Check out the companies making headlines before the bell. Disney — Shares were down about 1% after the media giant reported quarterly results that beat analyst expectations, thanks in part to strong performance at its streaming unit. The company earned $1.39 per share, excluding items, on revenue of $23.16 billion. Analysts expected a profit of $1.19 per share on revenue of $23.07 billion, per LSEG. Airbnb — Weaker-than-expected revenue guidance for the third quarter hurt Airbnb shares in the premarket, losing nearly 14%. The company sees revenue in a range of $3.67 billion to $3.73 billion. Analysts expected a forecast of $3.84 billion. Reddit — The social news company added 1%% in premarket trading. Reddit posted second-quarter results that exceeded Wall Street estimates on the top and bottom lines, and also reported better-than-expected daily active user metrics. The company also forecasted its third-quarter revenue outlook above estimates, calling for $290 million to $310 million, while analysts surveyed by LSEG expected $279 million. Lyft — Shares were down more than 13% after the ride-hailing company issued disappointing third-quarter revenue guidance. Lyft sees revenue ranging between $90 million and $95 million, while analysts expected a forecast of $103.4 million, according to StreetAccount. CVS Health — Shares of the drugstore chain slipped just 0.3% after CVS Health reported second-quarter earnings that surpassed expectations but cut its full-year profit outlook due to the impact of higher medical costs. CVS now expects 2024 adjusted earnings of $6.40 to $6.65 per share, lower than a previous guidance of at least $7 per share. Novo Nordisk — Shares of the Wegovy drugmaker slipped about 4% after reporting weaker-than-expected second-quarter results. Novo Nordisk also lowered its operating profit outlook for the full year. Optimism around the popular weight-loss drug has helped push shares up more than 25% year to date, but the latest report is raising worries that it is seeing pressure from Eli Lilly’s Mounjaro and Zepbound. Rivian — Shares of the electric vehicle company fell 9% after a second-quarter report showed a widening net loss. Rivian reported a net loss of $1.46 billion, compared to $1.2 billion last year. The company did beat expectations on some metrics. An adjusted loss of $1.13 per share and $1.16 billion of automotive revenue were better than the loss of $1.21 and $1.14 billion expected by analysts, according to LSEG. Amgen — The biotech stock shed 3% after tightening its full-year earnings outlook and posting weaker-than-expected profit for the second quarter, citing higher operating expenses. Amgen expects adjusted earnings per share to be in a range of $19.10 to $20.10 this year, compared with its prior call of $19 to $20.20. Instacart — Shares of the grocery delivery company surged more than 9% after exceeding revenue and earnings estimates for the second quarter. Instacart’s earnings of 20 cents per share and $823 million in revenue beat analysts’ estimates of 13 cents per share and $807 million of revenue, according to LSEG. Super Micro Computer — Super Micro’s adjusted earnings came out below analysts’ estimates, dragging shares lower by more than 14%. The company posted earnings, excluding items, of $6.25 for the fiscal fourth quarter, while analysts polled by LSEG expected $8.07 per share. Super Micro also announced a 10-for-1 stock split . Advanced Micro Devices — The semiconductor stock popped nearly 2% after Piper Sandler reiterated AMD as a top pick , saying the stock should gain significant market share in the traditional server space. Analyst Harsh Kumar assigned a price target that implies a potential upside of more than 30%. — CNBC’s Fred Imbert, Jesse Pound, Sarah Min, and Michelle Fox Theobald contributed reporting.
Source: www.cnbc.com