Tesla, GE and Eli Lilly Fall Premarket; UPS Rises

Stocks in focus in premarket trade on Tuesday, April 27th. Please refresh for updates.

Tesla (NASDAQ:TSLA) stock fell 1.9% after the electric car maker required the revenue from the sales of bitcoin and regulatory credits to pad out net income of $438 million. While that was a record, average vehicle selling prices declined 13%.

General Electric (NYSE:GE) stock fell 2.2% after the industrial conglomerate reported a 20% fall in quarterly profit, hit by a slump in demand for aircraft engine maintenance as airlines struggle to recover from a pandemic-led collapse in travel.

United Parcel Service (NYSE:UPS) stock rose 7.2% after the world’s biggest parcel delivery company topped estimates for quarterly revenue, benefiting from a surge in online purchases during the Covid-19 pandemic.

Eli Lilly (NYSE:LLY) stock fell 3.9% after the drugmaker posted a 7% fall in quarterly profit, due to higher spending on research and development of treatments including Covid-19 drugs.

3M (NYSE:MMM) stock rose 1.2% after the company, which makes N95 face masks, posted a hefty rise in first-quarter profit on Tuesday, benefiting from strong demand for its personal safety products.

Hasbro (NASDAQ:HAS) stock fell 1.1% after the entertainment company fell short of first-quarter revenue estimates as the pandemic hit its movie and TV production business.

GameStop (NYSE:GME) stock rose 11% after the video game retailer raised $551 million through an equity offering in order to accelerate its shift to e-commerce.

Raytheon (NYSE:RTN) stock rose 1.5% after the aerospace and defense company raised the lower end of its full-year sales forecast on the strong performance of its defense unit and an expected recovery in commercial air travel.

BP (LON:BP) (NYSE:BP) ADRs rose 1.8% after the oil major’s profit more than tripled in the first quarter thanks to stronger oil prices and bumper revenue from natural gas trading, paving the way for the company to start buying back its stock.

HSBC (NYSE:HSBC) ADRs rose 3.3% after the U.K.-based bank beat quarterly profit forecasts and released $400 million it had set aside to cover bad loans caused by the pandemic.

UBS (NYSE:UBS) stock fell 2.7% after the Swiss banking giant took an unexpected $774 million hit from the collapse of Archegos, overshadowing a forecast-beating 14% rise in quarterly net profit.

Snap (NYSE:SNAP) stock fell 1.5% after the social media company announced the sale of a $1 billion convertible bond offering, with the proceeds to be used for general corporate purposes.

Lyft (NASDAQ:LYFT) stock rose 3.1% after the ride-hailing company announced the sale of its self-driving technology unit to Toyota for $550 million, helping it save $100 million in operating expenses.