See what companies are trending before the market opens. Disney — Shares fell about 1% after the media giant reported quarterly results that beat analysts’ expectations, thanks in part to strong performance from its streaming division. Disney earned $1.39 a share, excluding items, on revenue of $23.16 billion. Analysts had expected earnings of $1.19 a share and revenue of $23.07 billion, according to LSEG. Airbnb — Lower-than-expected revenue guidance for the third quarter sent Airbnb shares lower in premarket trading, dropping nearly 14%. The company sees revenue in the range of $3.67 billion to $3.73 billion. Analysts had expected a forecast of $3.84 billion. Reddit — Social news company Reddit rose 1% in premarket trading. Reddit reported second-quarter results that beat Wall Street expectations for revenue and profit, and also reported a higher-than-expected number of daily active users. The company also gave a better-than-expected third-quarter revenue outlook of $290 million to $310 million, while analysts surveyed by LSEG had expected $279 million. Lyft — Shares fell more than 13% after the ride-hailing company gave disappointing third-quarter earnings guidance. Lyft now expects revenue of $90 million to $95 million, while analysts had expected $103.4 million, according to StreetAccount. CVS Health — Shares of the drugstore chain fell slightly 0.3% after CVS Health beat expectations in the second quarter but lowered its full-year profit outlook due to rising healthcare costs. CVS now expects adjusted earnings of $6.40 to $6.65 per share in 2024, below previous guidance of at least $7 per share. Novo Nordisk — Shares of drugmaker Wegovy fell about 4% after second-quarter results fell short of expectations. Novo Nordisk also lowered its full-year operating profit outlook. Optimism around its popular weight-loss drug has sent the stock up more than 25% so far this year, but the latest report has raised concerns it may be under pressure from Eli Lilly’s Maunjaro and Zepbound. Rivian — Shares of the electric vehicle maker fell 9% after its second-quarter report showed a wider net loss. Rivian’s net loss was $1.46 billion, down from $1.2 billion last year. The company beat expectations on several metrics. LSEG said it had an adjusted loss of $1.13 per share on auto-related sales of $1.16 billion, beating analysts’ expectations of losses of $121 million and $1.14 billion. Amgen — The biotech stock fell 3% after it tightened its full-year profit outlook, citing higher operating expenses, and reported second-quarter profit that missed expectations. Amgen now sees adjusted earnings per share in the range of $19.10 to $20.10 this year, below its previous estimate of $19 to $20.20. Instacart — Shares of the grocery delivery company jumped more than 9% after second-quarter revenue and profit beat expectations. Instacart’s earnings per share of 20 cents on $823 million in revenue beat analysts’ expectations of 13 cents per share on $807 million in revenue, according to LSEG. Supermicro Computer — Supermicro’s adjusted earnings fell short of analysts’ expectations, sending its shares down more than 14%. The company reported fourth-quarter earnings excluding special items of $6.25 per share, while analysts surveyed by LSEG were expecting $8.07 per share. Supermicro also announced a 10-for-1 stock split. Advanced Micro Devices — The semiconductor stock rose nearly 2% after Piper Sandler reiterated AMD as a top pick and said the company’s stock should gain significant market share in the traditional server segment. Analyst Harsh Kumar set a price target that suggests potential upside of more than 30%. — CNBC’s Fred Imbert, Jesse Pound, Sarah Ming and Michelle Fox Theobald contributed to the report.
Biggest movers in premarket trading: DIS, ABNB, RVN, AMGN
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