Investing.com - Stocks in focus in premarket trading on Wednesday:
• Apple (NASDAQ:AAPL) stock gained 4.1% in premarket trade by 8:20 AM ET (12:20 GMT) after its earnings came in better than expected, driven by growth in non-iPhone products. iPhone sales fell below 50% of revenue for the first time in seven years.
• Advanced Micro Devices (NASDAQ:AMD) stock slumped 3.9% after the chip maker posted bleak revenue guidance for the third quarter.
• General Electric (NYSE:GE) stock gained 3.6% after its earnings beat estimates and the struggling conglomerate improved its outlook for cash flow. The company reported earnings per share of $0.17 on $28.8 billion in revenue. Separately, Chief Financial Officer Jamie Miller said she will step down but remain with the company during a leadership transition.
• Spotify (NYSE:SPOT) stock slumped 4.4% after the music streaming service posted bigger-than-expected losses, and added fewer paid subscribers than anticipated. The company reported a loss of $0.42 a share on revenue of $1.67 billion, with 108 million premium subscribers.
• Humana (NYSE:HUM) stock rose 6.4% after the health care company posted earnings that beat consensus and raised its full-year guidance, thanks to the fastest rate of sign-ups for its Medicare Advantage package in a decade.
• Electronic Arts Inc (NASDAQ:EA) stock surged 5.9% after reporting a strong fiscal first quarter, due to a boost in its “Apex Legends” game.
• Gilead Sciences (NASDAQ:GILD) inched down 0.2% despite beating Wall Street estimates for the second quarter as demand for HIV treatments grew.