Stocks making the biggest moves premarket: Alphabet, Microsoft, Boeing and more
Check out the companies making headlines before the bell. Alphabet — The Google and YouTube parent sank more than 6% premarket after results for its cloud business fell short of estimates. Alphabet surpassed expectations on the top and bottom lines but posted cloud revenue totaling $8.41 billion versus the $8.64 billion expected by analysts polled by LSEG. Microsoft — Microsoft shares jumped nearly 4% before the bell after the Xbox owner posted stronger-than-expected fiscal first-quarter results and showed an uptick in profit due to easing operating expenses. Revenue for the company’s Azure cloud unit also exceeded expectations, jumping 29% during the period. Boeing — Shares of the jet plane maker rose more than 3% premarket after it reported a quarterly revenue beat . Boeing raised its 787 Dreamliner production target to five per month from four, but trimmed its 2023 guidance for 737 Max deliveries, which was expected. Boeing posted a wider-than-expected losses for the quarter. Texas Instruments —The semiconductor designer and manufacturer’s stock slid 5.5%, one day after fourth quarter guidance trailed estimates. TXN sees Q4 EPS of $1.35-1.57 against a consensus estimate of $1.76, FactSet’s StreetAccount said. Meanwhile, Q3 revenue came in below Wall Street expectations at $4.53 billion vs analysts’ $4.58 billion, according to LSEG. Snap — The Snapchat parent added 2.8% before the bell after posting stronger-than-expected third-quarter earnings of 2 cents per share on $1.19 billion in revenue. Snap earlier pared back even larger gains as it warned that some advertisers paused campaigns following the start of the Israel-Hamas war. Gap — Gap’s stock rose about 4% after Wells Fargo upgraded the apparel retailer to overweight, saying that it’s nearly at an inflection point as new management improves cost controls and inventory. Deutsche Bank — U.S.-listed shares of the German bank popped more than 6%. Deutsche Bank posted a net profit beat for the third quarter and said it intends to speed up shareholder pay-outs. Visa — The payments stock fell 1.3% before the bell after fourth quarter earnings and revenue topped analyst estimates and it raised its dividend by 16%. Visa expects full-year revenue growth to range from high single digits to low double digits and earnings per share to come in around the low teens. Hilton Worldwide — The hotel operator slipped about 1% before the open after saying it expects a “meaningful uptick” in hotel openings in the current period. Hilton reported in-line earnings of $1.67 per share, while revenue came in at $2.67 billion, topping an estimate of $2.64 billion, per LSEG. Teladoc Health — The telehealth stocks fell 5.1% premarket after posting mixed quarterly results and sharing weaker-than-expected guidance. Teladoc Health posted a smaller-than-expected loss of 35 cents per share, but revenue came up short at $660 million. The company also said it expects a wider-than-expected loss in the fourth quarter. General Dynamics — The defense contractor rose more than 2% on stronger-than-expected quarterly results. General Dynamics posted earnings of $3.04 per share on $10.57 billion in revenue. That exceeded the EPS of $2.91 and revenues of $10.05 billion that was estimated by analysts polled by LSEG. T-Mobile — Shares were up more than 1% premarket after the cellphone carrier reported third-quarter earnings that exceeded analyst expectations. T-Mobile earned $1.82 per share, beating an LSEG consensus forecast of $1.74 per share. CoStar Group — The commercial real estate stock sank more than 9% after fourth quarter earnings and revenue forecasts fell short of analyst expectations. Third-quarter earnings matched expectations, while revenue came in about $1 million shy of estimates, per StreetAccount. Stride — The educatuion company surged 13% after quarterly results and guidance topped analyst estimates. In its fiscal first quarter, Stride earnings of 11 cents per share exceeded the consensus estimate of a loss of 37 cents per share, according to FactSet. Revenue also beat expectations, along with fiscal second quarter and full-year revenue guidance. — CNBC’s Alex Harring, Sarah Min, Fred Imbert and Yun Li contributed reporting This post has been syndicated from a third-party source. View the original article here.
