Pre-market trading on Tuesday brought mixed reactions for several notable companies as they reported their financial performances.
McDonald’s
faced a decline of nearly 2% in its stock value after failing to meet analysts’ earnings expectations. The fast food giant also fell short of anticipated same-store sales growth, with worldwide sales increasing by 1.9%, below the expected 2.1%.
Stellantis
, the automotive manufacturer previously known as Chrysler, experienced a 3.6% loss in stock value. First-quarter revenue fell short of expectations, declining by 12% due to reduced sales and foreign currency effects. However, the company maintained strong net pricing.
Coca-Cola
shares dipped by approximately 0.4% despite slightly surpassing analysts’ expectations. The beverage company reported adjusted earnings per share of 72 cents and revenue of $11.30 billion. Price increases and product mix alterations were cited as the primary drivers of revenue growth.
Tesla
, after experiencing a significant 15.3% surge on Monday, saw its stock value retreat by 1.9% in pre-market trading. This decline may be attributed to investors cashing in on the previous day’s gains. Notably, Tesla has received approval from China to launch its advanced driver-assistance service technology within the country.
HSBC
, Europe’s largest bank by assets, witnessed a 4.2% increase in its stock value after exceeding first-quarter earnings estimates and announcing the departure of its Group Chief Executive Officer, Noel Quinn. HSBC’s revenue for the period amounted to $20.8 billion, surpassing analysts’ forecasts of $16.94 billion. The bank also reaffirmed its financial guidance for 2024.
Eli Lilly
’s stock climbed by nearly 7% following the release of its first-quarter results. The company reported adjusted earnings per share of $2.58, beating consensus estimates of $2.46. Eli Lilly raised its full-year guidance for adjusted earnings and revenue, exceeding analysts’ expectations.
3M
shares gained 7.7% after the industrial products manufacturer posted earnings of $2.39 per share on revenues of $7.72 billion. This outperformed analysts’ estimates of $2.10 per share on adjusted revenues of $7.63 billion. Notably, 3M announced a reduction in its dividend, which had been consecutively increased for 64 years, following the spin-off of its healthcare unit earlier this month.
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