Prism Stocks making the biggest moves premarket: Pfizer, CVS, Amazon, Starbucks and more

Let’s take a look at the corporations that made news in today’s premarket trade.

Pfizer’s stocks rose over 2% as the New York-based pharmaceutical giant surpassed market expectations for the first quarter’s revenue and increased its profit forecast for the full year. Pfizer now anticipates $2.15 to $2.35 per share in adjusted earnings for the year, up from an earlier estimate of $2.05 to $2.25.

Shares in CVS Health plummeted 12.4% after the pharmacy chain’s first-quarter adjusted earnings fell short of expectations, prompting a cut in its full-year profit forecast due to rising medical costs. The new estimate is a minimum of $7 per share for 2024, down from a previous prediction of $8.30 per share.

Marriott International’s shares dropped 1.8% after lower-than-expected earnings and current-quarter guidance. The hotel chain now anticipates earnings between $2.43 and $2.48 per share in the current quarter, lower than Wall Street’s projection of $2.52.

Estée Lauder’s beauty and skincare stocks fell more than 5% before opening due to lower-than-expected fiscal fourth-quarter earnings guidance. The company now predicts earnings per share between 19 and 29 cents, excluding items, falling short of the 75 cents estimated by analysts.

Amazon’s shares increased about 2% following robust first-quarter profits. However, Amazon’s forecast for current quarter revenue growth, 7% to 11%, fell short of Wall Street’s 12% growth estimate.

Starbucks stocks plummeted 13% following less-than-expected fiscal second-quarter adjusted earnings and revenue. The coffee giant also cut its full-year earning and revenue projections for fiscal 2024.

Pinterest’s shares surged 16% after the social media platform reported higher-than-expected first and second quarter earnings. Pinterest anticipates sales between $830 million and $850 million in Q2, surpassing the consensus estimate of $827 million.

Shares in tech company AMD fell 7% following an inline forecast for Q2 sales. AMD anticipates sales worth $5.7 billion in the current quarter, equivalent to 6% annual growth.

The high efficiency server manufacturer Super Micro Computer saw a drop in its shares by more than 13%, which followed Tuesday’s 3.5% loss. The revenue for the fiscal third quarter fell short of market expectations.

Shares in Yum Brands, the operator of KFC and Taco Bell, decreased over 4% after Q1 earnings of $1.15 per share fell short of the expected $1.20.

Shares in Kraft Heinz dropped 3.5% after the food maker reported Q1 revenue of $6.41 billion, slightly less than the anticipated $6.43 billion. However, adjusted earnings per share of 69 cents met expectations.

Powell Industries’ stocks skyrocketed over 24% after its fiscal second-quarter results beat market expectations. The Houston-based electrical infrastructure stock reported earnings of $2.75 per share on revenue of $255 million, which surpassed analysts’ consensus.