U.S. stock futures are showing a positive start to the day, with the Nasdaq futures gaining around 100 points on Monday. However, the pre-market trading session saw a number of stocks taking a dip, with Koninklijke Philips N.V. (PHG) leading the decline.
Philips shares plummeted by 17.2% to $26.24 in pre-market trading after the company reported disappointing third-quarter results. The Dutch conglomerate missed both earnings and revenue estimates, reporting adjusted EPS of 0.32 euros (or $0.35) compared to the consensus of 0.35 euros. Sales also came in below expectations at 4.38 billion euros ($4.74 billion), down 2% year over year and missing the consensus of 4.54 billion euros. The company also revised its 2024 outlook due to weak demand in China, further contributing to the share price drop.
Here’s a closer look at other notable pre-market movers:
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Tevogen Bio Holdings Inc. (TVGN)
shares fell 10.8% to $2.72 after surging 19% on Friday.*
Borr Drilling Limited (BORR)
dipped 6.8% to $4.38 in pre-market trading. The company announced the pricing of an offering of additional 10.375% senior secured notes due 2030 for gross proceeds of $175 million.*
Bowhead Specialty Holdings Inc. (BOW)
shares fell 5.6% to $27.77 in pre-market trading. Bowhead Specialty priced its 4 million common share secondary offering at $29 per share.*
W&T Offshore, Inc. (WTI)
shares fell 5.6% to $2.03 in pre-market trading.*
Clear Channel Outdoor Holdings, Inc. (CCO)
fell 4.3% to $1.5500 in pre-market trading. Clear Channel Outdoor announced the termination of an agreement to sell its business in Spain to a subsidiary of JCDecaux following regulatory review.*
Obsidian Energy Ltd. (OBE)
fell 2.9% to $5.74 in pre-market trading. Obsidian Energy will release its third-quarter 2024 financial and operational results before the markets open on Thursday, Oct. 31.Investors will be closely watching to see how these stocks perform during the regular trading session as well as how the broader market reacts to the latest earnings reports and economic data.
