Check out the companies making headlines before the bell:
Boeing (BA) – Boeing posted a larger than expected quarterly loss with incomes below consensus estimates. However, Boeing reported positive operating cash flow and, unlike previous quarters, did not record any expenses related to the production of its 737 MAX aircraft. Boeing jumped 4.4% in premarket action.
Hilton around the world (HLT) – Hilton rebounded 4.8% in premarketing after the hotel operator’s second-quarter results beat estimates for revenue and net income. Hilton also raised its full-year forecast as travel demand continues to rebound.
Spotify (SPOT) – Spotify posted a bigger-than-expected quarterly loss, but its revenue beat analysts’ forecasts as it saw a 14% jump in paid subscribers for its premium streaming service. Spotify jumped 6% in premarket trading.
Garmin (GRMN) – The GPS device maker’s stock fell 9.3% premarket after its quarterly earnings beat estimates, although revenue fell short of analysts’ forecasts. Garmin said its results were negatively impacted by underperformance in its fitness segment.
Sealy Combat (TPX) – Shares of the mattress retailer fell 6.9% premarket after its quarterly earnings and revenue missed analysts’ forecasts. The company said macroeconomic factors contributed to the deteriorating operating environment in North America. Tempur Sealy also lowered its forecast for the full year.
Shopify (SHOP) – The e-commerce platform provider fell 6.8% in premarket action after posting a bigger-than-expected loss and said losses would increase in the current quarter. Shopify said inflation and rising interest rates will hurt consumer spending.
Microsoft (MSFT) – Microsoft gained 3.5% in pre-market despite missing on both the top and bottom lines for his last quarter. The company saw its weakest profit growth in two years amid a slowdown in its cloud business. Microsoft, however, issued an optimistic outlook, saying currency-adjusted sales and operating income will grow by a double-digit percentage this quarter.
Alphabet (GOOGL) – Alphabet also rebounded, up 3.7% in premarket action, even though its quarterly sales and earnings missed Wall Street forecasts. Results at Google’s parent company were partly hurt by a decline in advertiser spending, but some investors had apparently braced for even worse results.
Chipotle Mexican Grill (CMG) – Chipotle jumped 9% in premarket trading as restaurant chain reports on trading better than expected revenue for his last trimester. Chipotle was able to offset an increase in costs with several rounds of price increases.
PayPal (PYPL) – PayPal added 6.8% in the pre-market after the Wall Street Journal reported that activist investor Elliott Management took a stake in the company. The size of the stake and Elliott’s intentions could not be known.
Teva pharmaceutical (TEVA) – Shares of Teva jumped 22.9% in premarket trading after reaching a national settlement worth up to $4.25 billion for its alleged role in the opioid crisis.
Enphase Energy (ENPH) – Enphase Reported sales and profits above expectations for its latest quarter, triggering a 9% pre-market rally in its shares. The results of the solar equipment manufacturer benefited from a jump in its European activity.