On this episode of Stock Movers:
- Intel (INTC) shares are lower as CEO Lip-Bu Tan sparked concerns that he is more focused on cost cutting than restoring the company's technological edge. Tan said the company will cancel some factory projects and take a more conservative approach to future spending, calling investments begun under his predecessor "excessive and unwise." Intel will reduce capital expenditures and has laid off thousands of employees, with plans to cut staff by 15% and end the year with 75,000 employees.
- Deckers (DECK) share are higher in the premarket as net sales for Ugg and Hoka surpassed analysts' estimates in the fiscal first quarter ended June 30, with Ugg sales rising about 19% and Hoka increasing roughly 20%. The company's shares jumped as much as 12% in premarket trading on Friday, after having fallen 48% this year through Thursday's close.
- Centene (CNC) is lower after the health insurer reported adjusted loss per share for the second quarter, surprising analysts who’d forecasted a profit. The company also reported higher medical costs in the second quarter than Wall Street’s expectations.
- Volkswagen (VWAGY) shares are up after its CEO said he expects US tariffs to come down to a more manageable level, bolstering the export-reliant automaker after it tallied up €1.3 billion ($1.53 billion) in expenses in the first half due to President Donald Trump’s trade war. CEO Oliver Blume said he expected European Union and US negotiators to eventually agree on duties of around 15%, from the 27.5% the car industry faces currently. The German manufacturer is also pursuing a separate offset with the Trump administration in return for raising its spending in the country.
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