The Match.com website is displayed on an Apple iPhone.
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Here are the noteworthy companies grabbing attention before the market opens on Wednesday.
CVS Health – Shares of the prominent retail pharmacy surged 1.8% in premarket trading following the release of robust second-quarter earnings and revenue. CVS reported earnings of $2.21 per share on revenue totaling $88.9 billion. According to Refinitiv, Wall Street analysts had predicted earnings per share of $2.11 on revenue of $86.5 billion.
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Kraft Heinz – The food and beverage company’s stock declined 1% before the opening bell after reporting mixed quarterly results that fell short of Wall Street’s revenue expectations. Kraft Heinz disclosed adjusted earnings of 79 cents per share, excluding items, on revenue amounting to $6.72 billion.
Norwegian Cruise Line – The company’s stock slumped 3.2% in premarket trading after reporting its earnings for the previous quarter, which reflected weaker-than-expected guidance for the third quarter. However, the cruise ship operator exceeded Wall Street’s estimates. Susquehanna downgraded its rating on Norwegian shares to neutral from positive and maintained a price target of $17, implying a potential 12.4% decrease from Tuesday’s closing price.
SolarEdge Technologies – The solar energy company experienced a 13.4% drop in its stock price after failing to meet revenue expectations for the second quarter. It reported revenue of $991 million, falling short of analysts’ anticipated $992 million as polled by Refinitiv. However, the company surpassed earnings estimates, with adjusted earnings per share of $2.62, exceeding the estimated $2.52 per share.
Robinhood – Shares of the popular retail brokerage declined 2% ahead of the release of quarterly results after market close. According to FactSet, analysts predict a slight quarterly loss of 1 cent.
Freshworks – Shares of the software-as-a-service company surged more than 16% after Freshworks reported second-quarter revenue of $145.1 million, surpassing analysts’ expectations of $141.4 million according to FactSet. The company also exceeded Wall Street’s estimate for earnings per share, reporting 7 cents compared to the estimated 2 cents. Canaccord Genuity analyst David Hynes upgraded the stock from hold to buy, raising the price target to $25 from $15. Hynes cited Freshworks’ second-quarter operating margins and improved marketing and sales efficiency as reasons for the upgrade.
AMD – The chip manufacturer’s stock rose more than 2% in premarket trading after reporting better-than-expected earnings and revenue for the second quarter. However, its sales forecast for the third quarter was weaker than anticipated.
Match Group – The parent company of Tinder and Match saw its stock surge 10% following a strong earnings report for the second quarter. Match exceeded Wall Street’s expectations for both revenue and earnings per share, and the company anticipates its current-quarter revenue to surpass analysts’ consensus estimate, as reported by Refinitiv. BTIG upgraded the stock from neutral to buy following the report.
Humana – The health insurer saw a 5.6% increase in its stock price after reporting adjusted earnings per share of $8.94 for the second quarter, surpassing analysts’ estimate of $8.76 according to StreetAccount. Humana also provided a growth forecast for its Medicare Advantage business, projecting an increase of approximately 825,000 members this year.
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