People wait in line at a Delta Air Lines check-in counter at JFK International Airport in New York, June 30, 2023.
David Dee Delgado | David Dee DelgadoGetty Images
Check out the companies making headlines pre-market:
Delta Airlines — Shares of Delta Air Lines rose 4% after the airline reported its best-ever quarterly profit and revenue and raised its 2023 profit forecast. Delta reported adjusted earnings of 2.68 cents a share, above the $2.40 expected by analysts polled by Refinitiv. Adjusted revenue of $14.61 billion beat the consensus estimate of $14.49 billion.
Miller Knoll — Shares of MillerKnoll fell more than 5% premarket. The furniture company behind Noguchi desks and Eames office chairs topped fiscal fourth-quarter earnings estimates. MillerKnoll reported adjusted earnings of 41 cents a share on revenue of $957 million. Analysts polled by Refinitiv expected earnings of 39 cents a share on revenue of $946 million.
Pepsi — PepsiCo on Thursday reported recent results that topped profit and revenue estimates and raised its full-year outlook, sending the beverage stock up 2%. The company reported adjusted earnings of $2.09 per share, topping the Refinitiv consensus estimate of $1.96 per share. The company reported revenue of $22.32 billion, beating estimates of $21.73 billion.
walt disney company — Shares of the entertainment giant rose about 1.5% in premarket trading after Disney announced that Chief Executive Bob Iger’s contract had been extended through 2026. Iger previously told CNBC that he has no plans to stay on in 2024 during his return to Disney.
ViaSat — ViaSat plunged more than 22% after it disclosed problems with its most recent communications satellite, the ViaSat-3 Americas satellite, which launched in April.
caravan — JPMorgan downgraded the online used-car dealership to underweight from neutral, sending shares down 6.4%. The Wall Street firm said Carvana’s valuation was “significantly out of touch with fundamentals.” Its $10 price target implies a 74% downside.
letter — Alphabet said its shares rose more than 1% Introducing the Bard Chatbot in the EU and Brazil.
meta platform — Meta up more than 1%. A The Financial Times reported that, The social media company will release a commercial version of its artificial intelligence model to compete with Microsoft and Alphabet, people familiar with the matter said. Its language model, dubbed LLaMA, has previously been released to researchers and academics.
cirrus logic — Chip stocks rose more than 1%, Cirrus Logic said in a statement Regulatory filing The company said it would cut about 5% of its workforce globally, citing “overall market conditions.”
Coinbase — Barclays downgraded the cryptocurrency platform to underweight from equal weight and said investors sold off Coinbase ahead of its earnings report, sending the company’s shares down 1%.
Sophie Technology — The stock fell 3.7% in premarket trading after Morgan Stanley downgraded its rating to underweight. SoFi is behaving more like a full-fledged bank and therefore deserves that valuation, the firm said. Shares of SoFi have nearly doubled so far this year.
— CNBC’s Michelle Fox and Jesse Pound contributed reporting
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