Stocks – Uber, Goldman Drop Premarket; T-Mobile US Rises

Stocks in focus in premarket trade on Friday, August 7th. Please refresh for updates.

Uber (NYSE:UBER) stock fell 2.3% after the ride-sharing company posted an adjusted loss in earnings of $837 million in the second quarter, with gross bookings for its ride-hailing business down 75% from last year. The only bright spot was its Uber Eats division, which saw a doubling in its orders, while still not posting a profit. CEO Dara Khosroshahi stuck to his forecast of an adjusted EBITDA profit by the end of next year.

Tencent Music (NYSE:TME) stock dropped 3.1% amid worries about the future even though this company wasn’t included in President Trump’s ban list. Tencent Holdings (HK:0700) (OTC:TCEHY) is expected to show weakness Friday after the Hong Kong-listed stock fell 5.0%.

Goldman Sachs (NYSE:GS) stock dropped 0.6% after the investment banking giant cut its quarterly net earnings to $197 million from an initial announcement of $2.25 billion, after raising the amount it had set aside for potential legal and regulatory costs to $2.96 billion, up from the $945 million announced in mid July.

T-Mobile US (NASDAQ:TMUS) stock rose 4.6% after adding more monthly phone subscribers than expected in the second quarter, overtaking rival AT&T as the second-largest wireless provider in the United States.

Zillow Group (NASDAQ:ZG) stock rose 13% as the real estate giant posted strong second-quarter numbers and expressed confidence in the housing market amid the pandemic.

Groupon (NASDAQ:GRPN) stock rose 37% after the online-coupon company beat estimates by a wide margin in the second quarter, benefiting from its online presence during the lockdown.

Dropbox (NASDAQ:DBX) stock fell 5.5% despite the file-sharing service reporting strong fiscal second-quarter revenues. The company’s Chief Financial Officer Ajay Vashee will step down in September.

Ameren (NYSE:AEE) stock dropped 7.6%, with the power company suffering in the wake of power shortages on the east coast after Tropical Storm Isaias.

DISH Network (NASDAQ:DISH)stock rose 3.1% after stating that the Covid-19 outbreak slowed the pace of cancellations in the second quarter. The television services provider also discussed cost cutting, in the form of layoffs.
Rocket Companies (NYSE:RKT) is likely to rise Friday, reflecting the strong gains posted by its subsidiary Quicken Loans after its IPO on Thursday.