IBM, Coca-Cola and Lockheed Martin Rise Premarket By

© Reuters.

By Peter Nurse — Stocks in focus in premarket trade on Tuesday, July 21st. Please refresh for updates.

  • IBM (NYSE:) stock soared 5.2% after the tech giant beat estimates for second-quarter profit late Monday, despite revenue dropping 5.4%, signaling a strong pipeline of demand in its cloud computing business.

  • Coca-Cola (NYSE:) stock rose 2% despite the soft drinks manufacturer reporting net sales fell 28% from a year ago; the company said it sees improving demand as worldwide lockdowns ease.

  • Philip Morris (NYSE:) stock rose 2.9% after the tobacco giant beat expectations with sales and profit, reporting second-quarter net income of $1.94 billion and earnings, adjusted for asset impairment costs, of $1.29 per share.

  • Lockheed Martin (NYSE:) stock rose 3.6% after the aerospace company lifted its 2020 sales and earnings forecasts on the back of a better-than-expected second quarter.

  • Amazon (NASDAQ:) stock rose 2%, continuing Monday’s large gains on the back of Goldman Sachs (NYSE:) lifting its price target on the e-commerce giant to $3,800, seeing 28% upside. This outweighed news of the company’s Prime Day being delayed.

  • AT&T (NYSE:) stock rose 0.6% despite its unit Warner Bros. delaying the release of blockbuster film ‘Tenet’ indefinitely. This was supposed to be the movie that kicked off the film industry’s return to theaters.

  • Tailored Brands (NYSE:) stock fell 1.4% after the retailer said it was set to close up to 500 stores, cutting its workforce by about 20% as a result of the coronavirus outbreak.

  • Tapestry (NYSE:) stock rose 3.7% after Chairman and CEO Jide Zeitlin resigned from the company for personal reasons, effective immediately. The Coach handbag maker said CFO Joanne Crevoiserat has been appointed as interim boss
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