By Peter Nurse
Investing.com -- Stocks in focus in premarket trade on Tuesday, February 1st. Please refresh for updates.
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Exxon Mobil (NYSE:XOM) stock rose 0.7% after the oil giant reported a fourth-quarter profit of $8.87 billion, the largest in seven years, benefiting from strong energy prices.
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Tesla (NASDAQ:TSLA) stock fell 0.3% after the electric car manufacturer announced the recall of over 50,000 cars and SUVs because of concerns over the safety of its “Full Self-Driving” software.
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UPS (NYSE:UPS) stock rose 6.8% after the delivery company beat fourth-quarter earnings expectations, raised its dividend and offered strong guidance for 2022.
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FedEx (NYSE:FDX) stock rose 2.8%, boosted by its rival’s strong results, even though it has suspended its own domestic express freight services due to staff shortages caused by Covid-19.
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AT&T (NYSE:T) stock fell 3.7% after the telecom giant said it will spin off WarnerMedia in a $43 billion transaction to merge its media properties with Discovery (NASDAQ:DISCA), down 1.1%, and also cut its dividend by nearly half.
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Snap (NYSE:SNAP) stock rose 2% after Stifel reiterated its “buy” rating, calling the social media company its top pick in digital advertising, seeing almost 40% upside.
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Wells Fargo (NYSE:WFC) stock rose 0.3% after Atlantic Equities upgraded its stance on the bank to “overweight” from “neutral”, saying it should be able to build on its strong start to 2022 and deliver more upside to shareholders.
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UBS (NYSE:UBS) stock rose 6.5% after the Swiss bank reported its best annual profit since the global financial crisis, emboldening its management to increase share buybacks and propopse a higher dividend.
- NXP Semiconductors (NASDAQ:NXPI) stock rose 0.8% after the chipmaker gave robust guidance for the ongoing quarter, projecting its revenue will grow at least 18% year-on-year to $3.03 billion.