Stocks making the biggest premarket moves: Uber, Pfizer, Chegg, Dell & more

Travelers wait for an Uber rideshare vehicle at Los Angeles International Airport (LAX) on February 8, 2023 in Los Angeles, California.

Mario Tama | Getty Images

Check out the companies making the biggest moves in premarket trading:

Uber Technologies — Shares gained nearly 8% after reporting revenue of $8.82 billion for the first quarter, topping the $8.72 billion expected by analysts polled by Refinitiv. The ride sharing company also posted an adjusted 8 cents loss per share, less than the 9 cents expected by analysts.

Pfizer — Shares of the drug maker rose more than 1% in premarket trading after the company topped earnings and revenue expectations for the first quarter, according to Refinitiv, despite experiencing a 75% decline in sales of Covid vaccines from the same quarter a year ago.

Chegg — Chegg shares tumbled 42% in premarket trading after CEO Dan Rosensweig said he expects artificial intelligence is “having an impact on our new customer growth rate.” Chegg issued a weak second-quarter revenue outlook. Otherwise, the online education firm beat first-quarter expectations on the top and bottom lines. Following the results, Jefferies downgraded the stock to hold from buy.

Dupont de Nemours — The stock sank nearly 5% in the premarket after the company gave weak guidance for the second quarter, with both earnings per share and revenue forecasts coming in under Wall Street’s expectations. Dupont cited a delay in the electronics market’s recovery.

Arista Networks — Shares dropped 8.5% despite the company topping Wall Street’s expectations for the recent quarter on the top and bottom lines and sharing upbeat guidance. The decline came as Arista Networks said it expects moderating spending and slowing growth from its “cloud titans.”

Stryker — Shares dropped 3.3% after the medical technologies company warned that full-year sales and earnings per share will be unfavorably impacted if foreign exchange rates stay near their current levels. However, its adjusted earnings per share and revenue for the first quarter beat estimates, per Refinitiv.

NXP Semiconductors — Shares of the chip maker jumped about 5% after the company beat analysts’ expectations for first-quarter revenue and operating income. Revenue guidance for the second quarter was better than anticipated as well.

Dell Technologies — The stock added nearly 3% in the premarket after being upgraded by Morgan Stanley to overweight from equal weight. The Wall Street firm said it believes the personal computer market is forming a bottom.

Coinbase — Shares of the cryptocurrency exchange fell 1.4%, after a downgrade from Citigroup cited looming regulatory threats that could afflict the core business. The firm also noted potential legal action from the U.S. Securities and Exchange Commission over a March Wells notice as another headwind.

BP — U.S.-listed shares of the British energy giant slid about 5% after the company slowed share buybacks, announcing a further share buyback of $1.75 billion, after completing its previously announced $2.75 billion share buybacks in April. However, its first-quarter revenue beat analysts’ expectations, according to Refinitiv.

HSBC — The global bank saw its shares jump nearly 6% in premarket trading after it reported first-quarter earnings that beat consensus estimates. The company is also planning an up to $2 billion share buyback after its annual general meeting.

Marriott International — The hotel stock rose about 2% after Marriott beat estimates on the top and bottom lines for the first quarter. The company reported $2.09 in adjusted earnings per share on $5.62 billion of revenue. Analysts surveyed by Refinitiv had penciled in $1.84 in adjusted earnings per share on $5.41 billion in revenue. CEO Anthony Capuano said in a press release that the lifting of travel restrictions in Asia helped boost growth.

— CNBC’s Tanaya Macheel, Brian Evans, Samantha Subin, Jesse Pound and Sarah Min contributing reporters.

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Stocks making the biggest premarket moves: Uber, Pfizer, Chegg, Dell & more

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