American Express (AXP) – American Express stock rose 4.5% in premarket after beating the highest and lowest estimates for the second quarter. Cardmembers posted record spending, driven by a resurgence in travel and entertainment.
Verizon (VZ) — Verizon stock fell 4.4% in the primary market after adjusted quarterly earnings missed estimates and the company cut its full-year forecast. Verizon is seeing phone subscriber growth hit as a result of higher prices.
Twitter (TWTR) – Social media stock fell 2% in premarket trading after the company reported disappointing second-quarter results. Twitter posted a loss of 8 cents, compared to an expected profit of 14 cents, according to Refinitiv. Its revenue fell 1% year-on-year to $1.18 billion, missing analysts’ expectations of $1.32 billion. Twitter has partially blamed lower revenue on ad industry headwinds related to the broader macro environment, as well as uncertainty related to the pending acquisition deal by Elon Musk.
Schlumberger (SLB) – The oilfield services company reported better-than-expected earnings and revenue for the second quarter and raised its full-year forecast. Schlumberger benefits from increased demand for its services amid rising oil prices. Its stock rose 2.3% in pre-market trading.
HCA Healthcare (HCA) – HCA is up 11.4% in premarket after beating upper and lower bound estimates for the last quarter. The hospital operator’s results came in better than expected despite labor market challenges and inflation.
Cleveland Cliffs (CLF) — The miner’s stock fell 5.3% in pre-market activity after its recent quarterly profit missed Street expectations, although revenue beat expectations. Cleveland-Cliffs noted its exposure to the auto sector, where supply chain issues have constrained production, and said it expects to benefit as those issues are resolved.
Snap (SNAP) – Snap fell 30.3% in the primary market after parent company Snapchat reported a wider-than-expected quarterly loss and the slowest sales growth since its IPO. She also said current quarter sales are on a steady pace, compared to last year, amid tighter economic conditions and increased competition for digital advertising dollars.
Mattel (MAT) – Mattel fell 1% in pre-market trading despite better-than-expected quarterly performance and strong sales of cinema-themed toys. However, sales of its American Girl brand fell nearly 20% during the quarter.
Seagate Technology (STX) — Seagate Technology fell 11.8% in pre-market trading after the drive maker missed quarterly estimates in both the top and bottom lines. It also issued weaker-than-expected forecasts as demand for products such as personal computers fell.
Tenet Healthcare (THC) — The hospital operator nearly doubled the consensus estimate of 82 percent with adjusted quarterly earnings of $1.50 per share. Tenet said it was able to navigate through challenging market conditions as well as a cyberattack. Its stock jumped 10.9% in the pre-market.
Intuitive Surgery (ISRG) – Intuitive surgery missed estimates on both the upper and lower lines for the last quarter, as positions for Da Vinci robotic surgery systems declined. The company said that the re-emergence of Covid affects the number of procedures performed with the system, and its shares fell 12.1% in pre-market trading.
Boston Beer (SAM) Boston Beer received a market success of 9.6% after it reported lower-than-expected earnings for the fourth quarter and lowered its full-year forecast. Dwindling demand for its truly solid carbonated brand continues to affect the brewery’s overall performance of Sam Adams beer.