Check out the companies making headlines before the bell. Hershey — Shares of the chocolate confectionary maker added about 1% after Hershey posted a first-quarter earnings beat. The company reported adjusted earnings of $3.07 per share, which came above the $2.76 per share analysts polled by LSEG had expected. Hershey’s $3.25 billion revenue also beat the $3.11 billion consensus. Apple — The tech giant jumped more than 7% after announcing it would repurchase $110 billion of its own stock and a top- and bottom-line beat. Apple posted fiscal second-quarter earnings of $1.53 per share on $90.75 billion in revenue. That topped analysts’ estimates for earnings of $1.50 per share on revenue of $90.01 billion, per LSEG. Amgen — Shares soared 13% after the biotech firm posted a first-quarter earnings and revenue beat. The company also announced it would proceed with its injectable obesity drug into a phase 3 trial. Simultaneously, shares of Novo Nordisk and Eli Lilly traded lower on Friday morning. Cloudflare — The stock continued to sink, plunging 12% after reporting weak full-year guidance, although Cloudflare posted a first-quarter earnings and revenue beat. Expedia — Shares of the online travel booking company slipped 11% after Expedia issued lower-than-expected guidance for its fiscal second quarter, with executives pointing to its Vrbo segment as a drag on its results. Firms including BMO Capital Markets and Piper Sandler downgraded the stock following the quarterly results. Fortinet — The security stock plunged 8% after the midpoint of its second-quarter billings forecast came in lighter than analysts had expected. However, the company beat analyst expectations for the first quarter. Block — Shares popped 9% a day after the payment services provider reported first-quarter adjusted earnings of 85 cents per share, topping the 72 cents per share expected in a LSEG analyst poll. Revenue was $5.96 billion, beating the consensus estimate of $5.82 billion. DaVita — The health-care provider popped nearly 5% after posting adjusted first-quarter earnings of $2.38 per share, which exceeded the $1.95 per share that analysts polled by FactSet had expected. DaVita’s revenue of $3.07 billion also surprised to the upside, beating expectations of $3.03 billion. Arista Networks — The cloud networking company gained almost 4% after Jefferies upgraded the stock to a buy rating from hold. The bank believes that Arista could be a “prime AI beneficiary.” Coinbase — Shares slipped 2% after the cryptocurrency exchange said that expenses might rise. However, Coinbase’s first-quarter revenue of $1.64 billion beat the $1.34 billion consensus, according to LSEG. Union Pacific — Shares rose more than 1% after the struggling railroad operator was upgraded to buy from hold at Stifel, which also increased its price target by $19 to $267. Analyst Benjamin Nolan said a “sweating-the-assets” strategy can be good for business. Mister Car Wash — The car wash stock rose 4% following an upgrade by JPMorgan to overweight. The bank cited an attractive valuation and visibility into improving trends as catalysts, saying the tide was shifting in the stock’s favor. — CNBC’s Brian Evans, Michelle Fox, Hakyung Kim and Tanaya Macheel contributed reporting.
Read the full article here
