Check out the businesses making headlines earlier than the bell:
Baker Hughes (BKR) – The oilfield companies firm reported second-quarter adjusted earnings of 11 cents per share, simply half of what analysts had forecast. Revenue additionally fell under estimates, with Baker Hughes citing numerous challenges together with element shortages and provide chain inflation. Baker Hughes tumbled 6% in premarket buying and selling.
Biogen (BIIB) – Biogen gained 2.4% in premarket motion after reporting an adjusted revenue of $5.25 per share for the second quarter. That was properly above the consensus estimate of $4.06, and income additionally topped forecasts. The beat got here at the same time as Biogen stated it faces rising generic and biosimilar competitors for its Tecfidera and Rituxan medicine.
Netflix (NFLX) – Netflix jumped 6.1% in premarket buying and selling after reporting subscriber losses that had been considerably under expectations. The streaming service additionally stated it could add a web 1 million new subscribers this quarter. Netflix reported better-than-expected quarterly earnings, although income did fall barely shy of Wall Street estimates.
Casino Stocks – Shares of on line casino operators rose in premarket motion following a Reuters report that Macau would reopen casinos on Saturday amid a drop in Covid infections. Las Vegas Sands (LVS) gained 1.5% whereas Wynn Resorts (WYNN) rose 1.9%.
Merck (MRK) – Merck fell 1.5% in premarket buying and selling after its Keytruda most cancers drug failed to fulfill its purpose in a late-stage research targeted on head and neck most cancers sufferers.
Cal-Maine Foods (CALM) – Cal-Maine rose 1% within the premarket after beating Street forecasts on the highest and backside strains for its newest quarter. The nation’s largest egg producer was helped by larger egg costs, but in addition noticed will increase in feed prices that it expects to proceed in fiscal 2023.
Elevance Health (ELV) – The well being care and insurance coverage firm, previously referred to as Anthem, beat prime and backside line second-quarter estimates and raised its full-year outlook. Elevance’s income bought a lift from a powerful efficiency in its pharmacy advantages administration unit.
ASML (ASML) – ASML slid within the premarket after the Netherlands-based semiconductor manufacturing tools maker lower its full-year gross sales outlook. ASML reported better-than-expected quarterly earnings however stated its clients are turning considerably cautious in anticipation of slowing chip demand.
Omnicom Group (OMC) – Omnicom beat prime and backside line estimates for its newest quarter, with the advert company operator additionally elevating its natural income progress forecast for the 12 months. Omnicom additionally stated it’s sustaining a “healthy level of caution” to take care of difficult macroeconomic circumstances. The inventory surged 7.3% within the premarket.
Comerica (CMA) – The financial institution’s inventory gained 1% within the premarket after it reported better-than-expected revenue and income for the second quarter. Results had been helped by sturdy mortgage progress in addition to a rising rate of interest setting.