A woman walks past a FedEx Ground vehicle parked in the Midtown neighborhood of New York, Dec. 4, 2015.
John Taggart | Bloomberg | Getty Images
Discover the top trending companies in premarket trading.
FedEx — The shipping giant’s shares declined by 2.9% following the release of its quarterly results. While FedEx exceeded earnings expectations, with adjusted earnings per share of $4.94 compared to the Refinitiv consensus estimate of $4.89, its revenue of $21.93 billion fell short of predictions. Additionally, FedEx provided flat revenue guidance and announced the upcoming retirement of Chief Financial Officer Mike Lenz on July 31.
Coinbase, Riot Platforms — The stock of the crypto exchange rose nearly 3% in premarket trading, likely influenced by the 7.8% surge in bitcoin. Additionally, the crypto mining firm Riot increased by 3.4%. Coinbase has faced various challenges recently, including an ongoing dispute with the U.S. Securities and Exchange Commission and the introduction of BlackRock’s bitcoin exchange-traded fund.
MicroStrategy — The cloud services firm, which is exposed to bitcoin, experienced a 2.9% increase in premarket trading, following the upward movement of other similar companies. So far in 2023, its shares have grown by over 121%, and it has risen by 8.7% in the past month.
Tesla — Despite being downgraded by Barclays from overweight to equal weight, shares of the electric vehicle giant increased by 1.2%. The bank cautioned investors about the recent rally and suggested it might be wise to adopt a more cautious approach. Nevertheless, Tesla shares have risen by over 52% in the past month.
Winnebago Industries — The motorhome manufacturer experienced a 4.7% decrease in its stock price after announcing its quarterly results. While the company reported adjusted earnings per share of $2.13, surpassing the estimates of $1.78, its revenue plummeted by 38.2% to $900.8 million. Executives attributed this decline to a more challenging RV market and increased discounts.
Spotify — The shares of the music streaming service rose approximately 2% in premarket trading after Wolfe Research upgraded Spotify from peer perform to outperform. Wolfe predicts that price increases and advertising growth will contribute to Spotify’s revenue growth.
Rivian — The electric-vehicle maker’s stock gained 1.6% in premarket trading. The previous day, Rivian announced that its customers would have access to Tesla’s network of charging stations starting next year.
Exact Sciences — Shares of Exact Sciences increased by 6% following the announcement of research agreements with The Broad Institute of MIT and Harvard. These agreements grant exclusive use of the company’s molecular residual disease diagnostic testing platform.
— CNBC’s Jesse Pound contributed to this report.
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