The US stock market is showing mixed signals this morning, with the Nasdaq futures experiencing a positive pre-market session, gaining around 150 points. However, the pre-market trading session is also witnessing a significant downturn for several tech companies, following the release of disappointing earnings reports.
Leading the decline is
International Business Machines Corporation (IBM)
. IBM shares tumbled 5% to $221.28 in pre-market trading after the company reported third-quarter revenue of $14.968 billion, missing the consensus estimate of $15.07 billion. This revenue miss has shaken investor confidence in the tech giant.Other tech stocks experiencing substantial losses in pre-market trading include:
*
ICON Public Limited Company (ICLR)
shares plunged 16.3% to $235.13 following worse-than-expected third-quarter financial results.*
Garrett Motion Inc. (GTX)
shares declined 12.6% to $6.97 after reporting weak quarterly sales.*
Beyond, Inc. (BYON)
shares dipped 12% to $8.38 after the company announced worse-than-expected third-quarter adjusted EPS and sales.*
Carrier Global Corporation (CARR)
shares fell 9.9% to $72.00 following worse-than-expected third-quarter revenues.*
Spirit Airlines, Inc. (SAVE)
shares dropped 5.2% to $2.92, despite a 46% surge on Wednesday.*
enGene Holdings Inc. (ENGN)
shares fell 4.1% to $8.96 in pre-market trading.The sharp decline in these tech stocks highlights the sensitivity of the market to earnings reports and investor expectations. As the trading day progresses, it will be interesting to see how these stocks perform in the regular market session and if this pre-market downturn translates to broader market trends.
This news report is for informational purposes only and should not be considered as investment advice.
