Stocks making the biggest moves premarket: Meta, Ford, Honeywell, Caterpillar & more
Check out the companies making headlines before the bell.
Meta — The social media stock dropped 22.8% after Meta reported an earnings miss and a weaker-than-expected fourth-quarter forecast. Meta reported earnings of $1.64 per share on revenue of $27.71 billion. Analysts surveyed by Refinitiv were expecting $1.89 per share on revenue of $27.38 billion. Concern over rising spending to build out the metaverse also hurt the stock.
Ford — Shares dropped 1.7% after Ford reported a net loss of $827 million in its most recent quarter, citing supply chain issues and costs after dropping its autonomous vehicle unit Argo AI.
Honeywell — The stock advanced 4.6% after the industrial company beat earnings expectations for third quarter, citing strong growth in advanced materials, commercial aerospace and building products businesses.
Caterpillar — Shares popped 5.1% after Caterpillar reported earnings that beat on the top and bottom lines. The construction machinery and equipment maker posted earnings of $3.95 per share on revenue of $14.99 billion. Caterpillar was expected to earn $3.16 per share on revenue of $14.33 billion, according to consensus estimates from Refinitiv.
Northrop Grumman — Northrop Grumman declined 3.8% after missing revenue expectations for its third quarter. The defense company reported revenue of $8.97 billion, compared to forecasts of 9.13 billion, according to consensus estimates compiled by Refinitiv.
Comcast — The telecommunications stock jumped 6.4% after Comcast topped earnings and revenue expectations. Comcast reported earnings of 96 cents per share on revenue of $29.85 billion, compared to expectations of 90 cents per share on revenue of $29.65 billion, according to consensus estimates on Refinitiv.
McDonald’s — The fast-food giant rose 2.5% after beating expectations in its most recent quarter. McDonald’s said traffic is growing in its U.S. restaurants even after raising prices, in contrast to other quick-service chains that recently hiked menu prices.
Align Technology — Shares of the Invisalign maker plunged 19.7% after Align Technology posted a disappointing earnings report. The Invisalign maker reported earnings of $1.36 per share on revenue of $890 million. Analysts polled by Refinitiv were forecasting earnings of $2.18 per share on revenue of $953 million.
Sleep Number — The stock tumbled 26% after Sleep Number issued a weak fourth quarter outlook because of softer demand and semiconductor supply chain issues.
ServiceNow — ServiceNow spiked 13.8% after the software company after topping earnings expectations in its third quarter, though reporting a slight miss on sales estimates, according to consensus estimates on FactSet.
Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC.
