Stocks making the biggest premarket moves: Eli Lilly, Travelers, United Airlines, Alcoa and more

Keep an eye on the companies making major waves in premarket trading:

Eli Lilly and ResMed

– Eli Lilly’s shares climbed 2% after it revealed its obesity drug, Zepbound, could potentially treat obstructive sleep apnea patients. This news saw a nearly 4% drop in ResMed shares, a company that produces devices to tackle this sleep-related breathing disorder.

Travelers

– The insurance company’s shares were down almost 5% following a first-quarter earnings and revenue shortfall. Earnings per share were $4.69, which fell short of the $4.90 analysts’ estimate. Travelers attributed the earnings shortfall to a surge in catastrophe losses.

United Airlines

– The airline’s shares ramped up 6% the day after it reported an adjusted first-quarter loss of 15 cents, less than analysts’ prediction of a 57 cent loss. United Airlines also surpassed quarterly revenue expectations.

J.B. Hunt Transport Services

– A disappointing earnings and revenue report for the first quarter resulted in an 8% decline in the company’s shares. J.B. Hunt cited weaker domestic demand for the downturn.

ASML Holding

– Shares listed in the U.S. dropped 5% after the Dutch semiconductor company reported lower than estimated revenue and new bookings.

Urban Outfitters

– The retail company’s shares dipped 5% following a judgemental downgrade to underperform from hold by Jefferies. The firm cited a slowdown in foot traffic growth at Urban Outfitters’ branded stores as the reason.

Omnicom

– The company’s shares increased by nearly 3% after it reported better-than-expected earnings and revenue for the first quarter. Organic revenue growth was 4%, higher than the 3.2% analysts had predicted.

Autodesk

– Shares in the software company dropped 5% after Autodesk announced a further delay in its annual 10-K filing due to an internal board of directors investigation.

Alcoa

– Shares rose nearly 3% following reports that President Joe Biden may triple the China tariff rate on steel and aluminum imports during an upcoming visit to the United Steelworkers headquarters. Alcoa is set to report earnings after the close of trading.

E.l.f. Beauty

– Following an upgrade to buy from hold by TD Cowen, the beauty company’s stock rallied 2.6%. The firm praised new product launches and anticipates revenue could potentially double over the next three years.

Ferrari

– Shares increased 1.8% after Bernstein reaffirmed an outperform rating on Ferrari. The analyst stated the Italian luxury sports car maker is “on track to overcoming the electrification challenge.” The analyst’s $512 price target suggests a 24% increase from Tuesday’s closing price.

Abbott Laboratories

– Despite exceeding first-quarter expectations and lifting the midpoint of its full-year guidance, shares saw a minor dip. Abbott Laboratories posted adjusted earnings per share that were 3 cents higher than the expected 95 cents. Revenue also beat expectations.

Capri Holdings

– Shares dropped 1.5% after the New York Times reported the Federal Trade Commission was readying to obstruct the company’s $8.5 billion acquisition of Tapestry. However, parent company of Coach and Kate Spade, Tapestry’s shares grew 1.8%.

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Stocks making the biggest premarket moves: Eli Lilly, Travelers, United Airlines, Alcoa and more

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