Stocks: Pinterest Slumps in Premarket; Aibaba, Abbvie, Rise

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© Reuters. © Reuters. — Stock in focus in premarket trading on Friday.

  • Alibaba (NYSE:) ADRs rose 1.2% after the company reported better-than-expected 40% rise in second-quarter revenue, powered by strong growth in its e-commerce and cloud computing businesses.
  • Pinterest (NYSE:) stock fell 21% in a move that was out of kilter with a set of earnings that only just missed analysts’ forecasts. The company’s post-IPO lock-up period expired in the middle of October, raising the possibility that early shareholders are cashing out.
  • AIG (NYSE:) stock fell 2.6% after the insurer missed analysts’ estimates for third-quarter profit on Friday due to weakness in its life and retirement business.
  • Exxon Mobil (NYSE:) fell 0.2% after its quarterly earnings came in largely as expected, if enhanced by a one-off tax-related factor. Liquids production rose 4%, driven by growth in the Permian Basin.
    • Cheniere Energy (NYSE:) stock fell 1.2% after the LNG specialist swung to a third-quarter loss of $318 million, The Houston-based company said it had a loss of $1.25 a share, compared to analysts’ forecasts for a profit of 8c.
  • AbbVie (NYSE:) stock rose 0.9% after it raised both its dividend and its guidance on the back of a strong quarter through September.
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