Check out the companies making headlines before the bell. Spotify — Streaming stocks soared 7.4% after Spotify reported an increase in premium memberships (which reached 236 million in the fourth quarter). This beat analyst estimates based on FactSet consensus. Palantir — Shares of the data analytics provider rose by 20% on Monday after the company reported revenue of $608.4 million for the quarter, compared to the $602.4 million expected by analysts surveyed by LSEG. soared more than %. Revenues and outlook for 2024 were largely in line with expectations. Eli Lilly — The company’s stock rose 4% after the company beat analyst estimates in the fourth quarter, thanks to strong launches for its weight-loss drug Zepboud and higher prices for its diabetes drug Mounjaro. The company posted adjusted earnings per share of $2.49 on revenue of $9.35 billion. Analysts had expected earnings of $2.22 per share and revenue of $8.93 billion, according to LSEG. Tesla — Electric vehicle underperforms after Daiwa downgrades Tesla from Outperform to Neutral, citing concerns about the company’s corporate governance and uncertainty over potential board and management changes The stock fell 2.3%. UBS — Shares fell about 4.1% after the bank reported its second consecutive quarterly loss, with revenue of $10.86 billion slightly below analysts’ expectations according to FactSet. However, the Swiss bank said it plans to increase its dividend and resume share buybacks in the second half of this year. Despite the lower-than-expected profits, JPMorgan reiterated its overweight rating on UBS, saying the company is on track to become a “powerhouse” in wealth management. BP — Shares rose more than 5% as the oil giant increased its pace of stock buybacks and increased its dividend. However, BP recorded a decline in annual profits. NXP Semiconductors — The chipmaker’s stock rose 3% after NXP reported better-than-expected fourth-quarter results, with adjusted earnings of $3.71 per share, or 8 cents more than analysts surveyed by LSEG expected. . The company’s revenue was $3.42 billion, which also exceeded analysts’ expectations of $3.4 billion. Li Auto — Shares of Chinese EV maker Li Auto rose 8.6% after Deutsche Bank upgraded its U.S.-listed shares from hold to buy, citing Li Auto’s “best-in-class” management team and production volume. and a history of exceeding ambitious cost targets. Chegg — Shares fell 7.5% after the education technology company reported disappointing first-quarter guidance. Chegg expects revenue per StreetAccount to range from $173 million to $175 million, lower than the consensus estimate of $180.1 million. The outlook for first-quarter earnings before interest, taxes, depreciation and amortization was also lower than expected. Rambus — The chipmaker continued its decline on Tuesday, dropping 9.9% after a year-over-year revenue decline in the fourth quarter. Coherent — Shares rose 13% after the materials company reported better-than-expected quarterly results. Coherent’s second-quarter earnings were 36 cents per share, beating the 26 cents per share expected by analysts surveyed by Street Accounts. Revenue was $1.13 billion, beating the consensus estimate of $1.12 billion. UPS – The delivery company’s stock rose more than 1% after UBS upgraded the stock from neutral to buy. The investment firm said in a note that UPS should be able to cut costs and expand profit margins even with slower sales growth. —CNBC’s Tanaya Machel, Jesse Pound, Sarah Min and Michelle Fox Theobald contributed reporting.
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