By Check out the companies making headlines before the bell Wednesday.
CVS Health — Shares of the retail pharmacy giant rose 1.8% premarket after the company posted strong earnings and revenue for the second quarter. CVS reported earnings of $2.21 per share on revenue of $88.9 billion. Wall Street analysts expected $2.11 per share on earnings of $86.5 billion, according to Refinitiv.
Kraft Heinz — The food and beverage stock dipped 1% before the bell after reporting mixed quarterly results that fell short of Wall Street’s revenue expectations. Kraft Heinz posted adjusted earnings of 79 cents a share, excluding items, on revenue of $6.72 billion.
Norwegian Cruise Line — The stock fell 3.2% in premarket trading after the company posted its earnings results Tuesday, which indicated weaker-than-expected guidance for the third quarter. The cruise ship operator topped Wall Street’s estimates, however. On Wednesday, Susquehanna downgraded its rating on Norwegian shares to neutral from positive. It maintained its price target of $17, which suggests a 12.4% downside from Tuesday’s close.
SolarEdge Technologies — The solar stock fell 13.4% after the company missed revenue expectations in its second quarter, reporting $991 million compared with the expected $992 million from analysts polled by Refinitiv. The company beat earnings estimates, however, coming out higher than the $2.52 per-share estimate at an adjusted $2.62 per share.
Robinhood — Shares of the retail brokerage moved 2% lower ahead of quarterly results due after the closing bell. Analysts polled by FactSet are forecasting a small quarterly loss of 1 cent.
Freshworks — Shares of the software as a service company popped more than 16% after Freshworks posted second-quarter revenue of $145.1 million, beating analysts’ expectations of $141.4 million as gauged by FactSet. The company also reported earnings per share of 7 cents, surpassing Wall Street’s estimate of 2 cents. Canaccord Genuity analyst David Hynes upgraded the stock to buy from hold and increased his price target to $25 from $15, citing Freshworks’ second-quarter operating margins and improved marketing and sales efficiency.
AMD — The chip stock climbed more than 2% in premarket trading after the company posted better-than-expected second-quarter earnings and revenue. The company’s sales forecast for the third quarter was weaker than expected, however.
Match Group — The Tinder and Match parent jumped 10% on a strong second-quarter earnings report. Match beat Wall Street expectations for both the top and bottom lines and said current-quarter revenue should come in above the consensus estimate of analysts, according to Refinitiv. BTIG upgraded the stock to buy from neutral following the report.
Humana — The health insurer added 5.6% after reporting second-quarter adjusted earnings per share of $8.94, topping the $8.76 anticipated by analysts, per StreetAccount. The company also forecast its Medicare Advantage business will grow by about 825,000 members this year.
Starbucks — Shares of the coffee chain dipped more than 1% after Starbucks reported lighter-than-expected sales for its fiscal third quarter. The company reported $1 in adjusted earnings per share on $9.17 billion of revenue. Analysts surveyed by Refinitiv were looking for 95 cents on earnings per share but $9.29 billion of revenue. The miss came even as same store sales boomed in China.
— CNBC’s Tanaya Macheel, Alex Harring, Yun Li, Jesse Pound, Samantha Subin, Brian Evans and Michelle Fox Theobald contributed reporting.
