In premarket trading, several companies are making notable moves in the market. Meme stocks are grabbing attention once again, with Opendoor Technologies seeing an increase of 7%. Conversely, GoPro and Krispy Kreme each experienced declines of around 4%.
Dow Inc. faced a significant drop of over 10% following disappointing second-quarter earnings, reporting a loss of 42 cents per share against expectations of a 17-cent loss, alongside $10.1 billion in revenue—which slightly missed the anticipated $10.23 billion.
On a brighter note, Alphabet, the parent company of Google, saw its stock rise nearly 4% thanks to a stronger-than-expected earnings report, with earnings of $2.31 per share and revenues of $96.43 billion, exceeding analysts’ expectations.
ServiceNow also enjoyed a robust performance, with shares surging by almost 8% after it increased its full-year guidance for subscription revenue following a strong second-quarter performance. Meanwhile, Chipotle experienced a setback with a 12% fall in shares after reducing its same-store sales forecast and reporting weaker than expected revenue results.
Tesla’s stock fell 6% after missing both its earnings and revenue expectations in the second quarter, while UnitedHealth Group’s shares dropped about 4% amidst an ongoing investigation into its Medicare billing practices, although it expressed confidence in its operations.
Honeywell’s shares saw a slight decrease of 3%, despite beating second-quarter earnings expectations and offering positive guidance. American Airlines shares fell by 6% as its third-quarter profit forecast disappointed, despite quarterly results beating expectations.
American Eagle Outfitters soared 18%, sparked by a new ad campaign featuring actress Sydney Sweeney, which may signal a resurgence in meme stock activity for the retailer after a year where it has declined nearly 50%.
T-Mobile’s shares jumped 4% thanks to better-than-anticipated second-quarter earnings, while Las Vegas Sands reported a notable rally of 6% following earnings results that exceeded predictions.
Amidst a mixed bag of performances, IBM shares fell 6% despite reporting stronger-than-expected results and raising its forecast for full-year free cash flow, likely reflective of investors taking profits after a solid year.
Viking Therapeutics and Molina Healthcare faced challenges with their shares dropping by 6% and 7% respectively due to worse-than-expected earnings results.
Overall, the premarket trading showcases a mix of strong performances and significant challenges among various companies, highlighting the volatility and unpredictable nature of the stock market.