Twitter, Snap, Schlumberger Rise Premarket; Intel Falls

Investing.com
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By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Friday, July 23rd. Please refresh for updates.

Twitter (NYSE:TWTR) stock rose 4.6% after the social media platform reported higher than expected revenue growth in the second quarter, helped by ad targeting improvements to help brands reach potential customers.

Snap (NYSE:SNAP) stock surged 17% after the owner of the messaging app Snapchat notched up the highest growth rates since late 2017 in the second quarter.

Intel (NASDAQ:INTC) stock fell 2.2% after the chipmaker provided a disappointing forecast for the ongoing financial year that hinted at ongoing loss of market share in providing data centers with silicon chips.

Schlumberger (NYSE:SLB) stock rose 2.1% after the oilfield services company reported a rise in second-quarter profit on Friday, boosted by increased demand on the back of a rebound in crude prices.

American Express (NYSE:AXP) stock rose 3.3% after the financial services company beat second-quarter profit expectations, helped by increased consumer spending and an improving economy as well as the release of more funds from its loan-loss reserves.

Boston Beer (NYSE:SAM) stock fell 20% after the brewer reported a significant second-quarter earnings miss and cut its annual forecast after the sales of hard seltzer drinks disappointed. The brewer had only raised its forecast three months ago.

Skechers (NYSE:SKX) stock rose 7.6% after the footwear company more than doubled its revenue from the second quarter last year, and issued strong full-year guidance.

Alphabet (NASDAQ:GOOGL) stock rose 1.4% after Credit Suisse (SIX:CSGN) lifted its target price on the owner of Google to a Street high $3,350 from $2,755, keeping a buy rating, citing continued strength and innovation in the digital advertising business.

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