Several companies were making headlines in premarket trading. Hershey saw its shares decrease by 7% after posting second-quarter results that missed analyst expectations. The company earned $1.27 per share on revenue of $2.07 billion, falling short of the predicted $1.43 per share on $2.31 billion in revenue. CEO Michele Buck attributed the disappointing results to consumers pulling back on discretionary spending. Amazon’s stock was up 2% ahead of second-quarter results release, with analysts expecting earnings per share of $1.03 on $148.6 billion in revenue. Etsy’s stock dipped over 1% after posting mixed quarterly results, beating revenue expectations but missing adjusted earnings estimates.
Shake Shack’s shares were up nearly 9% in premarket trading after the burger restaurant chain reported second-quarter revenue of $316 million, surpassing estimates of $314 million. The company also raised the lower end of its full-year revenue guidance. Meta, the tech giant, saw shares surge nearly 8% after beating second-quarter estimates and issuing a better-than-expected forecast for the current period. Moderna, however, experienced a tumble of nearly 11% after cutting its full-year sales guidance, citing competition for respiratory vaccines in the U.S. and potential deferred international revenue. Despite this, the company reported a revenue beat for the second quarter and a narrower-than-expected loss per share.
Arm Holdings slid more than 9% after issuing a disappointing earnings forecast for the fiscal second quarter. Teladoc’s shares pulled back over 19% after its second-quarter revenue of $642 million missed estimates of $650 million. The company also declined to provide a full-year outlook. On the flip side, Ferrari’s shares gained more than 4% after beating second-quarter earnings and revenue estimates and raising its full-year outlook. MGM Resorts saw its shares decline 3% despite reporting second-quarter results that beat expectations, with earnings of 86 cents per share on revenue of $4.33 billion. C.H. Robinson, a logistics company, saw its stock climb over 10% on better-than-expected earnings for the second quarter, despite slightly missing revenue expectations.
Overall, companies such as Hershey, Etsy, Moderna, Arm Holdings, Teladoc, and MGM Resorts saw potential negative impacts on their stock prices due to various factors such as missing revenue or earnings expectations, cutting full-year guidance, or issuing disappointing forecasts. On the other hand, companies like Amazon, Shake Shack, Meta, Ferrari, and C.H. Robinson experienced positive movements in their stock prices driven by beating analyst estimates, raising full-year guidance, or reporting strong quarterly results. The dynamic nature of the operating environment, consumer behavior trends, competition in various markets, and global economic factors continue to influence stock movements and investor sentiment in premarket trading and beyond.
