Premarket Stock Moves: Disney, Airbnb, Rivian, Amgen

In a busy premarket session on August 7, 2024, several companies made headlines following their earnings reports. Notably, a major firm reported earnings of $1.39 per share on revenue of $23.16 billion, surpassing analyst expectations of $1.19 per share and $23.07 billion in revenue. This positive performance contrasts sharply with Airbnb, which saw its shares plummet nearly 14% after issuing weaker-than-expected revenue guidance for the third quarter, despite forecasting revenue between $290 million and $310 million, exceeding analyst estimates. CVS Health also faced challenges, with its shares slipping 0.3% after reporting second-quarter earnings that exceeded expectations. However, the drugstore chain revised its full-year profit outlook downward due to rising medical costs, now projecting adjusted earnings of $6.40 to $6.65 per share, a decrease from its previous guidance of at least $7 per share. Novo Nordisk experienced a 4% decline in its stock price after reporting second-quarter results that fell short of expectations, despite beating some metrics. The company posted an adjusted loss of $1.13 per share, which was better than the anticipated loss of $1.21, alongside $1.16 billion in automotive revenue. In contrast, Instacart's shares surged over 9% after it exceeded revenue and earnings estimates for the second quarter, reporting earnings of 20 cents per share and $823 million in revenue, significantly surpassing analyst predictions. Additionally, Super Micro announced a 10-for-1 stock split, further drawing attention in the market.