The stock market saw mixed movements on Thursday, with Tesla's (TSLA, Financial) premarket drop following its earnings report and CEO Elon Musk's comments about the Cybertruck production challenges. The electric vehicle maker's shares were down 5%, although they later recovered slightly.
AT&T (T, Financial) shares rose over 3% in pre-market trading after the telecom giant boosted its full-year free cash flow guidance following stronger-than-expected Q3 results. The company now expects free cash flow to be around $16.5B for the full year, up from a previous estimate of $16B or more. This news also boosted shares of competitors Verizon (VZ) and T-Mobile (TMUS).
Google (GOOG, Financial) has reportedly cut around 40-45 jobs in its news division, according to an Alphabet Workers Union spokesperson. The layoffs come amid a surge in the spread of misinformation across the web during the ongoing Israeli-Hamas conflict and the 20-month-long Russia-Ukraine war. Google's spokesperson clarified that the internal changes have no impact on the firm's misinformation and information quality work in News.
Meanwhile, semiconductor capital equipment firm Lam Research (LRCX, Financial) saw its shares fall around 2.5% in pre-market trading following mixed guidance. Despite this, several Wall Street analysts defended the company, suggesting that the decline in gross margins is likely temporary and should normalize next year.
Ark Invest, led by Cathie Wood, predicted a "somewhat harder than soft" landing for the U.S. economy following the recent cycle of interest rate hikes. The firm cited action in the bond market, which it says points to a policy misstep from the Federal Reserve.
Other notable market movements included a rise in Taiwan Semiconductor (TSM, Financial) stock following its Q3 results that beat expectations, and a drop in Blackstone (BX, Financial) stock after the private equity firm posted weaker-than-expected Q3 earnings.
