Stocks making the biggest moves premarket: Procter & Gamble, CSX, PPG Industries and more
In this photo illustration a Procter and Gamble logo seen displayed on a smartphone with stock market percentages in the background.
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Check out the companies making headlines before the bell:
Procter & Gamble Company – Shares gained about 1.5% in the premarket after the consumer goods giant’s earnings and revenue for its fiscal third quarter topped Wall Street’s expectations. Procter & Gamble also boosted its forecast for organic sales growth for fiscal 2023 to 6% from its earlier forecast of 4% to 5%.
CSX Corporation – Shares climbed 2.4% after CSX’s first-quarter results topped expectations. The transportation company reported 48 cents per share and revenue of $3.71 billion. Analysts polled by Refinitiv had anticipated earnings of 43 cents per share and $3.58 billion in revenue.
W.R. Berkley – The commercial lines insurer stock dropped 3% after posting net premiums earned of $2.49 billion in its first quarter. That’s lower than the $2.53 billion expected by analysts, according to consensus expectations from FactSet. The firm also reported operating per-share earnings of $1, lower than $1.10 per share a year ago.
PPG Industries – Shares rose 0.8% in the premarket after PPG Industries posted better-than-expected second-quarter guidance. The paint manufacturer expects adjusted earnings will be $2.05 to $2.15 per share, greater than analysts’ estimates of $1.96 per share.
ContextLogic – ContextLogic shares advanced 16% in premarket trading after the online e-commerce platform announced a $50 million share repurchase program.
Regions Financial – Shares were 0.6% higher after the company reported mixed quarterly results. The regional bank posted per-share earnings that missed estimates, while revenue held in line with expectations, according to consensus expectations from Refinitiv. However, it posted net interest income of $1.42 billion, greater than the $1.4 billion consensus estimate from FactSet.
Schlumberger N.V. – The energy stock fell 0.6% even after the drilling firm topped first-quarter expectations on the top and bottom lines. The firm reported adjusted earnings of 63 cents per share on revenue of $7.74 billion. That’s greater than the consensus expectation for per-share earnings of 60 cents on revenue of $7.44 billion, according to Refinitiv.
Freeport-McMoRan – Shares of the mining firm slid 1.1% in the premarket ahead of the Freeport-McMoran’s conference call discussing its latest quarterly results.
AT&T – The telecommunications stock climbed 0.8% after HSBC upgraded AT&T to a buy rating. The Wall Street firm recommends investors buy shares in the telecommunications giant, which dropped sharply the prior day on the back of a revenue miss.
Philip Morris International – The stock was 0.3% higher after Goldman Sachs said it remains bullish on Philip Morris International even after the tobacco stock’s sharp drop on earnings. The firm reiterated a buy rating.
— CNBC’s Michelle Fox contributed reporting