Check out the companies making headlines before the bell. General Motors, the automaker, saw its shares rise by more than 1% in premarket trading after posting third-quarter earnings and revenue that exceeded analyst expectations. However, GM did withdraw its full-year outlook due to rising costs from the United Auto Workers union strikes.
Despite Spotify’s third-quarter earnings surpassing expectations, its shares dropped by 2.5% in early morning trading. The streaming giant reported that its revenue was on par with estimates and expects to reach over 600 million total monthly active users in the fourth quarter. Bank of America deemed the stock’s fall as “surprising.”
Coca-Cola reported adjusted third-quarter earnings of 74 cents per share on revenue of $11.91 billion, surpassing analysts’ predicted profit of 69 cents per share on revenue of $11.44 billion. The company also raised its outlook, as volume grows despite higher prices. As a result, the shares increased by more than 2.3%.
DraftKings experienced a 3.5% jump in shares after MoffettNathanson upgraded the stock to buy from neutral. The firm noted that DraftKings’ expenses were better than expected and that its revenue continues to outperform.
General Electric saw its shares rise by 5.4% in early morning trading after its third-quarter earnings and revenue exceeded Wall Street’s expectations. The company also increased its full-year guidance in response to increased demand in its aerospace business.
3M experienced a nearly 4% gain in its stock after raising its earnings forecast following a stronger-than-expected quarter. The company highlighted strong margins and cash flow, as well as the success of its restructuring and spending control efforts.
Monster Beverage slid about 1% in premarket trading after Piper Sandler downgraded the beverage stock to neutral from overweight. The firm expressed concerns about the stock’s outlook.
Shares of Barclays, the British bank, fell more than 5% after reporting a 16% decline in third-quarter profit due to lower investment banking revenue. Investors also considered potential cost actions and margin pressure, causing the stock to slide by about 6.3%.
Tech giant Alphabet saw its shares rise by 1.1% ahead of its earnings announcement after the bell.
The aerospace and defense company, RTX, soared by 8.1% after reporting higher-than-expected earnings and revenue. The company posted earnings per share of $1.25 on quarterly revenue of $18.95 billion, surpassing analyst forecasts.
Amazon’s stock rose by 1.3% after Morgan Stanley listed it as a top stock pick heading into earnings season. The firm highlighted strong expected revisions to forward EBIT estimates, stable AWS growth, and an attractive valuation for the stock as near-term catalysts.
CNBC’s Hakyung Kim and Sarah Min contributed to this report.
I have over 10 years of experience in the cryptocurrency industry and I have been on the list of the top authors on LinkedIn for the past 5 years. I have a wealth of knowledge to share with my readers, and my goal is to help them navigate the ever-changing world of cryptocurrencies.
