Stocks making the biggest moves premarket: DIS, ABNB, RVN, AMGN

Companies in the news before the market opens include Disney, Airbnb, Reddit, Lyft, CVS Health, Novo Nordisk, Rivian, Amgen, Instacart, Super Micro Computer, and Advanced Micro Devices. Disney’s quarterly results beat expectations with strong performance in its streaming unit, causing shares to fall by about 1%. Airbnb shares dropped nearly 14% due to weaker-than-expected revenue guidance for the third quarter. Reddit gained 1% in premarket trading after exceeding Wall Street estimates in its second-quarter results. Lyft’s shares fell more than 13% after issuing disappointing third-quarter revenue guidance. CVS Health slipped 0.3% despite surpassing expectations for second-quarter earnings but cutting its full-year profit outlook. Novo Nordisk shares fell about 4% after reporting weaker-than-expected second-quarter results and lowering its full-year profit outlook. Rivian’s shares dropped 9% following a second-quarter report showing a widening net loss. Amgen shed 3% after posting weaker-than-expected profit for the second quarter and tightening its full-year earnings outlook. Instacart shares surged more than 9% after exceeding revenue and earnings estimates for the second quarter. Super Micro Computer’s shares fell over 14% as its adjusted earnings came in below analysts’ estimates. Advanced Micro Devices saw a nearly 2% increase after Piper Sandler reiterated it as a top pick with a potential upside of more than 30%.

Several companies were making headlines before the opening bell on Wall Street. Disney reported quarterly results that beat analyst expectations, with strong performance in its streaming unit. Airbnb’s weaker-than-expected revenue guidance for the third quarter caused its shares to drop nearly 14%. Reddit’s second-quarter results exceeded Wall Street estimates, leading to a 1% increase in premarket trading. Lyft issued disappointing third-quarter revenue guidance, causing its shares to fall more than 13%. CVS Health reported second-quarter earnings that surpassed expectations but lowered its full-year profit outlook due to higher medical costs. Novo Nordisk reported weaker-than-expected second-quarter results and lowered its full-year operating profit outlook. Rivian’s shares fell 9% after reporting a widening net loss in the second quarter. Amgen shed 3% after posting weaker-than-expected profit for the second quarter and tightening its full-year earnings outlook. Instacart’s shares surged more than 9% after exceeding revenue and earnings estimates for the second quarter. Super Micro Computer’s shares dropped over 14% after reporting adjusted earnings below analysts’ estimates and announcing a 10-for-1 stock split. Advanced Micro Devices saw its stock rise nearly 2% after Piper Sandler reiterated it as a top pick with significant market share potential in the traditional server space.

Source link