PFE, CVS, AMZN, SBUX and more
Check out the companies making headlines in premarket trading. Pfizer — Shares climbed more than 2% after New York City-based Pfizer beat Wall Street’s first-quarter revenue forecast and raised its full-year profit guidance. The drugmaker now expects adjusted earnings of $2.15 to $2.35 per share for the full-year, up from a previous forecast of $2.05 to $2.25. CVS Health — Shares tumbled 12.4% after the drugstore chain and pharmacy benefit manager’s first-quarter adjusted earnings and revenue fell short of estimates and it cut its full-year profit outlook, citing higher medical costs. CVS expects adjusted earnings of at least $7 per share for 2024, down from previous guidance of $8.30 per share. Analysts were expecting $8.28 per share, according to LSEG. Marriott International — The hotel chain slipped 1.8% on the heels of weak earnings and current-quarter guidance. Marriott earned $2.13 per share, excluding items, in the first quarter, missing the consensus forecast of $2.17 from analysts polled by LSEG. Marriott expects current-quarter earnings of between $2.43 and $2.48 per nshare, less than Wall Street’s estimate of $2.52. Marriott issued first-quarter revenue that was better than anticipated. Estée Lauder — The beauty and skincare stock pulled back more than 5% before the opening bell after earnings guidance for the fiscal fourth quarter ending June 30 missed Wall Street’s forecast. Estee Lauder now expects earnings per share of 19 cents to 29 cents excluding items, below analysts’s estimate of 75 cents, according to FactSet. Amazon — The e-commerce platform added about 2% on the heels of strong first-quarter profit . Amazon’s forecast for current quarter revenue growth of 7% to 11%, or $144 billion to $149 billion, was below the Street’s 12% growth estimate to $150.1 billion, according to LSEG. Starbucks – Shares tumbled 13% following weaker-than-expected fiscal second quarter adjusted earnings and revenue – 68 cents per share on revenue of $8.56 billion, compared to estimates of 79 cents per share on revenue of $9.13 billion, according to LSEG – fueled by a decline in same-store sales. The coffee chain also slashed its forecast for full year, fiscal 2024 earnings and revenue. Pinterest — Shares soared 16% after the social media platform surpassed Wall Street estimates on the top and bottom line in the first quarter. A second-quarter revenue forecast also surpassed expectations, with Pinterest forecasting sales of $830 million to $850 million vs an LSEG consensus estimate of $827 million. AMD — Shares declined 7% after the chipmaker issued an in line forecast for sales in the second quarter. AMD expects sales of $5.7 billion in the current quarter, equal to 6% annual growth. Super Micro Computer — The maker of high efficiency servers tumbled more than 13%, extending Tuesday’s 3.5% loss. Fiscal third-quarter revenue of $3.85 billion missed the Street’s consensus estimate of $3.95 billion, according to LSEG. Yum Brands – Shares of the KFC and Taco Bell operator fell more than 4% after first quarter earnings of $1.15 per share missed analysts’ estimate of $1.20 per share, according to LSEG. Revenue of $1.6 billion trailed expectations of $1.71 billion as Yum blamed results at Pizza Hut and KFC, where same-store sales declined in the quarter. Kraft Heinz — Shares dropped 3.5% after the ketchup and prepared food maker posted first-quarter revenue of $6.41 billion, missing the LSEG consensus estimate of $6.43 billion. Adjusted earnings per share of 69 cents matched expectations. Powell Industries — The Houston-based electrical infrastructure stock soared more than 24% after fiscal second-quarter results beat analyst expectations. Powell earned $2.75 per share on revenue of $255 million, topping analysts’ consensus of $1.78 and $201.4 million, according to FactSet. — CNBC’s Tanaya Macheel, Alex Harring, Sarah Min and Michelle Fox contributed reporting
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