Global Courant 2023-05-03 17:13:47
general view of a Starbucks store on September 15, 2022 in Plainview, New York
Bruce Bennet | Getty Images News | Getty Images
Check out the companies making headlines in premarket trading.
Eli Lilly — Pharmaceutical inventory increased more than 5% based on data from clinical trials showing that the company’s drug donanemab slowed the progression of Alzheimer’s disease.
Starbucks — Shared from the popular coffee chain fell 5% before the bell, even after beating analyst estimates and posting stronger-than-expected same-store sales growth. Starbucks reaffirmed its outlook.
amd — Semiconductor stocks fell more than 7% in premarket trading after quarterly results a day earlier. The company reported an adjusted 60 cents per share on revenue of $5.35 billion, which Refinitiv said exceeded both analyst expectations of 56 cents and $5.3 billion. Sales expectations for the current quarter, however, were lower from the company, and analysts are now divided on how to view the stock.
Chegg — Shares of the online book renter gained 6.2% on Wednesday, after falling as much as 48% the day before. The company noted concerns about the emergence of artificial intelligence as a threat to its core business in its earnings call. CEO Dan Rosensweig also said the panic that caused the stock to plummet was “extremely exaggerated”.
Pac West, Western Alliance – Regional bank stocks were poised to extend their losses for the week on Wednesday morning. Shares of PacWest fell 4.6% in premarket trading after falling nearly 28% on Tuesday. Western Alliance fell more than 3% after losing 15% on Tuesday. Equities were weighed down by renewed concerns about the health of the sector.
biogen — The biotech company was down about 4% on Wednesday, after Eli Lilly reported his data on his Alzheimer’s drug trial. Biogen reported earnings last week, at an adjusted $3.40 per share, while analysts polled by StreetAccount predicted $3.28. The company recently received approval from the Food and Drug Administration for a drug to treat ALS.
convincing — Shares of the communications and internet company gained 2.8% following an upgrade from Bank of America. Cogent said Tuesday it had closed a plan to acquire Sprint’s wireless network from T-Mobile.
Match Group — Stocks were up 2.7% in light volume during premarket trading. The online dating company reported first-quarter earnings after the bell Tuesday that topped analyst estimates from Refinitiv. However, Match’s revenue fell short of expectations.
General — The energy technology company gained 6.5% after its quarterly earnings beat analysts’ expectations. Generac reported an adjusted 63 cents per share against an expected 48 cents per share, according to StreetAccount.
Pearson – Pearson shares are up more than 8%. The stock was double upgraded from underperform to buy by Bank of America, which said Tuesday’s sell-off in the stock, which followed Chegg’s sharp drop amid AI concerns, was “overly harsh.”
– CNBC’s Samantha Subin, Jesse Pound and Michelle Fox Theobald contributed to the reporting
