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Stocks - Best Buy, Pfizer Climb Premarket; Snap Drops

By Peter Nurse 

Investing.com -- Stocks in focus in premarket trade on Wednesday, July 22nd. Please refresh for updates.

Snap (NYSE:SNAP) stock dropped 6.6% after the social media company said late Tuesday that its bump in user growth at the start of coronavirus-led lockdowns petered out sooner than expected, and it’s also forecasting fewer daily active users this quarter than it previously forecast.

United Airlines (NASDAQ:UAL) stock fell 0.6% after the troubled airline reported a $1.6 billion loss in the second quarter, with a $40 million a day cash burn, calling the quarter “the most difficult” financial period in its 94-year history. 

Best Buy (NYSE:BBY) stock rose 5.2% after the retailer reported late Tuesday that its quarter-to-date sales rose about 2.5%, driven by a surge in online shopping for electronic devices and appliances.

Capital One (NYSE:COF) stock fell 3.3% after the credit card company reported a net loss in the second quarter after setting aside a higher provision for credit losses due to the Covid-19 pandemic.

Texas Instruments (NASDAQ:TXN) stocks rose 1.6% after the chip maker's earnings topped estimates in the second quarter, and forecast a strong following quarter as the number of people working from home boosts demand for PCs, tablets and servers.

Pfizer (NYSE:PFE) stock rose 4.7% and Biontech (NASDAQ:BNTX) climbed 6.7% after announcing an agreement with the U.S. government to supply an initial order of 100 million doses of its Covid-19 vaccine candidate for $1.95 billion.

FirstEnergy (NYSE:FE) stock dropped 7%, continuing Tuesday’s 17% plunge, after the company was linked to a bribery scandal which has resulted in the arrests of senior political figures in Ohio.

Biogen (NASDAQ:BIIB) stock rose 2.1% after posting a 3.2% rise in second-quarter profit, getting a lift from demand for its top-selling multiple sclerosis drug Tecfidera.

Tesla (NASDAQ:TSLA) stock rose 1.2% ahead of its second-quarter results, due ahead of the bell. CEO Elon Musk has qualified for a $2.1 billion payout after the company’s six-month average market capitalization reached $150 billion.

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