Check out the companies that make headlines before the alarm goes off:
Baker Hughes (BKR) – The oilfield services company reported second-quarter adjusted profit of 11 cents a share, half of what analysts had forecast. Revenue also fell below estimates, with Baker Hughes saying various challenges include component shortages and supply chain inflation. Baker Hughes fell 6% in pre-market trading.
Biogen (BIIB) – Biogen jumped 2.4% in pre-market trading after reporting adjusted profit of $5.25 per share for the second quarter. This was much higher than the consensus estimate of $4.06, and revenue also topped forecasts. The pulse comes even as Biogen says it is facing increased competition for similar and biosimilar drugs to its drugs Tecfidera and Rituxan.
Netflix (NFLX) – Netflix rallied 6.1% in pre-market trading after reporting a substantially lower-than-expected loss in subscriber numbers. The streaming service also said it will add 1 million new subscribers this quarter. Netflix reported better-than-expected quarterly earnings, although revenue fell slightly short of Wall Street estimates.
Casino shares – Casino operators’ shares rose in pre-buying action following a Reuters report that Macau will reopen casinos on Saturday amid a drop in Covid infections. Las Vegas Sands (LVS) increased by 1.5% while Beach Hotels in Wynn (WYNN) rose 1.9%.
Merck (MRK) – Merck fell 1.5% in premarket trading after cancer drug Keytruda failed to hit its target in a late-stage study focusing on head and neck cancer patients.
Cal-Maine Food (CALM) – Cal-Maine rallied 1% in money markets after beating Street forecasts for top and bottom returns in its latest quarter. The nation’s largest egg producer has been supported by higher egg prices, but has also seen an increase in feed costs that it expects to continue in fiscal year 2023.
Related status (ELV) – The insurance and healthcare company, formerly known as Anthem, beat top estimates and final profit for the second quarter and raised its full-year outlook. Elevance’s profits have grown thanks to strong performance in its pharmaceutical benefits management unit.
ASML (ASML) – ASML slid in currency markets after the Netherlands-based semiconductor manufacturing equipment maker cut its full-year sales outlook. ASML reported better-than-expected quarterly earnings but said its customers are cautious in anticipation of slowing chip demand.
Omnicom Group (OMC) – Omnicom beat top and bottom estimates for the most recent quarter, with the ad agency operator also raising its forecast for organic revenue growth for the year. Omnicom also said it was maintaining a “healthy level of caution” in response to challenging macroeconomic conditions. Shares rose 7.3% in money markets.
Comerica (CMA) – The bank’s shares jumped 1% in money markets after reporting better-than-expected profit and revenue in the second quarter. The results were supported by strong loan growth as well as a rising interest rate environment.
