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Stocks making the biggest moves premarket: NFLX, TSLA, UAL

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The Netflix logo is shown on one of their Hollywood buildings in Los Angeles, California, July 12, 2023.

Mike Blake | Reuters

Check out the companies making headlines before the bell.

Netflix — The streaming giant shed nearly 7% after reporting mixed quarterly results. Netflix posted earnings of $3.29 a share on $8.19 billion in revenue. Analysts surveyed by Refinitiv anticipated earnings o of $2.86 per share and $8.30 billion in revenue. Netflix also said it’s too early to break down revenue from its new ad-supported tier and password crackdown.

Tesla — Shares lost about 4% before the bell. The electric vehicle maker reported second-quarter earnings that topped Wall Street’s expectation on the top and bottom lines, and record quarterly revenue. Operating margins, however, fell to the lowest level in at least the past five quarters as a result of recent price cuts.

IBM — The tech stock dipped about 1% after the company reported a revenue miss for the second quarter, caused partly by a slump in the infrastructure division. However, IBM reported earnings that topped analysts’ estimates as the company expanded its gross margin. 

Johnson & Johnson – The pharmaceutical giant saw shares rise more than 1% after it posted better-than-expected earnings and hiked its full-year guidance after seeing a surge in sales in its medtech division, which provides devices for surgeries, orthopedics and vision. J&J posted adjusted earnings of $2.80 per share on revenue of $25.53 billion, beating the Refinitiv estimate of $2.62 per share on revenue of $24.62 billion.

Las Vegas Sands — The resort-and-casino stock fell 2% despite beating analyst expectations for its second quarter. Las Vegas Sands posted 46 cents in adjusted earnings per share on $2.54 billion in quarterly revenue, while analysts polled by Refinitiv forecasted 46 cents in earnings per share and revenue at $2.39 billion.

Taiwan Semiconductor – Shares of the chipmaker slid more than 2% after the company posted its first profit drop in four years as demand for consumer electronics continued to slump. Taiwan Semi posted net income of 181.8 billion New Taiwan dollars, which was higher than the Refinitiv estimate of NT$172.55 billion. Revenue for the quarter beat expectations too.

Discover Financial — The financial services company shed more than 12% after reporting second-quarter results that fell short of Wall Street’s expectations on both the top and bottom lines. Discover Financial reported earnings of $3.54 a share on $3.88 billion in revenue. Analysts expected earnings of $3.67 per share on revenue of $3.89 billion.

United Airlines — Shares rose 3% after United Airlines reported record quarterly earnings and said it expects a strong third quarter as travel demand surges.

Zions Bancorp — The regional bank jumped more than 7% after posting second-quarter earnings. During the period, the company reported a rebound in customer deposits. Earnings came in line with analyst expectations at $1.11 a share.

American Airlines — The airline stock lost 1% even after posting second-quarter results that surpassed analyst expectations. American Airlines also lifted its profit forecast for the year amid the ongoing travel boom.

D.R. Horton — The homebuilding stock rose 4% as strong demand in new home construction helped it top quarterly expectations. D.R. Horton reported earnings of $3.90 per share on $9.73 billion in revenue. Analysts polled by Refinitiv expected earnings of $2.79 per share on revenue of $8.39 billion.

Blackstone — Blackstone lost 3% after second-quarter revenue fell short of expectations. The company reported earnings of 92 cents a share on $2.35 billion in revenue. Analysts polled by Refinitiv expected earnings per share of 92 cents and $2.43 billion in revenue.

Anheuser-Busch – Shares of the beleagured beermaker rose less than 1% in premarket trading after Morgan Stanley upgraded Anheuser-Busch to overweight. The stock presents a “very favourable risk reward” after a controversy around Bud Light caused shares to slide, according to Morgan Stanley.

— CNBC’s Tanaya Macheel, Alex Harring, Jesse Pound and Yun Li contributed reporting

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