Stocks making the biggest moves premarket: Eli Lilly, Caterpillar, VinFast, Alphabet and more
Check out the companies making headlines in premarket trading: Eli Lilly — The drugmaker tumbled 7.5% after missing analysts’ expectations for the third quarter and cutting full-year guidance. Eli Lilly earned $1.18 per share, excluding items, on $11.44 billion in revenue. Analysts polled by LSEG had anticipated earnings of $1.47 a share and $12.11 billion in revenue. Super Micro Computer — Shares dropped more than 30% after disclosing that an auditor resigned. The auditor from Ernst & Young had disagreed with the firm for months over its governance and board independence. Caterpillar — Shares fell more than 5% in the premarket after the industrial giant reported weaker-than-expected earnings for the third quarter. The company posted a profit of $5.17 per share, while analysts polled by LSEG had forecast earnings of $5.34 per share. Revenue also fell 4% year over year to $16.11 billion. XPO — The logistics company popped 3.9% after topping Wall Street’s forecast for the third quarter. XPO earned $1.02 per share, excluding items. Analysts surveyed by FactSet had estimated just 90 cents in earnings per share. Revenue came in at $2.05 billion for the three-month period, slightly ahead of the $2.02 billion consensus. VinFast Auto — The electric vehicle maker climbed 5.1% after announcing strategic partnerships with four Middle Eastern groups. Bloomberg reported that Emirates Driving, one of the four organizations, would lead a funding push into VinFast, with total investments expected to top $1 billion. Chipotle — Shares were down about 6% after the fast -casual chain reported weaker-than-expected revenue for the third quarter. Same-store sales, a key metric for restaurants, also missed with a 6% increase. Analysts polled by StreetAccount expected growth of 6.3%. Alphabet — Shares of the search giant popped nearly 7% on strong third-quarter earnings that surpassed Wall Street’s estimates on the top and bottom lines. The Google parent also posted strong cloud revenue growth, up about 35% from the year-ago period. Snap — The social media platform rallied 10.5% after beating earnings expectations and announcing a $500 million stock repurchase program. Snap reported 8 cents in adjusted earnings per share for the third quarter and $1.37 billion in revenue, while analysts surveyed by LSEG penciled in 5 cents and $1.36 billion, respectively. Qorvo — The semiconductor solutions stock tumbled 19.5% on weak earnings guidance for the current quarter that overshadowed a better-than-expected report for the second fiscal quarter. Raymond James downgraded its rating to market perform from outperform and removed its price target following the report. Visa — Shares rose around 2% after the global payments company’s quarterly results for the fiscal fourth quarter topped Wall Street’s estimates. Visa reported adjusted earnings of $2.71 per share on $9.62 billion in revenue. That is above the $2.58 per share on $9.49 billion in revenue that analysts surveyed by LSEG were looking for. Additionally, the company raised its quarterly dividend by 13% to 59 cents . Advanced Micro Devices — The semiconductor company’s stock shed 8%. AMD said after the bell Tuesday it expects fourth-quarter revenue of $7.5 billion, in line with the LSEG consensus estimate and a 22% year-over-year decline. Third-quarter adjusted earnings per share met expectations, while revenue topped estimates. Reddit — The social media stock soared 22% after a better-than-expected report for the third quarter that showed a surprise swing to a profit. Reddit reported 16 cents in earnings per share on $348.4 million of revenue. Analysts surveyed by LSEG were expecting a loss of 7 cents per share and $312.8 million of revenue. Reddit also said revenue would likely be between $385 million and $400 million in the fourth quarter, above the estimates of $357.9 million. First Solar — Shares dropped 7% after the solar energy equipment supplier posted weaker-than-expected third-quarter earnings and revenue, while also lowering its full-year guidance. First Solar reported earnings per share of $2.91 on revenue of $887.7 million. Analysts polled by FactSet anticipated earnings of $3.16 per share on revenue of $1.08 billion. — CNBC’s Jesse Pound, Sarah Min, Sean Conlon, Michelle Fox, Samantha Subin and Fred Imbert contributed reporting.
