Check out the companies making headlines in premarket trading. McDonald’s — Shares were down slightly in the premarket after the fast food giant reported second-quarter results that missed analyst expectations . McDonald’s also said its same-store sales — a key metric for restaurants — declined broadly. Revvity — Shares gained 6% after the life sciences company posted second-quarter results that beat expectations. Adjusted earnings of $1.22 per share topped the FactSet consensus estimate of $1.12 per share. Revenue of $691.7 million exceeded the $690.3 million expected by analysts. Olin — The chemical product manufacturer added 1.4% on the heels of a JPMorgan upgrade to overweight from neutral. The firm called Olin’s work to stabilize prices for chlorine and caustic through low capacity utilization successful. Akamai Technologies — The cloud security company added 2% after Guggenheim upgraded shares to a buy rating. The firm sees more than 30% upside for Akamai as it capitalizes on its leadership position in the content delivery network business. Bristol-Myers Squibb — The pharma stock shed 1.5% following a downgrade to underweight from equal weight at Barclays. The firm said Bristol-Myers Squibb may have rallied too far, too fast — the stock is up 25% in 11 days, despite little movement in its underlying fundamentals, Barclays said. This call comes after Bristol-Myers Squibb issued better-than-expected earnings and raised its full-year guidance on Friday. Tesla — The electric vehicle maker advanced 1.5% after bring crowned the top pick U.S. auto stock by Morgan Stanley analyst Adam Jonas. Tesla replaced Ford , whose shares were little changed in Monday’s premarket. Stellantis — The automaker retreated by 3.6% following a Deutsche Bank downgrade to hold from buy. Deutsche Bank said the Chrysler and Dodge maker’s guidance could be at risk as it faces multiple challenges in a tough environment. Coinbase , Microstrategy — The crypto exchange and bitcoin developer each climbed around 4%, following the digital currency higher. Bitcoin last added more than 2%. Disney — Shares ticked nearly 1% higher after a strong box office showing from “Deadpool & Wolverine.” The Marvel movie raked in more than $200 million during its opening weekend, making it the strongest debut on record for an R-rated film. — CNBC’s Samantha Subin, Sarah Min, Michelle Fox and Fred Imbert contributed reporting
Read the full article here
