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Check out the companies making headlines before the bell. Spotify — The streaming stock popped 7.4% after Spotify reported an increase in Premium subscribers — which reached 236 million in the fourth quarter — that beat analysts’ expectations as estimated by the FactSet consensus. Palantir — Shares of the data analytics provider surged more than 20% after the company on Monday reported $608.4 million in revenue for the quarter, versus the $602.4 million expected by analysts surveyed by LSEG. Earnings and guidance for 2024 was about in line with expectations. Eli Lilly — The drug maker saw its shares rise 4% after it blew past analysts’ estimates for the fourth quarter thanks to the strong launch of its weight loss drug Zepboud and higher prices for its diabetes drug Mounjaro. The compan y posted adjusted earnings of $2.49 per share on revenue of $9.35 billion. Analysts anticipated $2.22 per share on revenue of $8.93 billion, according to LSEG. Tesla — The beaten-down electric vehicle stock lost 2.3% after Daiwa downgraded Tesla to neutral from outperform, citing concerns around the company’s corporate governance and uncertainty around possible board or leadership changes. UBS — Shares dropped about 4.1% after the bank reported a second consecutive quarterly loss, as its revenue of $10.86 billion fell slightly short of analysts’ expectations per FactSet. The Swiss bank increased its dividend and said it plans to reinstate share repurchases in the second half of this year, however. Despite weaker-than-expected earnings, JPMorgan reiterated an overweight rating on UBS and said it is on track to become a wealth management “powerhouse.” BP — The stock price rose above 5% after the oil giant ramped up the pace of its buybacks and increased its dividend. BP posted a decline in annual profit, however. NXP Semiconductors — Shares of the chipmaker gained 3% after NXP reported stronger-than-expected fourth-quarter results, with adjusted earnings coming out at $3.71 per share, or 8 cents above estimates from analysts polled by LSEG. The company’s revenue of $3.42 billion also beat analysts’ forecasts of $3.40 billion. Li Auto — Shares of the Chinese EV maker jumped 8.6% after Deutsche Bank upgraded U.S.-listed shares of the stock to buy from hold, highlighting Li’s “best-in-class” management team and history of exceeding ambitious targets for volume and cost. Chegg — The stock tumbled 7.5% after the educational tech company reported disappointing guidance for the first quarter. Chegg expects revenue between $173 million to $175 million, lighter than the $180.1 million consensus estimate, per StreetAccount. Guidance for earning before interest, taxes, depreciation, and amortization also came in lighter than expected for the first quarter. Rambus — The chipmaker continued its declines on Tuesday, shedding 9.9% after it posted a year-over-year decline in revenue during the fourth quarter. Coherent — Shares jumped 13% after the materials company posted stronger-than-expected quarterly results . In its second quarter, Coherent posted earnings of 36 cents per share, greater than the earnings of 26 cents per share anticipated by analysts polled by StreetAccount. Revenue of $1.13 billion topped the consensus estimate of $1.12 billion. UPS — Shares of the delivery company rose more than 1% after UBS upgraded the stock to buy from neutral. The investment firm said in a note that UPS should be able to cut costs and grow margins even if revenue growth is weak. — CNBC’s Tanaya Macheel, Jesse Pound, Sarah Min and Michelle Fox Theobald contributed reporting.
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