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Stocks - Estee Lauder, Nvidia Drop Premarket; Intel Rises

·2 mins read

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Thursday, August 20th. Please refresh for updates.

Apple (NASDAQ:AAPL) stock rose 0.4% after the tech giant became the first U.S. company to be valued at $2 trillion, reaching the milestone just two years after becoming the world's first trillion-dollar company in 2018.

Intel (NASDAQ:INTC) stock rose 3.7% after embarking on an accelerated share purchase program to buy back $10 billion of its common stock. The chipmaker had suspended stock repurchases in March, but now said it “believes that its common stock is at the time of this announcement trading well below intrinsic valuation.”

Nvidia (NASDAQ:NVDA) stock fell 0.6% despite the tech company posting record sales in the last quarter. The company’s stock has already posted gains of over 17% in the last month, and has more than doubled this year.

Estee Lauder (NYSE:EL) stock dropped 5.4% after the cosmetics maker posted a bigger-than-expected quarterly loss, hit by travel restrictions and store closures. It also announced it would cut up to 2,000 jobs globally, and close 10%-15% of its freestanding stores.

Goodyear (NASDAQ:GT) stock was flat despite President Trump calling for a boycott of the tire manufacturer in a disagreement over political expression in the workplace.

L Brands (NYSE:LB) stock rose 4.7% after the parent of Victoria’s Secret swung to a surprise profit in the second quarter, with sales also above expectations.

General Electric (NYSE:GE) stock fell 0.5% despite the conglomerate said it had signed two new agreements valued at over $1.2 billion with the Iraqi Ministry of Electricity, to undertake maintenance programs across key power plants in the country and bolster its transmission network.

Alibaba (NYSE:BABA) ADR rose 0.2% despite beating quarterly revenue estimates as its core e-commerce business thrived due to people preferring to shop online for essentials.

Curevac (NASDAQ:CVAC)stock is expected to trade positively after the German biotech firm concluded talks with the European Commission regarding the purchase of 225 million doses of its potential Covid-19 vaccine. American Airlines (NASDAQ:AAL) stock down 1% after it plans to suspend flights to 15 U.S. airports in October as travel demand remains low as a result of the pandemic.

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