Oils Surge in Premarket on Crude Recovery; Index Inclusion Lifts Zoom By Investing.com

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© Reuters.

By Geoffrey Smith 

Investing.com — Stocks in focus in premarket trade on Friday, April 24th.

  • Zoom Video (NASDAQ:) stock rose 4.0% after it was included in the , something that had already caused it to rise 12.6% on Thursday.
  • Financially stressed oil and gas independents leaped after crude futures extended their rebound and Treasury Secretary Steven Mnuchin flagged plans to help the troubled sector.
  • Abraxas Petroleum (NASDAQ:) stock nearly doubled, while Oasis Petroleum (NASDAQ:) stock, Denbury Resources (NYSE:) stock and Houston American Energy (NYSE:) stock all rose by between 40% and 60%.
  • Exxon Mobil (NYSE:) stock rose 2.3% while Continental Resources (NYSE:) stock rose 4.6% after it said it had shut down production in the Bakken shale in response to low prices.
  • Intel (NASDAQ:) stock fell 4.8% after the chipmaker withdrew its guidance for the year, citing Covid-19-driven uncertainty.
  • The stock is still struggling after reports on Thursday saying that Apple (NASDAQ:) will drop Intel chips from its Mac computers as of next year.
  • Verizon (NYSE:) stock was unchanged, underperforming the market, after the company reduced its earnings guidance for the year to flat, and scrapped its revenue guidance entirely, due to the Covid-19 pandemic.
  • The company chose not to cut capital spending despite pressure to keep costs down while some 70% of its stores are closed to the pandemic. Earnings missed expectations as it set aside $228 million to cover possible non-payment of bills as customers’ incomes are squeezed.
  • American Express (NYSE:) stock fell 0.1% after the company’s first-quarter profit fell 76% due to a $1.7 billion provision against possible credit losses. That repeats a pattern seen almost universally across the banking sector during this quarter.
  • Capital One (NYSE:) stock rose 1.2%, however, after reporting a similar picture after the bell on Thursday. Reserves against loan losses more than tripled from a year ago to $5.42  billion, something that also reflected its exposure to the oil and gas sector. he coronavirus pandemic and a drop in oil prices during the first quarter.
  • E-TRADE (NASDAQ:) stock fell 0.6% after the online brokerage missed expectations for first-quarter revenue and earnings.
  • While it enjoyed a sharp rise in trading volumes like its rivals, the company suffered from the effects of a price war that had forced it to cut trading commissions to zero before the pandemic struck.
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