Netflix, Procter & Gamble, Baker Hughes and more
See which companies are making the headlines even before the bell rings.
Netflix (NFLX) – Netflix plummeted 26.8% in the premarket after reporting it lost 200,000 subscribers during the first quarter. According to the streaming service, it was expecting 2.5 million new subscribers. Netflix stated that they were exploring an ad supported version.
Walt Disney (DIS), Roku (ROKU), Warner Brothers Discovery (WBD) – Other streaming-related companies saw their stocks fall in sympathy with Netflix. The premarket saw Disney slide 5% while Roku fell 6.7% and Warner Brothers Discovery dropped 4.3%.
Procter & Gamble (PG) – The consumer products giant’s stock gained 1.1% in premarket trading after a top and bottom-line beat. Procter beat estimates by four cents, posting adjusted quarterly earnings $1.33 per share. This was the company’s largest year-over-year sales increase in 20 years. The reason for this is that household product demand has remained strong despite higher prices. Procter has also increased its organic sales guidance.
Baker Hughes (BKR) – The oilfield services company fell 5 cents short of estimates with adjusted quarterly earnings of 15 cents per share, and revenue also missed forecasts. Baker Hughes claimed that the results were due to volatile operating conditions and that pre-market trading saw a 2% drop in shares.
Lululemon (LULU) – Luluemon added 2.2% in the premarket after the apparel maker announced a five-year plan to double revenue. This plan will focus on quadrupling global sales and doubling the revenue from digital and men’s operations.
IBM (IBM) – IBM reported an adjusted quarterly profit of $1.40 per share, 2 cents above estimates, with revenue also coming in above analyst forecasts. Strong hybrid cloud platform sales gave IBM a boost in its results. In premarket trading, IBM shares rose 2.7%
ASML (ASML) – ASML’s latest quarter beat analyst forecasts on the top and bottom lines, with the Amsterdam-based semiconductor equipment maker reporting strong demand from chip makers trying to ramp up production. ASML shares rose 5.4% on the premarket.
Teva Pharmaceutical (TEVA) – Teva shares slid 4.8% in premarket trading after the FDA sent a rejection letter in response to a new drug application for a schizophrenia treatment. Teva stated that it will be working with FDA to resolve the FDA’s concerns and is currently studying the next steps.
Omnicom (OMC) – Omnicom reported better-than-expected profit and revenue for its latest quarter, despite what the ad agency operator called “uniquely challenging global events.” Omnicom was charged $113.4 million for Russian business investments. In premarket actions, shares rose 3.7%