Check out the companies making headlines before the bell:
Boeing (BA) – Boeing posted a wider-than-expected quarterly loss with revenue lower than consensus estimates. However, Boeing reported positive operating cash flow and, unlike in previous quarters, saw no production charges for its 737 MAX aircraft. Boeing shares jumped 4.4% in pre-market activity.
Hilton Worldwide (HLT) – Hilton surged 4.8% in the primary market after the hotel operator’s second-quarter results beat the highest estimates. Hilton also raised its full-year forecast, as travel demand continues to recover.
Spotify (SPOT) – Spotify reported a wider-than-expected quarterly loss, but its revenue beat analysts’ expectations as it saw a 14% increase in paying subscribers for the premium streaming service. Spotify jumped 6% in pre-market trading.
Garmin (GRMN) — The GPS device maker’s stock fell 9.3% in the primary market after its quarterly profit beat estimates, although revenue was below analyst expectations. Garmin said its results were negatively affected by poor performance in its fitness segment.
Tempur Sealy (TPX) – The mattress seller’s inventory fell 6.9% in the primary market after its quarterly earnings and revenue missed analysts’ expectations. The company said that macroeconomic factors contributed to the deteriorating operating environment in North America. Tempur Sealy also lowered its full-year forecast.
Shopify (SHOP) – The e-commerce platform provider slipped 6.8% in pre-market activity after posting a larger-than-expected loss and said losses will increase in the current quarter. Shopify said that inflation and higher interest rates will hurt consumer spending.
Microsoft (MSFT) – Microsoft gained 3.5% in the primary market despite losing both top and bottom earnings for the last quarter. The company experienced its slowest profit growth in two years amid a slowdown in its cloud business. However, Microsoft released an optimistic outlook, saying that sales and currency-adjusted operating income will double this quarter.
Alphabet (GOOGL) – Alphabet was also higher, rising 3.7% in pre-market activity, although its quarterly sales and earnings didn’t beat Wall Street expectations. Google’s results were partly affected by the decline in spending by advertisers, but it appears that some investors were preparing for worse results.
Chipotle Mexican Grill (CMG) — Chipotle rose 9% in pre-market trading, as the restaurant chain posted better-than-expected earnings for the fourth quarter. Chipotle was able to offset the cost increase with several rounds of price hikes.
PayPal (PYPL) – PayPal added 6.8% in the primary market after the Wall Street Journal reported that activist investor Elliott Management had acquired a stake in the company. The stake size and Elliott’s intentions cannot be known.
Teva Pharmaceutical (TEVA) — Shares of Teva rose 22.9% in premarket trading after it reached a nationwide settlement of up to $4.25 billion over its alleged role in the opioid crisis.
Enphase Energy (ENPH) – Enphase reported better-than-expected sales and earnings for the last quarter, sending the market price up 9% on its shares. The solar equipment company’s results benefited from a jump in its European business.
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