Stocks making the biggest moves premarket: Disney, PayPal, Arm and more
Let’s take a look at some companies that generated buzz before the opening bell.
Disney’s shares surged by 7.8% after the company reported better-than-expected Q1 earnings of $1.22 per share, surpassing LSEG’s prediction of 99 cents. The company’s positive forecast for FY 2024 further fueled the increase.
Ally Financial saw a 1.9% rise in shares following an upgrade by Morgan Stanley from equal to overweight, suggesting it’s a promising way to leverage potential lower interest rates.
On the flip side, PayPal’s stock decreased by 9.4% due to less than anticipated annual and Q1 guidance, despite Q4 earnings and revenue exceeding estimates. This follows the company’s recent announcement of a 9% workforce cut.
New York Community Bancorp’s shares continued to descend, decreasing by roughly 4.7% in the premarket. The company’s recent downgrade by Moody’s coupled with a shareholder lawsuit and dividend cut are contributing factors.
Arm Holdings saw a significant surge in its shares by over 28%, following a Q3 earnings beat. The chipmaker also forecast Q4 earnings and income surpassing analyst expectations.
Apollo Global Management experienced close to a 3% share increase after its Q4 earnings outshined predictions. The company reported a whopping $32 billion in inflows for the quarter, taking its total assets under management to $651 billion.
American Express saw a 1.6% decrease in shares after a downgrade by Morgan Stanley. The bank suggested slowing discount revenues and believes recent positive developments are already factored into the share price.
Maersk’s shares fell nearly 13% due to uncertainties in its 2024 earnings outlook because of the Red Sea disruptions and an oversupply of shipping vessels impacting the company’s profits. The company has also paused share buybacks.
