Empty bottles of Moderna Covid-19 vaccine.
Fred Tanneau | AFP | Getty Images
Discover the standout companies dominating the headlines in pre-market trading.
Qualcomm — The chipmaker experienced an 8.5% decline in stock value after reporting adjusted earnings per share of $1.87 on $8.44 billion in revenue for the second quarter. Analysts had predicted earnings per share of $1.81 and revenue of $8.5 billion. Qualcomm also provided a pessimistic outlook and acknowledged weak sales of smartphone chips. Following the report, Deutsche Bank downgraded shares to a hold rating from a buy rating, while JPMorgan and UBS maintained their respective overweight and neutral ratings.
Moderna — Shares of the biotech company increased by 1.6% after the release of its second-quarter results. Despite a quarterly loss and a decrease in revenue, Moderna raised its full-year outlook for its sole marketable product, the Covid vaccine.
Southwest Airlines — Shares of Southwest declined more than 3% after Jefferies downgraded the airline stock to underperform from hold. Jefferies noted that low-cost airlines seem to be struggling compared to premium peers, pointing to a reduced revenue margin for Southwest during the second quarter.
Albemarle — The energy company saw a 5.4% increase in its stock value following a mixed second-quarter report. Albemarle surpassed Wall Street expectations for earnings, reporting $7.33 per share (excluding items) compared to a consensus estimate of $4.44. However, revenue fell short at $2.37 billion, lower than the forecasted $2.43 billion.
PayPal — Shares decreased by more than 8% after the company reported earnings that matched analysts’ predictions. PayPal posted adjusted earnings of $1.16 per share, which was in line with estimates. However, the company exceeded revenue expectations, reporting $7.29 billion compared to analysts’ estimated $7.27 billion.
DoorDash — Shares jumped 3.5% after the release of DoorDash’s second-quarter results, which surpassed analyst estimates. The company achieved its best-ever quarter for revenue and total orders, attributed to improvements in expense management.
Roku — The streaming platform’s stock decreased by 2% following a downgrade from Citi, shifting from a buy rating to a neutral rating. Citi stated limited upside potential for shares as the reason for the change.
Clorox — Shares of the household goods manufacturer jumped nearly 7% after surpassing earnings and revenue expectations in the second quarter. Clorox reported earnings per share of $1.67 on $2.02 billion in revenue, exceeding analysts’ estimated $1.18 earnings per share on revenue of $1.88 billion. The company also provided a positive full-year outlook.
Etsy — Shares tumbled 9% after the release of the company’s quarterly earnings, which exceeded analyst expectations. Although earnings and revenue performed well, Etsy’s guidance for the third quarter was lower than expected.
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