Netflix, Omnicom Rise Premarket; Baker Hughes, Merck Fall

  • Stock Market News
Netflix, Omnicom Rise Premarket; Baker Hughes, Merck Fall
Credit: © Reuters.

By Peter Nurse -- Stocks in focus in premarket trade on Wednesday, July 20th. Please refresh for updates.

  • Netflix (NASDAQ: NFLX ) stock rose 6.6% after the streaming giant soothed concerns by predicting it will return to customer growth during the third quarter, averting its own worst-case scenario of subscriber losses, posting a nearly 1 million drop from April through June.

  • Twitter (NYSE: TWTR ) stock fell 0.2% after a judge ordered that the five-day trial between Elon Musk and the social media platform will take place in October and not next year as requested by the billionaire CEO.

  • Chevron (NYSE: CVX ) stock fell 0.3%, weighed by lower crude prices, but HSBC has upgraded its stance on the oil major to ‘buy’ from ‘hold’, saying the recent drop in oil prices is causing energy stocks to trade at attractive valuations.

  • Omnicom (NYSE: OMC ) stock rose 6.8% after the media giant raised its revenue growth for the year, reporting strong growth, despite the worldwide economic strain caused by the ongoing COVID-19 pandemic as well as the war in Ukraine.

  • Baker Hughes (NASDAQ: BKR ) stock fell 5.8% after the oilfield services provider reported a bigger second quarter loss, hit by a $365 million charge from suspension of its Russian operations and supply chain inflation.

  • Biogen (NASDAQ: BIIB ) stock fell 1% with the drugmaker’s second quarter profit increase driven by a roughly $1.5 billion gain from the sale of its equity stake in the Samsung-Bioepis Joint Venture.

  • Merck (NS: PROR ) (NYSE: MRK ) stock fell 0.7% after the drugmaker's cancer therapy Keytruda failed to meet the main goal of a late-stage trial testing it in patients with head and neck cancer.

  • Alibaba (NYSE: BABA ) ADRs rose 0.7% after Bernstein upgraded the Chinese e-commerce giant to ‘outperform’ from ‘market perform’, saying the stock can rally more than 20% from here.

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