Stocks making the biggest moves premarket: Alphabet, Microsoft, PacWest, Snap and more
Check out the companies making headlines before the bell.
Alphabet — The Google parent popped more than 6% after topping Wall Street’s second-quarter earnings expectations, fueled by growth in its cloud-computing segment. The company also announced that its chief financial officer, Ruth Porat, would step into a new role as president and chief investment officer.
Microsoft — The software giant lost about 4% after reporting slowing revenue growth within its cloud business during its fiscal fourth quarter and called for lower-than-expected guidance. Microsoft, however, did beat Wall Street’s estimates, reporting earnings of $2.69 per share on $56.19 billion in revenue. Analysts polled by Refinitiv anticipated earnings per share of $2.55 on revenue of $55.47 billion.
PacWest — Shares of the regional bank stock jumped more than 28% on news that it will be acquired by Banc of California to create a new firm called Pacific Western. Banc of California shares added about 6%.
Snap — The Snapchat parent shed more than 18% after issuing weak guidance for the current quarter. Snap topped second-quarter expectations, reporting a narrower-than-expected loss of 2 cent a share on $1.07 billion in revenue. That beat expectations for a 4-cent loss and revenues of $1.05 billion, per Refinitiv.
Coca-Cola – The beverage giant saw shares climb more than 2% in premarket trading after the company reported quarterly earnings and revenue that topped estimates. Its organic revenue increased 11% in the quarter, fueled by higher prices. Coca-Cola also raised its full-year outlook following the strong report.
Boeing — The aircraft manufacturer rose more than 3% after it posted a revenue beat for the second quarter. Boeing’s losses per share also came in lower than expected. The company’s results were driven by an uptick in airplane deliveries.
Wells Fargo — The bank stock added 2.5% after announcing a $30 million share buyback program late Tuesday. Wells Fargo also said that its board approved a previously announced dividend hike to 35 cents from 30 cents per share.
Texas Instruments — Texas Instruments fell 4% even after reporting results that surpassed Wall Street’s expectations. The semiconductor stock shared lighter-than-expected guidance for the current period, citing sluggish demand.
AT&T — AT&T rose 2% after posting its latest quarterly results. The company topped earnings but fell short on revenue expectations, reporting adjusted earnings per share of 63 cents on $29.92 billion in revenue. Free cash flows topped expectation, which the company said it would use to pay down debt.
Teladoc Health — Shares jumped 6% after Teladoc Health beat on the top and bottom lines in its most recent quarter. The telehealth company reported a narrower-than-expected loss of 40 cents per share compared to a loss of 41 cents per share, according to the consensus estimate from StreetAccount. The firm also posted revenue of $652.4 million, better than the expected $649.2 million.
Dish Network — Shares of the telecom company jumped more than 9% in premarket trading after Bloomberg News reported that Dish would start selling its wireless service on Amazon this week.
Thermo Fisher Scientific — Shares sank 6.6% in the premarket. Thermo Fisher Scientific reported earnings and revenue that fell short of expectations, citing a difficult macro environment.
Union Pacific — The railroad operator’s stock popper more than 8% even after revenue fell short of expectations. The company named a new CEO and changes to its board.
— CNBC’s Sarah Min, Yun Li, Hakyung Kim and Jesse Pound contributed reporting
