Market Update: Major Pre-Market Moves
Here’s a look at some companies experiencing significant pre-market activity:
Advanced Micro Devices (AMD) — Shares jumped by 18% after the chipmaker offered robust projections, anticipating second-quarter sales of $11.2 billion, which is $300 million higher than analysts’ estimates. Their first-quarter results also surpassed expectations.
Supermicrocomputer — The server manufacturer saw a 13% increase in its shares as it forecast fourth-quarter earnings between 65 and 79 cents per share, exceeding the Wall Street forecast of 55 cents. In the third quarter, they reported adjusted earnings of 84 cents per share on revenue of $10.24 billion, while analysts anticipated earnings of 62 cents and revenue of $12.39 billion.
Disney — The media giant’s fiscal second-quarter sales outperformed expectations, rising by 4.3%. This growth was largely attributed to strong performances in their streaming and theme park divisions.
Corning — Shares jumped 19% following an announcement of a partnership with Nvidia to establish three new manufacturing facilities in North Carolina and Texas. This move is expected to significantly enhance Corning’s optical manufacturing capacity.
CVS Health — The pharmacy benefits provider’s shares increased by 5% on the back of better-than-expected first-quarter results, reporting adjusted earnings of $2.57 per share and revenue of $100.43 billion. Analysts had projected earnings of $2.20 per share on $95.1 billion in revenue, and the company also raised its full-year profit forecast.
Uber — Shares rose 8.5%, even though first-quarter earnings were below expectations. The ride-hailing company reported revenue of $13.2 billion, slightly missing the $13.29 billion anticipated by analysts, but their outlook for the current quarter was more favorable.
Jacobs Solutions — Shares dipped 1% despite reporting second-quarter profit and revenue that exceeded expectations. The company has raised its full-year profit forecast, now projecting earnings between $7.10 and $7.35 per share, up from previous guidance.
Arista Networks — This cloud networking company’s shares fell nearly 89% due to an adjusted gross margin that was slightly below expectations. However, their second-quarter revenue forecast aligned with expectations.
Restaurant Brands International — Shares rose 2.1% after reporting first-quarter adjusted earnings of 86 cents per share on revenue of $2.26 billion, surpassing analysts’ predictions.
SolarEdge Technologies — Shares fell 3% after reporting an unexpected adjusted loss of 43 cents per share. Analysts had projected a smaller loss.
Lucid Group — Shares dropped 4.5%, as the electric vehicle manufacturer posted a GAAP loss of $3.46 per share, deeper than anticipated, with revenue falling short of estimates as well.
Klaviyo — The email marketing platform saw its shares plummet 18%. They indicated that their adjusted operating income expectations for the second quarter were below consensus, and the Finance Director’s departure added to concerns.
DaVita — Shares increased by 6% following a positive report of first-quarter adjusted profit and revenue. The company has also revised its full-year earnings guidance upward.
Skyworks Solutions — Shares fell 4% due to third-quarter guidance that missed analyst expectations for both revenue and earnings.
Devon Energy — The oil and gas producer’s stock fell over 6%, with adjusted earnings for the first quarter coming in below expectations.
Kraft Heinz — The food and beverage company saw a rise of more than 2% after reporting significant sales and profit improvement in its first-quarter results.
Apollo Global Management — Shares increased over 3% following a report of adjusted first-quarter profits that matched expectations along with assets exceeding $1 trillion.
Maplebear — The owner of Instacart’s shares rose 1.5%, despite not meeting first-quarter earnings forecasts.
Oil Stocks — Energy stocks experienced a decline after news surfaced about a potential deal between the U.S. and Iran to address conflicts in the Middle East.
