Products You May Like
Check out the companies making headlines before the bell:
Boeing (BA) – Boeing posted a wider-than-expected quarterly loss with revenue that fell below consensus estimates. However, Boeing reported positive operating cash flow and, unlike in prior quarters, did not see any charges related to the production of its 737 MAX jet. Boeing jumped 4.4% in premarket action.
Hilton Worldwide (HLT) – Hilton rallied 4.8% in the premarket after the hotel operator’s second-quarter results beat top and bottom line estimates. Hilton also raised its full-year forecast, as travel demand continues to rebound.
Spotify (SPOT) – Spotify reported a wider-than-expected quarterly loss, but its revenue exceeded analyst forecasts as it saw a 14% increase in paying subscribers for its premium streaming service. Spotify jumped 6% in premarket trading.
Garmin (GRMN) – The GPS device maker’s stock slumped 9.3% in the premarket after its quarterly earnings beat estimates, although revenue fell short of analyst predictions. Garmin said its results were negatively affected by underperformance in its fitness segment.
Tempur Sealy (TPX) – The mattress retailer’s stock slid 6.9% in the premarket after its quarterly earnings and revenue missed analyst forecasts. The company said macroeconomic factors contributed to a deteriorating operating environment in North America. Tempur Sealy also cut its full-year forecast.
Shopify (SHOP) – The e-commerce platform provider slumped 6.8% in premarket action after posting a wider-than-expected loss and saying losses will increase in the current quarter. Shopify said inflation and rising interest rates will hurt consumer spending.
Microsoft (MSFT) – Microsoft gained 3.5% in the premarket despite missing on both the top and bottom lines for its latest quarter. The company saw its slowest earnings growth in two years amid a slowdown in its cloud business. Microsoft, however, issued an upbeat outlook, saying currency-adjusted sales and operating income will increase by a double-digit percentage this quarter.
Alphabet (GOOGL) – Alphabet also rallied, rising 3.7% in premarket action, even though its quarterly sales and profit missed Wall Street forecasts. The Google parent’s results were impacted in part by a pullback in spending by advertisers, but some investors had apparently braced for even worse results.
Chipotle Mexican Grill (CMG) – Chipotle surged 9% in premarket trading, with the restaurant chain operating reporting better-than-expected earnings for its latest quarter. Chipotle was able to offset an increase in costs with several rounds of price hikes.
PayPal (PYPL) – PayPal added 6.8% in the premarket after the Wall Street Journal reported that activist investor Elliott Management took a stake in the company. The size of the stake and Elliott’s intentions could not be learned.
Teva Pharmaceutical (TEVA) – Teva shares surged 22.9% in premarket trading after it reached a national settlement worth up to $4.25 billion over its alleged role in the opioid crisis.
Enphase Energy (ENPH) – Enphase reported better-than-expected sales and profit for its latest quarter, sparking a 9% premarket rally in its shares. The solar equipment company’s results benefited from a jump in its European business.