Stocks making the biggest moves premarket: AMD, Disney, Uber, Arista Networks, Super Micro Computer & more
Check out the companies making the biggest moves premarket: Advanced Micro Devices — Shares surged 20% after the chipmaker issued strong guidance. AMD is calling for second-quarter revenue of $11.2 billion, plus or minus $300 million, versus the analyst estimate for $10.52 billion. First-quarter results also surpassed expectations on the top and bottom lines. Super Micro Computer — The server maker jumped almost 15%. Expectations for fourth-quarter profit range from 65 cents to 79 cents per share, trouncing Wall Street’s call for 55 cents a share, per LSEG. In the third quarter, Super Micro posted adjusted earnings of 84 cents per share on revenue of $10.24 billion. Analysts polled by FactSet had expected earnings of 62 cents and $12.39 billion in revenue. Disney — The media giant jumped 5% on fiscal second-quarter revenue that beat analyst expectations. Driving the beat was a strong performance from the company’s streaming and theme park businesses. CVS Health — The pharmacy benefits operator gained 4% on better-than-expected results for the first quarter. CVS earned an adjusted $2.57 per share on revenue of $100.43 billion. Analysts polled by LSEG expected a profit of $2.20 per share on revenue of $95.1 billion. The company also hiked its full-year earnings outlook. Uber — Shares surged 9% despite first-quarter revenues coming in lighter than expected. The rideshare company reported $13.2 billion in revenue, compared to estimates from analysts polled by LSEG of $13.29 billion in revenue. Guidance for the current quarter came in better-than-expected though, and the company beat estimates slightly on earnings. Jacobs Solutions — Shares slipped 1% after the technical professional services firm reported a second-quarter adjusted earnings and revenue beat versus what analysts polled by FactSet had expected. The company also raised its full-year earnings guidance. It now sees earnings coming in between $7.10 to $7.35 per share, higher than previous guidance of between $6.95 to $7.30 per share. Arista Networks — The cloud networking company dropped more than 9%. Adjusted gross margin narrowly missed expectations, coming in at 62.4% in the first quarter, versus the 62.7% anticipated by analysts polled by StreetAccount. Arista’s second-quarter revenue forecast was roughly in line with the Street’s estimate, coming in at $2.8 billion versus the $2.77 billion expected. Restaurant Brands International — Shares were up 0.5% after the company reported first-quarter adjusted earnings of 86 cents per share and revenue of $2.26 billion. That was better than an LSEG consensus for 82 cents per share on $2.24 billion in revenue. Burger King saw same-store sales growth accelerate better than estimates , while Popeyes saw a narrower decline in same-store sales than estimates too. SolarEdge Technologies — The stock fell 7% after the company reported a wider-than-expected adjusted loss of 43 cents per share in its first-quarter financial report. Analysts polled by FactSet expected a loss of 27 cents per share. Lucid Group — Shares of the electric vehicle manufacturer fell 3%. Lucid posted a first-quarter loss of $3.46 per share on a GAAP basis, versus the loss of $2.64 per share expected, per LSEG. Revenue of $282.5 million missed the call for $440.4 million. Klaviyo — The provider of the email marketing platform plummeted 18%. Second-quarter adjusted operating income is expected to range from $47.5 million to $50.5 million versus the StreetAccount consensus call for $52.7 million. Klaviyo also said that finance chief Amanda Whalen will be leaving the company. She is expected to serve as CFO through Aug. 21 and will move into an advisory role through November. DaVita — The kidney dialysis service provided added 6% after reporting first-quarter adjusted earnings and revenue that exceeded what analysts polled by FactSet were looking for. The company now sees its full-year earnings coming in the range of between $14.10 to $15.20 per share, versus prior guidance of between $13.60 to $15 per share. Skyworks Solutions — Shares of the wireless networking service provider slipped almost 7%. Skyworks’ third-quarter guidance calls for revenue of $900 million to $950 million, with adjusted earnings of $1.03 per share expected at the midpoint of the revenue range. Analysts polled by FactSet sought 94 cents per share on revenue of $861.2 million. Devon Energy — Shares of the oil and gas producer lost more than 3.5%. Adjusted earnings in the first quarter came in at $1.04 per share, while the FactSet consensus called for $1.06 per share. Production in the period was slightly short of the Street’s expectation. — CNBC’s Lisa Kailai Han, Darla Mercado and Fred Imbert contributed reporting
