Eli Lilly, Cigna, restaurant brands and more

Take a look at some of the biggest pre-market movers:

Eli Lilly (LLY) – The drugmaker’s stock fell 3.6% in premarket after missing its quarterly earnings estimates and slashing its full-year guidance. Lilly’s performance in the quarter was impacted by lower insulin prices and lower sales of its Covid-19 treatment.

Cigna (CI) — The insurance company reported better-than-expected second-quarter earnings and revenue and raised its full-year outlook. Cigna benefited from lower costs resulting from a slow rebound in elective medical procedures. Cigna is up 2.6% in pre-marketing.

Restaurant Brands (QSR) – The parent company of Popeyes, Tim Hortons and Burger King beat revenue and net income estimates for its latest quarter, with comparable restaurant sales also rising more than expected. Restaurant brands added 1.8% to premarket stock.

Alibaba (BABA) – Shares of the Chinese e-commerce giant jumped 5.2% in premarket trading after better-than-expected quarterly results. This came despite stable revenue growth for the first time, due to Covid-19 related lockdowns in China.

Paramount Global (PARA) – Paramount fell 4% in premarket despite better-than-expected quarterly results, which were boosted by the success of “Top Gun: Maverick”. Paramount noted that it spent more on its direct-to-consumer services in the quarter, with its flagship Paramount+ streaming service gaining 4.9 million subscribers.

Shake Shack (SHAK) – Shares of the restaurant chain fell 5.7% premarket despite an expected loss with a breakeven quarter on an adjusted basis. Shake Shake’s revenue missed Wall Street forecasts, and the company said June sales were below expectations after April and May sales came in as expected.

Booking Holdings (BKNG) – The parent company of Priceline and other travel services reported better-than-expected quarterly profit, but revenue missed forecasts and the company said travel difficulties such as flight cancellations reduced its growth in July. Booking Holdings fell 3.1% premarket.

Clorox (CLX) – Clorox shares fell 5.9% in premarket trading as higher costs offset higher prices for the company’s consumer products in its most recent quarter. Revenue fell slightly below estimates, although earnings matched Wall Street forecasts.

Toyota Motor (TM) – Shares of the automaker fell 3.5% in premarket stock after reporting a 42% drop in earnings from a year ago for its latest quarter. Toyota has been hit by supply chain issues and rising costs, which has prevented it from producing as many cars as it had planned.

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