Tesla surges, American Airlines up; IBM, SAP down in premarket

By Geoffrey Smith

Investing.com -- Stocks in focus in premarket on Thursday, January 26th. Please refresh for updates.

• Tesla (NASDAQ:TSLA) stock rose 10% after sounding an upbeat note for 2023, with CEO Elon Musk saying that its recent price cuts have galvanized demand for its electric cars.
• American Airlines (NASDAQ:AAL) stock rose 1.4% after the company forecast 2023 earnings per share in a range around $3, well above the $1.89 market consensus. The airline also reported record revenue for the fourth quarter as it cashed in on the first COVID-free holiday season in three years.
• Dow Inc (NYSE:DOW) stock fell 1.5% after its fourth-quarter earnings missed expectations, reflecting higher input costs and a nascent slowdown in demand for its products from the industry.
• Chevron (NYSE:CVX) stock rose 3.7% after the company increased its dividend and approved another $37 billion in buybacks at the end of a banner year for oil and gas profits.
• SAP (NYSE:SAP) ADRs fell 3.2% as the German software company’s weak outlook outweighed its decision to cut costs by shedding over 3,000 jobs.
• Northrop Grumman (NYSE:NOC) stock rose 0.2% after the defense contractor predicted another strong year for revenue growth as the war in Ukraine bolsters western military spending. Fourth-quarter net income came in some 15% above expectations, setting it apart from rivals Boeing (NYSE:BA) and Lockheed Martin (NYSE:LMT), whose 4Q reports were hurt by labor shortages and supply chain disruptions.
• Lam Research (NASDAQ:LRCX) stock fell 1.1% after the provider of equipment to the chipmaking industry issued profit guidance for 2023 below expectations.
• IBM (NYSE:IBM) stock fell 2.1% after the company missed its annual cash target and announced nearly 4,000 job cuts and a $300 million restructuring charge. That overshadowed a modest beat of expectations for its revenue in the fourth quarter.