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GE, GM, 3M, Spotify, Verizon and more stock market movements




General Electric (GE) reported second-quarter adjusted earnings of 68 cents per share on sales of $15.9 billion, beating Wall Street estimates that called for earnings of 46 cents per share on sales of $14.8 billion. GE also raised its full-year guidance, and the stock jumped 3.6% in premarket trading.

General Motors ( GM ) earned $1.91 per share on an adjusted basis in the second quarter, topping analysts’ estimates. Revenue of $44.8 billion also beat forecasts of $42.1 billion. The car manufacturer’s shares rose 1.9 percent.

3M ( MMM ) rose 2.4% after the company posted better-than-expected earnings and sales in the second quarter and raised its outlook for the full year.

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Spotify Technology ( SPOT ) fell 7.3% in premarket trading even after the music streaming service had better-than-expected subscriber growth in the second quarter. It was the company’s best quarter ever for new users, but the stock fell after revenue missed forecasts.

Shares of telecommunications giant Verizon Communications ( VZ ) rose 2.7% after second-quarter earnings beat analysts’ estimates despite missing revenue.

F5 ( FFIV ), the cloud security company, reported third-quarter earnings of $3.21 on revenue of $702.6 million. Analysts had estimated earnings of $2.86 per share on revenue of $698.9 million. Shares rose 10% in pre-market trading.

Logitech International

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( LOGI ), the computer peripherals maker, rose 7.1% after beating estimates for first-quarter revenue and raising guidance.

Cadence Design Systems ( CDNS ) raised its forecast for the year, saying it expects earnings of $5.05 to $5.11 per share on revenue of $4.05 billion to $4.09 billion. Wall Street expects earnings for the year of $5.03 per share on revenue of $4.06 billion. The share fell 4.1 percent.

NXP Semiconductors ( NXPI ) beat analysts’ expectations for second-quarter earnings and revenue, and the Netherlands-based chip maker forecast third-quarter earnings of $3.39 to $3.82 per share versus expectations of $3.44 per share. The share rose 1.2% in pre-market trading.

Walmart (WMT) was upgraded to Overweight from Neutral at Piper Sandler with a price target of $210. Shares of the world’s largest retailer rose 1.1% to $160.90 in premarket trading.

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Goldman Sachs ( GS ) fell 0.5% to $357.05 after shares of the investment bank were downgraded to neutral from buy by analysts at Citi. The price target was raised to $400 from $370.

The fiscal report for the fourth quarter from the software giant Microsoft (MSFT) is scheduled after the stock market closes on Tuesday. investors will be zeroed in on the prospects for the company’s Azure cloud computing arm and its fast-growing work in artificial intelligence.

Moves into artificial intelligence will also be watched by analysts and investors as Alphabet ( GOOGL ), the parent of Google, posts earnings after the closing bell. Investors will also monitor signs of improvement in the ad market and trends in cloud spending.

Write to Joe Woelfel at joseph.woelfel@barrons.com



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