Alphabet, Microsoft, Tesla fall premarket; Starbucks, Cigna rise, By

© Reuters — U.S. traded in a mixed fashion Wednesday as investors digested earnings from some tech giants ahead of the conclusion of the latest Federal Reserve policy-setting meeting.

Here are some of the biggest premarket U.S. stock movers today:

  • Alphabet (NASDAQ:) stock slumped 5.5% after the Google-parent reported holiday-season advertising sales below expectations and projected higher spending this year on artificial intelligence.

  • Microsoft (NASDAQ:) stock fell 0.7% after the software giant forecast rising costs to develop new artificial-intelligence features, eclipsing a quarterly results beat.

  • Tesla (NASDAQ:) stock fell 2.8% after a U.S. judge voided CEO Elon Musk’s record-breaking $56 billion pay package.

  • Starbucks (NASDAQ:) stock rose 3.7% after the coffee chain cut its annual sales forecast, warning of softer demand in January and a slow recovery in China. However, even more weakness had been expected following disappointing store traffic in November and December.

  • AMD (NASDAQ:) stock fell 4.8% after the chipmaker’s first-quarter revenue forecast and a boosted projection for AI processors failed to meet expectations.

  • Mondelez (NASDAQ:) stock fell 4.4% after the Carbiry parent posted a rise in fourth-quarter sales on Tuesday, but price hikes took a toll on volumes as it squeezed demand.

  • Thermo Fisher (NYSE:) stock fell 2% after the medical equipment maker forecast annual profit and revenue below expectations, signaling a slump in demand for its services.

  • Novo Nordisk (NYSE:) stock rose 0.5% after the Danish drugmaker forecast another year of double-digit growth due to the popularity of its weight-loss drug Wegovy.

  • Boeing (NYSE:) stock rose 0.3% after the embattled aircraft manufacturer postponed a 2024 outlook, with CEO Dave Calhoun saying the company faces a “serious challenge.”
  • Cigna (NYSE:) stock rose 0.4% after the WSJ reported that the health insurer has agreed to sell its Medicare business to Health Care Service Corp for $3.3 billion in cash.

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