American Express, Intuitive Surgical, CSX, Tesla and several stock market movers
American Express ( AXP ) fell 3.5% in premarket trading after the credit card giant reported second-quarter earnings of $2.89 per share on revenue of $15.1 billion — a record quarter by both metrics. The result beat analysts’ expectations, but revenue was below estimates of $15.4 billion.
Railroad operator CSX ( CSX ) reported second-quarter revenue of $3.69 billion, down 3% from a year earlier and below Wall Street forecasts. The company cited lower fuel and coal prices among the reasons for the deficit. The share fell 4.5 percent.
Intuitive Surgical ( ISRG ) fell 4.2% in premarket trading after the maker of robotic surgical systems posted second-quarter adjusted earnings that missed analysts̵[ads1]7; estimates.
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Tesla (ticker: TSLA ) rose 0.9% in premarket trading after falling 9.7% on Thursday after the electric carmaker’s second-quarter earnings report revealed a continued decline in profit margins on sharp price cuts.
Knight-Swift Transportation (KNX), the largest North American trucker, reported a 21% drop in second-quarter revenue due to weaker demand for its truckload operations. Knight-Swift shares fell 2.7% in premarket trading.
Harley-Davidson ( HOG ) rose 3% in premarket trading after shares of the motorcycle maker were upgraded to Buy from Neutral at DA Davidson.
PPG Industries
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(PPG), the paint and coatings maker, raised its full-year guidance but warned of “remaining tepid global industrial production” and some “incremental decline in U.S. architectural home repainting due to significantly lower existing home sales.” The share fell 2.2 percent.
SLB ( SLB ), the oilfield services company formerly known as Schlumberger, delivered better-than-expected earnings but missed consensus on second-quarter earnings. The share fell 1.7 percent.
AutoNation ( AN ) rose 0.8% after the used car dealer posted second-quarter results that beat Wall Street expectations.
caravan
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(CVNA) fell 0.3% in premarket trade. Late Thursday, the stock was downgraded to neutral from overweight by analysts at Piper Sandler. It was followed by a downgrade to Underperform from Sector Perform by RBC Capital Markets. Shares in the used car dealer fell 16 percent on Thursday.
Write to Joe Woelfel at joseph.woelfel@barrons.com
