Before the bell, take a look at the businesses that are in the news.
Disney — After the media behemoth revealed quarterly earnings that exceeded analyst projections, primarily due to a stellar showing at its streaming division, shares of the company saw a 1% decline.
Airbnb: The premarket saw a nearly 14% decline in Airbnb shares due to the company’s lower-than-expected revenue projections for the third quarter. Revenue for the company is between $3.67 billion and $3.73 billion.
Reddit: In premarket trading, the social news firm saw a 1% increase. In addition to reporting better-than-expected daily active user stats, Reddit revealed second-quarter results that above Wall Street projections on both.
Lyft: Following the ride-hailing company’s release of unsatisfactory revenue guidance for the third quarter, shares fell more than 13%. Analysts had predicted Lyft would make $103.4 million, but the company expects to make between $90 million and $95 million.
CS Health — Following CVS Health’s release of second-quarter profits that exceeded estimates and lowered its prediction for full-year profit due to the impact of rising medical expenditures, the chain’s shares fell by just 0.3%. CVS previously predicted adjusted earnings of at least $7 per share for 2024, but now projects $6.40 to $6.65 per share.
Novo Nordisk: Following the release of lower-than-expected second-quarter earnings, the Wegovy drugmaker’s shares fell almost 4%. Novo Nordisk reduced its operational profit forecast for the entire year as well.
Rivian — Following a second-quarter report that revealed a growing net loss, the electric vehicle company’s shares dropped 9%. After reporting a $1.2 billion loss the previous year, Rivian now reports a $1.46 billion loss. In certain areas, the business did better than expected.
Amgen – The biotech stock fell 3% as a result of the company lowering its forecast for full-year profitability and reporting second-quarter results that were lower than anticipated due to increased operational costs. As opposed to its previous estimate of $19 to $20.20, Amgen anticipates adjusted earnings per share to be between $19.10 and $20.10 this year.
Instacart: A portion of the grocery delivery service business jumped more than 9% after beating second-quarter revenue and earnings projections. Analyst predictions of 13 cents per share and $807 million in revenue were surpassed by Instacart’s earnings of 20 cents per share and $823 million in revenue.
Super Micro Computer: The company’s adjusted earnings fell short of analysts’ projections, causing a more than 14% decline in share price. For the fiscal fourth quarter, the business reported earnings, excluding adjustments, of $6.25 per share, compared to analysts’ expectations of $8.07 per share surveyed by LSEG.
Advanced Micro Devices: The semiconductor stock increased by about 2% following Piper Sandler’s reaffirmation of AMD’s status as a top pick and his prediction that the company will capture a sizable portion of the traditional server market.
Source (CNBC)
