Travelers wait for an Uber ride-on vehicle at Los Angeles International Airport (LAX) on February 8, 2023 in Los Angeles, California.
Mario Tama | Getty Images
Check out the companies making the biggest moves in premarket trading:
Uber Technologies — Shares are up nearly 8% after reporting $8.82 billion in revenue for the first quarter, beating the $8.72 billion expected by analysts polled by Refinitiv. The ride-sharing company also posted an adjusted loss of 8 cents per share, down from the 9 cents analysts were expecting.
Pfizer — Shares of the drugmaker soared more than 1% in premarket trading after the company beat first-quarter earnings and revenue expectations, according to Refinitiv, despite Covid vaccine sales jumping 75% from the same quarter a year ago had declined .
Chegg – Chegg shares plunged 42% in premarket trading after CEO Dan Rosensweig said he expects artificial intelligence “to have an impact on our growth rate in new customers.” Chegg issued a weak sales outlook for the second quarter. Otherwise, the online education company beat first-quarter expectations for revenue and earnings. Following the results, Jefferies downgraded the stock to hold from buy.
Dupont de Nemours — Shares are down nearly 5% premarket after the company issued weak guidance for the second quarter, with both earnings per share and revenue guidance below Wall Street expectations. Dupont cited a delay in the electronics market recovery.
Arista Networks — Shares fell 8.5% even as the company beat Wall Street expectations for its most recent quarter for revenue and earnings and shared upbeat guidance. The decline came as Arista Networks said it expects moderate spending and slowing growth from its “cloud titans.”
Stryker – Shares fell 3.3% after the medical technology company warned that full-year sales and earnings per share would be adversely affected if exchange rates stay near current levels. However, adjusted earnings per share and revenue for the first quarter beat Refinitiv’s estimates.
NXP Semiconductors — Shares of the chipmaker rose about 5% after the company beat analysts’ expectations for first-quarter sales and operating income. The sales forecast for the second quarter was also better than expected.
Dell Technologies – The stock is up nearly 3% premarket after Morgan Stanley upgraded it from equal weight to overweight. The Wall Street firm said it believes the PC market is bottoming out.
Coinbase — Shares of the cryptocurrency exchange fell 1.4% after a downgrade by Citigroup highlighted looming regulatory threats that could hurt its core business. The company also pointed to possible legal action by the US Securities and Exchange Commission over an announcement by March Wells as further headwinds.
BP — U.S.-listed shares of the British energy giant slipped about 5% after the company slowed share buybacks and announced another $1.75 billion in share buybacks, following its previously announced share buybacks of closed for $2.75 billion in April. However, according to Refinitiv, first-quarter sales exceeded analysts’ expectations.
HSBC — The global bank saw its shares rise nearly 6% in premarket trading after reporting first-quarter earnings that beat consensus estimates. The company also plans to repurchase up to $2 billion of stock after its annual shareholders meeting.
Marriott International — Hotel stock rose about 2% after Marriott beat estimates for first-quarter revenue and earnings. The company reported adjusted earnings per share of $2.09 on sales of $5.62 billion. Analysts polled by Refinitiv had given adjusted earnings per share of $1.84 on sales of $5.41 billion. CEO Anthony Capuano said in a press release that the lifting of travel restrictions in Asia helped boost growth.
– CNBC’s Tanaya Macheel, Brian Evans, Samantha Subin, Jesse Pound and Sarah Min contributed coverage.