Check out the companies making headlines before the bell. Boeing – Shares jumped 3% after Boeing reported a smaller-than-expected loss in its latest results. In the first quarter, the company reported an adjusted loss of $1.13 per share, better than the adjusted loss of $1.76 per share estimated in an LSEG analyst survey. Revenues of $16.57 billion beat expectations of $16.23 billion. Airbnb – The vacation property rental platform added nearly 2% following Mizuho's upgrade to site-neutral purchasing. Mizuho cited a number of catalysts, including the potential launch of sponsored rosters and growing demand from the Summer Olympics. The new price target of $200 indicates an upside of 24%. Biogen – Stock rose more than 6% pre-market after the drugmaker reported earnings of $3.67 per share, beating LSEG analysts' estimates of $3.45 per share. The company cited its cost-cutting efforts and higher-than-expected sales of its Alzheimer's drug Leqembi. Tesla – Shares of the struggling electric car maker jumped 12% in pre-market trading after CEO Elon Musk said Tesla plans to start producing a new affordable electric vehicle model by early 2025. However, Tesla disappointed on its quarterly earnings First, it reported 45 cents in adjusted earnings per share on $21.3 billion in revenue, while analysts polled by LSEG expected 51 cents in adjusted earnings per share and $22.15 billion in revenue. Tesla's revenue decline — the largest year-over-year decline since 2012 — came amid slowing growth in electric vehicle sales across the industry, prompting Tesla to implement price cuts in an attempt to stimulate demand. Visa – Shares of the payment company rose more than 2% after stronger-than-expected results for the fiscal second quarter. Visa earned $2.51 adjusted earnings per share on revenue of $8.78 billion. Analysts surveyed by LSEG expected $2.44 per share on $8.63 billion in revenue. Revenue increased 10% year over year. Texas Instruments – The technology stock jumped 6.8% after beating first-quarter expectations. Texas Instruments reported $1.20 per share on revenue of $3.66 billion, beating analysts' expectations of $1.07 and $3.61 billion, respectively, per LSEG. The company also provided ranges for the current quarter's performance which included consensus expectations from analysts. Sea Limited – Shares of the Southeast Asian tech giant rose 3.2% after Loop Capital upgraded the stock to buy from hold, saying the company is on track to “shift to sustainable profitable growth.” Mattel – The toy maker's stock price rose 2.7% after the stock's losses were smaller than expected. Mattel said it gave up 5 cents per share in the first quarter, less than the 12 cents expected by analysts polled by LSEG. Mattel saw revenue of $810 million during the quarter, below the consensus estimate of $832 million. Enphase Energy – The solar stock fell nearly 7% on earnings misses and a downbeat current quarter revenue outlook. The company reported earnings of 35 cents per share on revenue of $263 million in the first quarter, while analysts expected 40 cents and $280 million, respectively, according to LSEG. Enphase said it expects second-quarter revenue to range between $290 million and $330 million, against the consensus forecast of $349 million. — CNBC's Alex Haring, Samantha Sobin, Jesse Pound, Brian Evans, Yun Lee, Sarah Min and Michelle Fox Theobald contributed reporting.
Trending
- Tesla's Optimus Faces Human Competition at Robotics Conference in Beijing
- How to Position Yourself for a Global Tech Slowdown, According to Morgan Stanley
- Two big tests are coming that will determine whether last week's stock market excitement was justified.
- How a 'seriously outstanding tax debt' can lead to your passport being revoked
- Hezbollah fires rockets at Israel in revenge for its supreme leader
- Boeing Starliner Returns Empty, NASA Enlists SpaceX to Transport Astronauts
- Dividend Stocks Are a Hot Pick in the Fall Due to the Fed and Interest Rates
- Biden speaks with Zelensky, announces new military aid to Ukraine
Stocks with the biggest pre-market moves: BA, TSLA, V, and ABNB
