Stocks making the biggest moves premarket: HSY, META, ARM, SHAK
Check out the companies making headlines in premarket trading. Hershey — Shares were down 7% in the premarket after the chocolate maker posted second-quarter results that missed analyst expectations. The company earned $1.27 per share on revenue of $2.07 billion. Analysts polled by LSEG expected a profit of $1.43 per share on revenue of $2.31 billion. “Today’s operating environment remains dynamic with consumers pulling back on discretionary spending,” CEO Michele Buck said in a statement. Amazon — Stock in the e-commerce giant were roughly 2% higher ahead of second-quarter results after the closing bell on Thursday. Analysts polled by FactSet forecast earnings per share of $1.03 on $148.6 billion in revenue. Etsy — The e-commerce stock dipped more than 1% after posting mixed quarterly results. Etsy topped revenue expectations, but adjusted earnings came in at 41 cents per share, missing the consensus estimate of 45 cents per share, per LSEG. Shake Shack — Shares were up nearly 9% in the premarket after the burger restaurant chain posted its second-quarter results. The company reported revenue of $316 million for the second quarter, beating an LSEG estimate of $314 million. Shake Shack also raised the lower end of its full-year revenue guidance. Meta — The tech giant saw shares surge nearly 8% in premarket trading after the company beat second-quarter estimates and issued a better-than-expected forecast for the current period. The Facebook parent company’s results point to continued share gains in the digital ad market, the company’s core business. Moderna — Shares tumbled nearly 11% after the drugmaker cut its full-year sales guidance before the bell. Moderna said it expects competition for respiratory vaccines in the U.S, lower sales in Europe and the potential for deferred international revenue. However, the company reported a revenue beat for the second quarter and narrower-than-expected loss per share. Arm Holdings — The chipmaker slid more than 9% after a disappointing earnings forecast for the fiscal second quarter. Arm expects adjusted earnings in the range of 23 cents to 27 cents per share, while analysts polled by LSEG were looking for 27 cents. Teladoc — Shares of the telehealth company pulled back more than 19% after second-quarter revenue of $642 million missed estimates. Analysts surveyed by LSEG expected $650 million. Teladoc also declined to provide its full-year outlook. Ferrari — Shares gained more than 4% after the luxury sports vehicle company beat second-quarter earnings and revenue estimates and raised its full-year outlook. Ferrari now expects full-year earnings around 7.90 euros per share, excluding items, compared to a previous forecast that called for €7.50 per share. MGM Resorts — The casino operator declined 3% despite posting second-quarter results that beat expectations. MGM reported earnings 86 cents per share on revenue of $4.33 billion, while analysts polled by LSEG expected 62 cents per share and $4.22 billion. C.H. Robinson — The logistics company climbed more than 10% on better-than-expected earnings for the second quarter. To be sure, revenue was slightly below expectations. — CNBC’s Hakyung Kim, Yun Li, Michelle Fox and Fred Imbert contributed reporting.
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