Here are the key stocks that saw significant moves in pre-market trading:
McDonald’s (MCD): The fast food giant saw its shares rise 2% before the market opened, led by solid quarterly earnings that beat analysts’ expectations.
Tesla (TSLA): Tesla shares jumped 3.5% in premarket trading after announcing record vehicle deliveries for the quarter, beating Wall Street projections.
Stellantis (STLA): Stellantis shares rose 1.8% after the company reported better-than-expected sales figures, boosted by strong demand for electric vehicles.
Other noteworthy movers:
- Apple (AAPL): Apple shares rose 1.2% after analysts raised their price target, citing robust iPhone sales.
- Amazon (AMZN): Amazon shares rose 2.7% on news that it was expanding its grocery delivery services.
- Microsoft (MSFT): Microsoft’s stock price rose 1.5% following the announcement of a new cloud computing partnership.
Check out the companies making headlines in premarket trading. McDonald’s: Shares fell slightly in premarket trading after the fast food giant reported second-quarter results that missed analysts’ expectations. McDonald’s also said its same-store sales, a key metric for restaurants, fell broadly. Revvity: Shares rose 6% after the life sciences company reported second-quarter results that beat expectations. Adjusted earnings of $1.22 per share beat the FactSet consensus estimate of $1.12 per share. Revenue of $691.7 million topped the $690.3 million that analysts were expecting. Olin: The chemical maker added 1.4% on the heels of a JPMorgan upgrade from neutral to overweight. The company called Olin’s work to stabilize chlorine and caustic soda prices through low capacity utilization successful. Akamai Technologies — The cloud security company added 2% after Guggenheim upgraded the stock to a buy rating. The firm sees more than 30% upside for Akamai as it capitalizes on its leadership position in the content delivery network business. Bristol-Myers Squibb — The pharmaceutical stock fell 1.5% after a downgrade from equal weight to underweight at Barclays. The firm said Bristol-Myers Squibb may have rallied too much, too fast: The stock is up 25% in 11 days despite little movement in its underlying fundamentals, Barclays said. The call comes after Bristol-Myers Squibb posted better-than-expected earnings and raised its full-year guidance on Friday. Tesla — The electric vehicle maker advanced 1.5% after being crowned the top U.S. auto stock pick by Morgan Stanley analyst Adam Jonas. Tesla replaced Ford, whose shares were nearly flat in premarket trading Monday. Stellantis — The automaker fell 3.6% after Deutsche Bank downgraded it from buy to hold. Deutsche Bank said the Chrysler and Dodge maker’s leadership could be at risk as it faces multiple challenges in a challenging environment. Coinbase, Microstrategy — The cryptocurrency exchange and bitcoin developer both rose about 4%, tracking the digital currency’s rise. Bitcoin added more than 2% last time out. Disney — Shares rose nearly 1% after a solid box office performance for “Deadpool & Wolverine.” The Marvel film grossed more than $200 million during its opening weekend, making it the strongest debut ever for an R-rated film. — CNBC’s Samantha Subin, Sarah Min, Michelle Fox and Fred Imbert contributed reporting
