Premarket Buzz: Carvana, Joby, Goldman Sachs Experience Significant Stock Movement

Explore the distinctive companies generating buzz before the market opens.

Carvana — Carvana’s stock surged by 16% after the online automotive retailer successfully negotiated with noteholders to reduce its outstanding debt by over $1.2 billion.

Interactive Brokers — Shares of Interactive Brokers fell by 5% after the company’s earnings fell short of expectations. The firm reported adjusted earnings of $1.32 per share for the second quarter, which was lower than the analysts’ projected $1.40 per share, based on Refinitiv data.

Omnicom— Omnicom experienced a 6% decline in its stock price as the global marketing company’s revenue fell short of estimates. Omnicom’s second-quarter revenue was $3.61 billion, below the forecasted $3.67 billion according to consensus estimates from FactSet. However, Omnicom slightly exceeded earnings expectations with adjusted earnings of $1.81 per share, surpassing the consensus estimate of $1.80 per share.

Goldman Sachs — The stock of Goldman Sachs declined by 0.3% after the bank missed expectations for its second-quarter earnings. The company reported earnings of $3.08 per share, lower than the Refinitiv forecast of $3.18 per share. However, Goldman exceeded the expected revenue of $10.84 billion by reporting revenue of $10.9 billion.

Joby Aviation — The stock of electric aircraft company, Joby Aviation, plummeted by 6.3% in premarket trading after being downgraded by JPMorgan from neutral to underweight. The Wall Street firm stated that Joby’s recent rally is likely unsustainable and driven by short covering. Despite this decline, Joby Aviation’s shares have risen by 200% year to date.

Cinemark — Shares of the movie theatre chain, Cinemark, fell by 3.3% after JPMorgan downgraded the company from overweight to neutral, citing the impact of the ongoing actors strike in Hollywood.

J.B. Hunt Transport Services — The transportation and logistics company saw a 2.2% decline in its stock price after posting disappointing quarterly results. J.B. Hunt reported second-quarter earnings of $1.81 per share on revenue of $3.13 billion, falling short of analysts’ expectations of per-share earnings of $1.92 on revenue of $3.31 billion, as predicted by Refinitiv.

Western Alliance Bancorporation — Shares of the regional bank dipped by 2.4% following the release of its mixed second-quarter earnings results. The company reported earnings of $1.96 per share and revenue of $669 million, slightly missing the estimated earnings of $1.98 per share and revenue of $652 million by analysts polled by Refinitiv. The bank did, however, record an increase in deposits during the quarter.

U.S. Bancorp — The stock of the large regional bank, U.S. Bancorp, declined by 1% after the company reported its second-quarter results. U.S. Bancorp recorded adjusted earnings per share of $1.12 on $7.14 billion of revenue. Analysts’ estimates from Refinitiv were predicting earnings per share of $1.12 on $7.16 billion of revenue.

Nasdaq — Shares of Nasdaq rose by 0.3% after exceeding profit and sales expectations in its second-quarter results. Nasdaq reported adjusted earnings of 71 cents per share on revenue of $925 million, surpassing analysts’ projections of per-share earnings of 66 cents on revenue of $914.9 million, according to Refinitiv.

— Reporting contributed by Michelle Fox, Alex Harring, Hakyung Kim, and Jesse Pound.