Take a look at some of the biggest movers in the premarket:
F5 Networks (FFIV) – F5 beat estimates by 30 cents per share, with quarterly earnings of $ 2.76 per share. The company’s software manufacturer’s sales also exceeded the analysts’ forecasts. F5 saw strong demand amid continued pandemic-driven growth in digital business applications. F5 gained 6.1% in pre-trading.
United Parcel Service (UPS) – UPS shares fell 2.4% ahead of launch as domestic revenue fell below estimates. However, UPS outperformed overall sales and earnings as shipments of e-commerce orders continued to grow. UPS earned $ 3.06 per share for the second quarter, compared to a consensus estimate of $ 2.82.
Stanley Black & Decker (SWK) – The tool maker beat estimates by 18 cents per share, with quarterly earnings of $ 3.08 per share. Revenue exceeded Street forecasts and the company raised its full-year outlook, expecting growth and stronger prices to offset higher costs.
3M (MMM) – 3M rose 1.2% in pre-market trading after beating consensus estimate of $ 2.28 per share with quarterly earnings of $ 2.59 per share. Revenue also beat forecasts, and 3M raised its full-year outlook as its various businesses recover from the pandemic.
General Electric (GE) – GE shares rose 3.9% pre-market as they beat forecasts and surprised analysts with positive cash flow for the quarter. GE made 5 cents per share in the second quarter, 2 cents per share above estimates. Sales also exceeded estimates due to the strong performance of the aerospace and energy sectors.
Raytheon Technologies (RTX) – Raytheon was 10 cents per share above estimates and posted earnings of $ 1.03 per share for the quarter. Sales also exceeded the analysts’ forecasts. The aerospace maker raised its full-year forecast as a recovery in commercial aviation fueled demand for its products and services. Raytheon shares rose 1.7% before the IPO.
Sirius XM (SIRI) – The satellite operator beat estimates by 3 cents per share, with quarterly earnings of 10 cents per share. The company also reported better-than-expected sales. Profit has almost doubled from last year as it benefited from new subscribers. The share gained 3.1% before the trading session.
Waste Management (WM) – The waste collection company was 8 cents per share above estimates and posted earnings of $ 1.27 per share for the quarter. Income also exceeded estimates. Waste Management said it benefited from a rebound in volume and a focus on cost control.
Sherwin-Williams (SHW) – The paint maker lost 3 cents per share below consensus estimates and posted quarterly earnings of $ 2.65 per share. Sales were in line with estimates. Results were influenced by a return in do-it-yourself levels to pre-pandemic levels.
Tesla (TSLA) – Tesla earned $ 1.45 per share in the second quarter, compared to a consensus estimate of 98 cents per share. Sales also exceeded forecasts. The automaker said its success in the second half of the year will focus on its ability to tackle supply chain issues. Tesla gained 1.6% in pre-market trading.
Intel (INTC) – Intel has put in place a multi-year plan to regain its dominance in the semiconductor market, with a goal of bringing a new chip to market every year between now and 2025, and trying to capture lost market share from rivals like Samsung and Taiwan Semiconductor to win back. Intel lost 1.9% in the premarket.
Starbucks (SBUX) – Starbucks has expanded its partnership with Swiss food giant Nestle and plans to launch ready-to-drink coffee beverages in Southeast Asia and Latin America. Separately, Starbucks sold its stake in its joint venture in South Korea to local partner E-Mart and the Singapore sovereign wealth fund.
Polaris Industries (PII) – Polaris reported quarterly earnings of $ 2.70 per share, beating the consensus estimate of $ 2.21 per share. The recreational vehicle manufacturer’s earnings were in line with Wall Street forecasts. Polaris benefited from lower advertising costs and higher prices, although it also saw higher raw material and labor costs.