Stocks making the biggest pre-market moves: McDonald’s, UPS and more
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Check out the companies making headlines before the bell.
McDonald’s — Shares fell more than 1[ads1]% after McDonald’s reported its latest quarterly results. The fast-food giant topped revenue and revenue estimates, saying customers are increasingly frequenting its restaurants. Still, McDonald’s CEO Chris Kempczinski said he expects “short-term inflationary pressures to continue into 2023.”
General Motors — Shares of the automaker rose more than 5% in premarket trading after GM beat estimates on the top and bottom lines for the fourth quarter, although the profit margin narrowed. The company reported an adjusted $2.12 per share on $43.11 billion in revenue. Analysts surveyed by Refinitiv were looking for $1.69 in earnings per share on $40.65 billion in revenue. GM said it expected revenue to fall in 2023, but guidance was still above analyst estimates.
Ford — Shares in Ford rose 2% after the company announced Monday it would cut the price of the Mach-E, its electric pickup truck. The company reports earnings later this week.
United Parcel service – Shares in UPS rose 1.9% after the company reported earnings that beat analysts’ expectations. The company posted adjusted earnings per share of $3.62 on $27.08 billion in revenue. Analysts had forecast earnings of $3.59 per share and $28.09 billion in revenue, per Refinitiv.
Exxon Mobil — The oil giant was under pressure despite reporting positive financial results for the last quarter. The company, whose share price rose more than 80% last year, saw a tightening of supplies as economies began to recover, CEO Darren Woods said in a statement. Shares fell more than 1 percent.
larva — Caterpillar shares fell more than 2% after the industrial giant posted disappointing quarterly results. The company reported earnings of $3.86 per share, well below the Refinitiv consensus estimate of $4.06 per share. Caterpillar said the bottom line was impacted by an “unfavorable ME&T foreign currency impact in other income (expense) of $0.41 per share.”
Pfizer – Shares of the vaccine maker fell more than 2% after the company reported mixed quarterly results and issued full-year revenue and earnings guidance that fell short of analysts’ expectations, according to StreetAccount. Pfizer said it expects revenue from its Comirnaty and Paxlovid drugs to fall 64% and 58%, respectively, from actual 2022 results.
International paper – The packaging and paper products company reported fourth-quarter adjusted earnings of 87 cents per diluted share, beating StreetAccount’s estimate of 69 cents per diluted share. However, the company reported a net income loss of $318 million for the quarter. International Paper almost 6% in the premarket.
Sure – Shares in Lucid fell 4.4%, cooling further after a monster options rally on Friday.
PulteGroup – Shares of the homebuilder rose more than 1% in premarket trading after PulteGroup reported a better-than-expected fourth quarter. The company reported $3.63 in adjusted earnings per share on $5.17 billion in revenue. Wall Street analysts were expecting $2.93 in earnings per share on $4.58 billion in revenue, according to StreetAccount. PulteGroup’s gross margin for residential construction increased year on year.
– CNBC’s Fred Imbert, Jesse Pound, Tanaya Macheel, Sarah Min, Carmen Reinicke and Michelle Fox contributed reporting
