View the stocks that are generating news during premarket trading.
Burger King — Following the fast-food chain’s second-quarter earnings release, which fell short of analyst estimates, shares saw a little decline in the premarket. The important restaurant metric of same-store sales, fell off significantly.
Revvity: After the bio sciences company released second-quarter results that above forecasts, shares increased by 6%. Overachieving the FactSet consensus expectation of $1.12 per share, adjusted earnings came in at $1.22 per share. Analysts had predicted $690.3 million in revenue, but $691.7 million came in instead.
Olin: Following a JPMorgan upgrade to overweight from neutral, the maker of chemical products saw a 1.4% increase. The company referred to Olin’s efforts to stabilise caustic and chlorine pricing through low plant utilisation as successful.
Technologies Akamai — Following Guggenheim’s upgrade of shares to a buy recommendation, the cloud security provider saw a 2% gain. With its dominant position in the content delivery network industry, the company believes Akamai has more than 30% of upside potential.
Bristol-Myers Squibb Company After Barclays downgraded the pharmaceutical stock from equal weight to underweight, the stock fell 1.5%. The company stated that Bristol-Myers Squibb might have had a premature rally; in 11 days, the stock has increased by 25%, although its underlying fundamentals have not changed much. This call follows Bristol-Myers Squibb’s Friday release of better-than-expected profits and an increase in its full-year expectations.
Tesla – After Morgan Stanley analyst Adam Jonas named the electric vehicle manufacturer the best choice among U.S. auto stocks, the company gained 1.5%. In Monday’s premarket, Tesla took the place of Ford, whose shares barely moved.
Stellantis Following a downgrading to hold from buy by Deutsche Bank, the manufacturer saw a 3.6% decline. the manufacturer of Chrysler and Dodge may not meet its financial projections due to a number of difficulties in a challenging market.
Microstrategy, Coinbase — Following the rise in the virtual currency, the bitcoin developer and cryptocurrency exchange both saw gains of about 4%. Last time, Bitcoin gained more than 2%.
Disney — Following “Deadpool & Wolverine’s” impressive box office performance, the company’s shares increased by almost 1%. With almost $200 million in revenue during its first weekend of release, the Marvel film achieved the highest opening weekend gross for an R-rated movie ever.
Source (CNBC)