A look at companies in the spotlight before trading opens: Spotify Technology — Music streaming stocks jumped 13% after Spotify Technology reported better-than-expected second-quarter earnings. Gross profit also beat expectations, along with operating profit. General Motors — Auto stocks jumped 4.6% after General Motors handily beat expectations for the second quarter. GM also announced a restructuring of its struggling self-driving car and China businesses. Lockheed Martin — Defense stocks rose 0.5% after Lockheed Martin beat expectations on earnings and sales. The aerospace company reported second-quarter revenue of $18.12 billion, or $6.85 per share. Analysts surveyed by LSEG were expecting earnings of $6.46 per share on revenue of $17.04 billion. Coca-Cola Company — The beverage company’s shares rose 1.7% after a better-than-expected earnings report. Coca-Cola reported adjusted earnings per share of 84 cents on revenue of $12.36 billion. Analysts surveyed by LSEG had expected 81 cents per share on revenue of $11.76 billion. The company also raised its full-year guidance for organic revenue. NXP Semiconductors — Shares fell 7% after NXP Semiconductors reported second-quarter earnings that fell short of expectations. Adjusted earnings per share of $3.20 were below LSEG’s consensus estimate of earnings per share of $3.21. Revenue of $3.13 billion was in line with expectations. United Parcel Service — The parcel company fell almost 9% after reporting second-quarter sales and profits that both fell short of expectations. UPS reported earnings per share of $1.79 on revenue of $21.8 billion. Analysts surveyed by LSEG had expected earnings per share of $1.99 on revenue of $22.18 billion. Danaher — Life sciences shares rose 6% after Danaher reported second-quarter profit and sales that beat expectations. “We are particularly pleased with the continued strength in our bioprocessing business,” CEO Rainer Blair said in a statement. Crown Holdings — Packaging shares rose 6% after Crown Holdings reported second-quarter profit that beat analyst expectations, according to FactSet consensus estimates. Crown also issued full-year profit guidance that beat expectations. Zions Bancorporation — Shares rose 3% after Zions Bancorporation reported second-quarter profit that beat expectations. The regional bank reported earnings of $1.28 per share, beating the $1.10 per share forecast by analysts surveyed by LSEG. GE Aerospace — Aerospace stocks rose 4% after GE Aerospace reported better-than-expected second-quarter profit. The company had adjusted earnings of $1.20 a share on sales of $9.09 billion. Analysts surveyed by LSEG had expected earnings of 99 cents a share and revenue of $8.46 billion. Comcast — Shares fell 2% after Comcast reported mixed results. The company’s adjusted earnings of $1.21 a share for its latest quarter beat the expected earnings of $1.12 a share. But revenue of $29.69 billion fell short of LSEG’s forecast of $30.02 billion. — CNBC’s Hakyung Kim and Jesse Pound contributed reporting
Spotify, General Motors, Coca-Cola, etc.
Services
© 2024 Business Investopedia. All Rights Reserved.