Boeing’s Narrower Loss Fuels Share Jump
Boeing shares surged 3% pre-bell after the aerospace giant reported a narrower-than-expected loss in its latest financial results. The company posted an adjusted loss of $1.13 per share in the first quarter, beating analyst estimates of $1.76 per share. Boeing’s revenue of $16.57 billion also topped expectations of $16.23 billion.
Airbnb Upgrade Boosts Shares
Vacation rental platform Airbnb gained nearly 2% after Mizuho upgraded its rating to buy from neutral. The upgrade was driven by a number of catalysts, including the potential launch of sponsored listings and increased demand from the Summer Olympics. Mizuho set a new price target of $200, suggesting a potential 24% upside.
Biogen’s Alzheimer’s Drug Sales Drive Surge
Biogen shares rose more than 6% premarket after the drugmaker posted earnings of $3.67 per share, exceeding analyst estimates of $3.45 per share. The company attributed the strong performance to cost-cutting efforts and higher-than-expected sales of its Alzheimer’s drug, Leqembi.
Tesla Announces New EV Model, Shares Rise
Shares of Tesla jumped 12% in premarket trading after CEO Elon Musk revealed plans to begin production of a new affordable electric vehicle model by early 2025. However, despite the positive news, Tesla disappointed with its first-quarter earnings, reporting adjusted earnings per share of 45 cents on revenue of $21.3 billion, below analyst expectations of 51 cents and $22.15 billion, respectively. The revenue drop marked the steepest year-over-year decline since 2012, amid slowing EV sales growth across the industry.
Visa Tops Estimates, Shares Gain
Payment company Visa rose more than 2% after reporting stronger-than-expected results for the second fiscal quarter. Visa earned an adjusted $2.51 per share on $8.78 billion of revenue, exceeding analyst estimates of $2.44 per share on $8.63 billion of revenue. Revenue grew by 10% year-over-year.
Texas Instruments Outperforms Expectations
Technology stock Texas Instruments jumped 6.8% after exceeding first-quarter expectations. The company posted earnings per share of $1.20 on revenue of $3.66 billion, beating analyst projections of $1.07 and $3.61 billion, respectively. Texas Instruments also provided guidance for the current quarter that included consensus forecasts from analysts.
Sea Limited Upgraded, Shares Advance
Shares of Southeast Asian tech giant Sea Limited advanced 3.2% after Loop Capital upgraded the company to buy from hold. The upgrade was based on the belief that Sea Limited is moving towards sustained profitable growth.
Mattel Reports Narrower Loss, Shares Rise
Toymaker Mattel’s stock gained 2.7% after its first-quarter loss per share came out narrower than expected. Mattel reported a loss of 5 cents per share, less than the 12 cents anticipated by analysts. However, revenue of $810 million fell short of the consensus estimate of $832 million.
Enphase Energy Tumbles on Earnings Miss
Solar stock Enphase Energy declined nearly 7% after reporting an earnings miss and a downbeat current-quarter revenue outlook. The company reported earnings of 35 cents per share on revenue of $263 million in the first quarter, while analysts had forecast 40 cents and $280 million, respectively. Enphase expects second-quarter revenue between $290 million and $330 million, below the consensus forecast of $349 million.
