General Motors, 3M, Spotify, Verizon and more

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Maplewood, Minnesota, the global headquarters of the 3M Company.

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Check out the companies making headlines in premarket trading.

General engines — Shares of General Motors rose more than 1% after the automaker raised its full-year expectations and reported second-quarter results that were up year-over-year.

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3M – Shares of the manufacturer rose about 2% in premarket trading following the company’s latest earnings report. 3M posted revenues of $7.99 billion, surpassing analyst estimates of $7.87 billion, according to Refinitiv. The company also raised its full-year earnings outlook and reaffirmed its revenue forecast.

Xerox — The workplace technology provider rose 3.6% after beating earnings estimates for the second quarter, posting earnings of 44 cents per share excluding items against a forecast of 32 cents from analysts polled by FactSet. Quarterly revenue came in line with expectations at $1.75 billion. Xerox also said it expects free cash flow and adjusted operating margin to be better than previously expected for the full year.

General Electric — Shares of the industrial giant rose more than 4% in premarket trading after the company posted stronger-than-expected second-quarter earnings. GE also raised its full-year profit outlook on the back of strong aerospace demand and record orders in its renewable energy business.

danaher — Shares of the conglomerate fell by 4.6%. Danaher said core non-GAAP revenue in the base business will be lower in the current quarter compared to the same quarter a year ago and increase less than previously expected for the full year. However, the company released a strong quarterly report, with Q2 earnings per share excluding items of $2.05 and revenue of $7.16 billion, while analysts polled by FactSet expected $2.01 per share on revenue of $7.12 billion.

Spotify — The music streaming platform fell 6.1% after presenting a weak quarterly report and guidance. Spotify reported revenue of €3.18 billion, below Refinitiv’s forecast of €3.21 billion. The full-year revenue outlook was also worse than analysts had expected. The report follows Spotify’s announcement that it will raise prices for premium subscriptions.

Lilium – Electric helicopter stocks rose 5.6% after management released a letter to shareholders. In the letter, management said that adjusted cash spending for the first half of 2023 was within budget and that the company passed an audit by the European Union Aviation Safety Agency.

Alaska air — Shares of the airline fell more than 4% even after Alaska beat top and bottom line estimates for the second quarter. Alaska reported $3 in adjusted earnings per share on $2.84 billion in revenue. Analysts polled by Refinitiv had expected earnings per share of $2.70 on revenue of $2.77 billion. The airline’s full-year earnings forecast of $5.50 to $7.50 per share was roughly in line with average analyst estimates of $6.65, according to FactSet.

RTX — Shares of the company formerly known as Raytheon fell 3% despite a strong quarterly report. RTX ported $1.29 in earnings per share, excluding items, to $18.32 billion in revenue. Analysts polled by Refinitiv forecast $1.18 per share and $17.68 billion. The company also raised its full-year expectations for both lines.

Verizon — The telecommunications giant was trading 2.6% higher after reconfirming its full-year guidance. That came despite a mixed second quarter, with Verizon posting $1.21 in earnings per share, excluding items, on $32.6 billion in revenue. Analysts polled by Refinitiv estimate earnings per share at $1.17 and revenue of $33.24 billion.

walmart Walmart rose more than 1% after Piper Sandler upgraded the big-box retailer from neutral to overweight on Monday and raised its price target. Analyst Edward Yruma said Walmart could gain a larger market share in the grocery business as inflation eases.

— CNBC’s Samantha Subin, Yun Li, Jesse Pound, Sarah Min, and Tanaya Macheel contributed reporting

General Motors, 3M, Spotify, Verizon and more

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