Check out the companies that made headlines before the bell: Meta Platforms — Facebook’s parent company plunged more than 14% after reporting a lighter-than-expected second-quarter earnings outlook. However, first-quarter profits and sales both exceeded analysts’ expectations. Honeywell — Industrial shares rose 2.2% in premarket trading after the company posted earnings of $2.25 per share, beating LSEG analysts’ expectations of $2.17. Revenue for the quarter was $9.11 billion, compared to analysts’ expectations of $9.03 billion. Merck — The pharmaceutical giant rose 2.1% after first-quarter profits beat expectations. Merck had adjusted earnings of $2.07 per share on revenue of $15.78 billion. Analyst research conducted by LSEG predicts earnings of $1.88 per share and sales of $15.2 billion. Southwest Airlines — Shares fell nearly 9% as the airline missed out on both revenue and profits. The company reported an adjusted loss of 36 cents per share, more than expected loss of 34 cents, according to LSEG. Sales also came in at $6.33 billion, lower than the expected $6.42 billion. Southwest Airlines, one of Boeing’s biggest customers, warned that delays to Boeing’s planes will hurt the company’s growth through 2025. American Airlines — Shares rose about 6% despite a bigger-than-expected first-quarter loss. American Airlines lost an adjusted 34 cents per share, compared with the 29 cents expected by analysts surveyed by LSEG. However, American Airlines said it expects second-quarter earnings of $1.15 to $1.45 per share, well above the average consensus estimate of $1.18. Chipotle Mexican Grill — Chipotle Mexican Grill shares rose 3% after the fast-casual chain beat Wall Street’s first-quarter expectations. Same-store sales rose 7%, beating Street account expectations of 5.2%. International Business Machines — Shares of the software, hardware and consulting company fell 8.5% after a disappointing first-quarter earnings report. IBM’s revenue of $14.46 billion was below the consensus estimate of $14.55 billion, but the bottom line beat the bottom line of analysts surveyed by LSEG. The company predicted that foreign exchange rates would have a 2 percentage point headwind on sales growth in 2024. IBM also agreed to acquire HashiCorp for an enterprise value of $6.4 billion. Hashicorp shares rose about 4.4%. Caterpillar — According to LSEG, the construction equipment maker fell 4% after its most recent quarter’s revenue of $15.8 billion fell short of analysts’ expectations of $16.04 billion. The company’s earnings per share were $5.60, beating estimates by 46 cents. Deutsche Bank — Deutsche Bank’s U.S.-listed shares rose 6% after the company reported better-than-expected sales and profits on the back of a recovery in its investment banking division. Comcast — Shares fell 0.5% after the cable giant reported better-than-expected first-quarter results but a decline in broadband subscribers. Comcast reported adjusted earnings per share of $1.04 on revenue of $30.06 billion. Analysts surveyed by LSEG had expected earnings of 99 cents per share on revenue of $29.81 billion. Although the number of subscribers decreased, price increases contributed to the increase in revenue. Align Technology — The orthodontic company rose 5.1% after its first-quarter results beat analysts’ expectations. Align’s adjusted earnings were $2.14 per share on sales of $997.4 million, beating the estimates of analysts surveyed by LSEG of $1.97 per share on sales of $974 million. ServiceNow — The workflow management company fell 4% after its first-quarter revenue narrowly beat analysts’ expectations. According to LSEG, revenue came in at $2.6 billion, slightly higher than Street estimates of $2.59 billion. Adjusted profit also exceeded expectations. Disclosure: Comcast is the parent company of NBCUniversal and CNBC. — CNBC’s Tanaya Macheel, Samantha Subin, Jesse Pound, Pia Singh and Alex Harring contributed reporting.
Meta, Merck, Southwest, etc.
