American Express, Verizon, Kimberly-Clark and more
[ad_1]
Take a look at the top companies that made headlines long before the bell rang.
American Express (AXP) – American Express rose 1.2% in the premarket after reporting better-than-expected profit and revenue for the first quarter. Amex earned $2.73 per share compared to the $2.44 consensus. The increase in spending among Gen-X and millennial consumers, as well small and medium-sized business owners helped Amex achieve this profit.
Verizon (VZ) – Verizon earned an adjusted $1.35 per share for the first quarter, matching estimates, with revenue also essentially in line. Verizon lost 36,000 customers during the fourth quarter. That’s less than the 49.300 predicted losses by FactSet analysts. Verizon lost 1.4% during premarket trades.
Kimberly-Clark (KMB) – The consumer products company’s shares jumped 3.8% in the premarket after reporting better-than-expected quarterly earnings and revenue. Kimberly-Clark stated that it was capable of coping with an “volatile, inflationary” environment. It also raised its full-year forecast for organic sales.
Cleveland-Cliffs (CLF) – The steel producer and mining company’s stock rallied 3.5% in premarket trading after beating top and bottom-line estimates for the first quarter. Cleveland-Cliffs has also increased its annual average selling prices forecast.
Schlumberger (SLB) – The oilfield services producer beat estimates by a penny with an adjusted quarterly profit of 34 cents per share, and revenue also topped Wall Street forecasts. Schlumberger’s dividend was increased by 40% and the stock gained 1.1% during premarket trading.
Snap (SNAP) – Snap lost an adjusted 2 cents per share for its latest quarter, compared with consensus forecasts of a 1 cent per-share profit for the social media company. Also, it issued a cautious sales outlook for current quarter. The shares also fell 1.1% during premarket trading.
Gap (GPS) – Gap cut its sales growth outlook amid increasing competition and more promotions. It also revealed that Nancy Green, Old Navy CEO and President, is leaving. The premarket saw Gap stock fall 14.8%
Anheuser-Busch InBev (BUD) – AB InBev will sell its stake in its Russian joint venture and take a $1.1 billion impairment charge as a result. Following Russia’s invasion in Ukraine, Budweiser was stopped from being sold by the Russian beer brewery. AB InBev fell 1.8% in premarket action.
SAP (SAP) – SAP shares slid 4.1% in premarket trading after the German business software company said it would take a $300 million revenue hit due to its exit from the Russian market.
Boston Beer (SAM) – Boston Beer reported a quarterly loss of 16 cents per share, compared with analysts’ expected profit of $1.97 per share. As shipment volumes declined by more than 25% compared to a year ago, and as gross margins decreased, the revenue of Boston Beer Brewer was below analysts’ expectations. Premarket shares were 3.2% lower.
[ad_2]