Check out the companies making headlines before the bell. Boeing — Shares jumped 3% after Boeing posted a narrower-than-expected loss in its latest results. In its first quarter, the company reported an adjusted loss of $1.13 per share, better than the adjusted loss of $1.76 per share estimated by the LSEG analyst poll. Revenue of $16.57 billion topped the expected $16.23 billion. Airbnb – The vacation property rental platform added nearly 2% following an upgrade by Mizuho to buy from neutral. Mizuho noted a number of catalysts, including the potential launch of sponsored listings and incremental demand from Summer Olympics. Its new price target of $200 suggests 24% upside. Biogen – The stock rose more than 6% premarket after the drug maker posted earnings of $3.67 per share, beating the LSEG analyst estimates of $3.45 per share. The company cited its cost-cutting efforts and higher-than-expected sales of its Alzheimer’s drug Leqembi. Tesla — Shares of the beaten-down electric vehicle maker jumped 12% in premarket trading after CEO Elon Musk said Tesla plans to start production of a new affordable EV model by early 2025. Tesla disappointed on first-quarter earnings, however, posting 45 cents in adjusted earnings per share on $21.3 billion in revenue, while analysts polled by LSEG expected 51 cents in earnings per share and $22.15 billion in revenue. Tesla’s revenue drop — the steepest year-over-year decline since 2012 — came amid slowing EV sales growth across the industry, which has led Tesla to implement price cuts in an attempt to spur demand. Visa — Shares of the payment company rose more than 2% after stronger than expected results for the second fiscal quarter. Visa earned an adjusted $2.51 per share on $8.78 billion of revenue. Analysts surveyed by LSEG had penciled in $2.44 per share on $8.63 billion of revenue. Revenue was up 10% year over year. Texas Instruments — The technology stock jumped 6.8% after exceeding first-quarter expectations. Texas Instruments posted $1.20 per share on $3.66 billion in revenue, beating analysts’ projections of $1.07 and $3.61 billion, respectively, per LSEG. The company also gave ranges for current-quarter performance that included consensus forecasts from analysts. Sea Limited — Shares of the Southeast Asian tech giant advanced 3.2% after Loop Capital upgraded shares to buy from hold, saying the company is headed towards a “shift to sustained profitable growth.” Mattel — The toymaker’s stock price added 2.7% after losses per share came out narrower than expected. Mattel said it gave up 5 cents per share in the first quarter, less than the 12 cents anticipated by analysts polled by LSEG. Mattel saw $810 million in revenue during the quarterly period, which was less than the consensus estimate of $832 million. Enphase Energy — The solar stock tumbled nearly 7% on the back of an earnings miss and downbeat current-quarter revenue outlook. The company reported earnings of 35 cents per share on revenue of $263 million in the first quarter, while analysts were respectively anticipating 40 cents and $280 million, according to LSEG. Enphase said to expect second-quarter revenue between $290 million and $330 million, under the consensus forecast of $349 million. — CNBC’s Alex Harring, Samantha Subin, Jesse Pound, Brian Evans, Yun Li, Sarah Min, and Michelle Fox Theobald contributed reporting.
Source: www.cnbc.com