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Stocks - Alphabet Builds on $1 Trln Valuation in Premarket

By Geoffrey Smith -- Stocks in focus in premarket trade on Friday, 17th January. Please refresh for updates.

8:47 AM ET: Gap (NYSE:GPS) stock was up 2.5%, off overnight hights after the company said late on Thursday it didn’t have to discount as much as it feared during the holiday season. It’s also giving up its plan to spin off Old Navy, citing the “cost and complexity” of splitting into two companies.

The company also said Gap brand head Neil Fiske is to leave.

8:43 AM ET: JB Hunt Transport Services (NASDAQ:JBHT) stock was down 4.8% after the logistics company missed expectations for fourth-quarter revenue and earnings, as higher costs for rail transportation and for drivers ate into incremental gains in revenue.

8:32 AM ET: CSX (NASDAQ:CSX) stock fell 2.9% after the railroad company reported a 7% drop in freight volumes in the fourth quarter and forecasting a tough year ahead. Despite that, earnings were fractionally above expectations at 99c a share, against a forecast of 98c.

8:19 AM ET: Schlumberger (NYSE:SLB) stock was up 2.6% after delivering fourth-quarter earnings slightly better than expectations, despite a slump in revenues from U.S. shale drillers. The company still brought in $1.5 billion in free cash flow after drastically down-sizing operations in North America. It expects its U.S. land business to stay weak this year, but forecast further growth internationally to compensate.

8:13 AM ET: Alphabet (NASDAQ:GOOGL) (NASDAQ:GOOG) stock was advancing beyond the $1 trillion valuation that it hit for the first time late on Thursday. It was up 0.6% at $1,460.94, helped by UBS, which upgraded its price target to $1,675.

UBS also upgraded its targets for (NASDAQ:AMZN) stock and Facebook (NASDAQ:FB), both of which were up 0.2%.

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