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Amazon, Apple, Starbucks Fall Premarket; Chevron, Exxon Mobil Rise By Investing.com

Amazon, Apple, Starbucks Fall Premarket; Chevron, Exxon Mobil Rise © Reuters.

By Peter Nurse 

Investing.com — Stocks in focus in premarket trade on Friday, October 29th. Please refresh for updates.

  • Apple (NASDAQ:AAPL) stock fell 3.4% after the iPhone maker warned of increasingly severe supply chain challenges in the busy holiday season following a $6 billion hit to sales in the three months through September.

  • Amazon (NASDAQ:AMZN) stock dropped 4.1% after the e-commerce giant warned it could end up making nothing in terms of operating profit in the current quarter, despite at least $130 billion of sales, as it grapples with labor shortages, higher wages, global supply chain issues, and costlier freight and shipping.

  • Chevron (NYSE:CVX) stock rose 1.9% after the oil major posted its highest quarterly profit in eight years, and Exxon Mobil (NYSE:XOM) stock rose 1% after its highest quarterly profit in nearly four years, powered by surging oil and gas prices. 

  • Starbucks (NASDAQ:SBUX) stock fell 5.8% after the coffee chain disappointed with quarterly same-store sales, as a Covid-19 resurgence in China closed many stores and overshadowed a strong performance by its U.S. business.

  • Facebook (NASDAQ:FB) stock rose 1.2% with the social media giant likely to be in the spotlight after it confirmed Thursday its intention to rebrand under the name Meta, a move away from its controversy-plagued social media apps.

  • United States Steel (NYSE:X) stock rose 8.3% after the steelmaker announced a $300 million share repurchase program and an increase to its quarterly dividend, helped by domestic steel prices rising in the past year to the highest on record.

  • Phillips 66 (NYSE:PSX) stock rose 3.5% after the refiner posted a quarterly profit, swinging away from last year’s loss, as demand for fuel and refined products bounced back from pandemic lows.

  • Western Digital (NASDAQ:WDC) stock slumped 11% after the storage hardware maker forecast downbeat second-quarter profit and revenue.

  • AbbVie (NYSE:ABBV) stock rose 2.1% after the drugmaker lifted its full-year adjusted profit forecast for the third time this year, helped by the strong performances of its newer drugs alongside its blockbuster rheumatoid arthritis drug, Humira.