Stocks making the biggest moves premarket: Disney, Airbnb, Rivian, Amgen and more
Today’s pre-bell buzz is centered around some notable companies, with some exceeding expectations and others falling short on their market performance.
Disney’s stocks dipped slightly despite better-than-expected quarterly results, largely driven by the company’s successful streaming service. Reporting an earnings of $1.39 per share and revenue of $23.16 billion, Disney outperformed analyst expectations.
Airbnb experienced a near 14% drop in share prices due to lower-than-expected revenue expectations for Q3. The company predicts a revenue between $3.67 billion to $3.73 billion which falls short of the projected $3.84 billion.
Reddit surged ahead with a 1% premarket gain following a Q2 report that surpassed Wall Street’s expectations. The company anticipates higher than expected revenue in Q3.
Meanwhile, Lyft’s shares dropped by over 13% after the company released a disappointing revenue forecast for the next quarter.
The shares of CVS Health slipped by 0.3% post the announcement of its Q2 earnings. The company also revised its full-year profit outlook anticipating higher medical costs.
Novo Nordisk, the maker of Wegovy, saw its shares decline by around 4% due to lesser-than-anticipated Q2 results and lowered profit outlook for the year.
Shares in electric vehicle company Rivian also fell, down by 9%, as the company reported an increased net loss in its Q2 report.
Amgen, a biotech company, lost 3% after it tightened its annual earnings forecast and reported a weaker Q2 profit due to higher operating expenses.
Instacart had a more positive outcome with their share prices surging by over 9% after exceeding analysts’ estimates for Q2 revenue and earnings.
Super Micro Computer shares skidded by more than 14% after reporting Q4 earnings that were lower than what analysts had predicted. The company also declared a 10-for-1 stock split.
On the brighter side, Advanced Micro Devices saw nearly a 2% increase in shares after Piper Sandler considered AMD as a top pick and anticipated significant growth in market share within the traditional server space.
