3M Company World Headquarters in Maplewood, Minnesota.
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Check out the companies making headlines in premarket trading.
General Motors — Shares of General Motors rose more than 1 percent after General Motors raised its full-year guidance and reported year-over-year second-quarter results.
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3M – Shares of the chemical maker rose about 2% in premarket trading after the company released its latest earnings report. 3M reported revenue of $7.99 billion, beating analysts’ expectations of $7.87 billion, according to Refinitiv data. The company also raised its full-year profit guidance and reiterated its revenue guidance.
copy — The workplace technology provider rose 3.6 percent after second-quarter earnings topped estimates, with earnings of 44 cents a share excluding items, compared with the 32 cents forecast by analysts polled by FactSet. Quarterly revenue of $1.75 billion was in line with expectations. Xerox also said it expects full-year free cash flow and adjusted operating margin to be better than previously expected.
General Electric — Shares of the industrial giant rose more than 4% in premarket trading after reporting stronger-than-expected second-quarter earnings. GE also raised its full-year profit forecast on the back of strong aerospace demand and record orders for its renewable energy business.
Danaher — The group’s shares fell 4.6 percent. Danaher said non-GAAP core revenue from the underlying business will be down in the quarter from a year earlier and will be up less than previously expected for the full year. However, the company posted a strong quarterly report, posting second-quarter EPS of $2.05 excluding items on revenue of $7.16 billion, while analysts polled by FactSet expected EPS of $2.01 on revenue of $7.12 billion.
Spotify — The music streaming platform fell 6.1 percent after a weak quarterly report and guidance. Spotify reported revenue of 3.18 billion euros, missing a Refinitiv forecast of 3.21 billion euros. Full-year revenue guidance also came in below analyst expectations. The report comes after Spotify announced it would increase the price of its premium subscription plan.
Lilium — Shares of the electric helicopter rose 5.6% after management issued a letter to shareholders. In the letter, management said adjusted cash spending in the first half of 2023 was within budget and that the company successfully passed the audit by the European Union Aviation Safety Agency.
alaska airlines — Shares of Alaska Air fell more than 4% even after the airline beat second-quarter revenue and profit expectations. Alaska reported adjusted earnings of $3 per share on revenue of $2.84 billion. Analysts polled by Refinitiv expected earnings of $2.70 a share on revenue of $2.77 billion. The airline guided for full-year earnings of $5.50 to $7.50 a share, roughly in line with analysts’ average estimate of $6.65, according to FactSet.
RTX — Shares of the former Raytheon fell 3% despite a strong quarterly report. RTX earned $1.29 per share, excluding items, on revenue of $18.32 billion. Analysts polled by Refinitiv expected earnings of $1.18 a share on revenue of $17.68 billion. The company also raised its full-year forecast for the two lines.
verizon — Shares rose 2.6 percent after the telecom giant reiterated its full-year guidance. Despite mixed second-quarter results, Verizon earned $1.21 a share, excluding items, on revenue of $32.6 billion. Analysts polled by Refinitiv expected earnings of $1.17 a share on revenue of $33.24 billion.
walmart — Walmart rose more than 1% after Piper Sandler upgraded Walmart to “overweight” from “neutral” on Monday and raised its price target. Analyst Edward Uruma said Walmart could gain a bigger market share in the grocery business as inflation eases.
— CNBC’s Samantha Subin, Yun Li, Jesse Pound, Sarah Min and Tanaya Macheel contributed reporting