People in New York City stand in line at the Delta Airlines check-in counter at JFK International Airport on June 30, 2023.
David Dee Delgado | Getty Images
Check out the companies making headlines before the bell:
Delta Air Lines – Delta Air Lines rose 4% after the airline reported its highest-ever quarterly profit and revenue and raised its 2023 earnings guidance. Delta reported adjusted earnings per share of $2.68, ahead of the $2.40 expected by analysts polled by Refinitiv. Adjusted revenue was $14.61 billion, ahead of the consensus estimate of $14.49 billion.
MillerKnoll – MillerKnoll shares fell more than 5% in the premarket. The furniture company behind the Noguchi table and Eames office chairs beat earnings expectations for the fiscal fourth quarter. MillerKnoll posted adjusted earnings of 41 cents a share on sales of $957 million. Analysts polled by Refinitiv had expected earnings per share of 39 cents on sales of $946 million.
PepsiCo — Beverage stock rose 2% after PepsiCo beat earnings and sales expectations and raised its full-year outlook in its latest results on Thursday. The company reported adjusted earnings of $2.09 per share, ahead of Refinitiv’s consensus estimate of $1.96 per share. Revenue was $22.32 billion, ahead of the forecast $21.73 billion.
Walt Disney Company – Shares of the entertainment giant rose about 1.5% in premarket trading after Disney announced that CEO Bob Iger’s contract had been extended until 2026. Iger previously told CNBC that he doesn’t plan on staying until 2024 when he returns to Disney.
ViaSat — The stock fell more than 22% after ViaSat announced a problem with its recently launched communications satellite, called ViaSat-3 Americas, which launched in April.
Carvana – The online used car retailer fell 6.4% after being downgraded from neutral to underweight by JPMorgan. The Wall Street firm said Carvana’s valuation “deviated materially from fundamentals.” Its price target of $10 implies a 74% downside potential.
Alphabet – Alphabet is up more than 1% after announcing it will launch its Bard chatbot in the European Union and Brazil.
Meta Platforms – Meta was up more than 1%. A report from the Financial Times, citing people familiar with the matter, said the social media company will release a commercial version of its artificial intelligence model in competition with Microsoft and Alphabet. His language model, called LLaMA, has previously been shared with researchers and academics.
Cirrus Logic — Chip stock rose more than 1% after Cirrus Logic said in a regulatory filing that the company would cut its global workforce by about 5%, citing “general market conditions.”
Coinbase – Shares fell 1% after Barclays downgraded the crypto platform from “equal weight” to “underweight,” saying investors are selling Coinbase ahead of earnings report.
SoFi Technologies – Shares fell 3.7% in premarket trading after Morgan Stanley downgraded the stock to “underweight.” The company said SoFi behaves more like a full-fledged bank and should be rated as such. SoFi’s stock has nearly doubled so far this year.
— CNBC’s Michelle Fox and Jesse Pound contributed to the coverage