:00 AM ET (13:00 GMT) as the company reported sharply higher fourth-quarter spending on video content, employees and facilities which outweighed better-than-expected quarterly earnings.

• Advanced Micro Devices (NASDAQ:AMD) stock slumped 3.11% as Mubadala Investment said it would sell its current stake of 34.9 million shares in the company. Mubadala will also convert 75 million warrants to common shares and hold those, leaving it with a 6.9% stake in the company.

• Gilead Sciences (NASDAQ:GILD) stock lost 3.33% after the company reported fourth-quarter profit that missed consensus.

• Viacom (NASDAQ:VIAB) stock fell 1.66% after quarterly revenue missed analysts’ expectations.

• Archer Daniels Midland (NYSE:ADM) stock slid 1.78% as fourth-quarter results missed on the top and bottom lines.

• Estée Lauder (NYSE:EL) stock soared 9.58% after the company reported better-than-expected fiscal second-quarter results and lifted its full-year guidance.

• Seagate Technology (NASDAQ:STX) stock tumbled 6.10% after giving a current-quarter sales outlook below analysts’ estimates.

• Canopy Growth (NYSE:CGC) stock dropped 0.56% after the company increased its stake in Canopy Rivers (OTC:CNPOF). Rival pot stocks added to a rally in shares for a second day with Aurora Cannabis (NYSE:ACB), Tilray (NASDAQ:TLRY) and Cronos Group (NASDAQ:CRON) all pressing higher.

• Becton Dickinson (NYSE:BDX) gained 1.55% as the company reported fiscal first-quarter results that beat on the top and bottom lines.

• Energizer (NYSE:ENR) stock could see movement in the regular session after the company raised its full-year earnings guidance. Its quarterly profit beat consensus, although revenue missed.

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