US Premarket: Ford, Meta, Spirit and other stocks making biggest moves

Ford (F)

The automaker’s shares rallied 6.3% in the premarket after beating
profit and revenue estimates for the second quarter. Ford reported earnings of
68 cents per share, much above the consensus estimate of 45 cents a share, as
the automaker had more cars to sell with prices remaining high.

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Meta Platforms (META)

Meta shares fell 4.2% in premarket trading after the social
media giant reported lower-than-expected earnings and revenue for the April-June
quarter. A pullback in digital advertising led to Meta’s first ever revenue
decline.

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Spirit Airlines (SAVE)

Spirit shares added 3.9% in the premarket after it agreed
to be acquired by JetBlue (JBLU) for $33.50 per share in cash. This comes after
shareholders rejected Spirit’s previous deal to merge with Frontier Airlines
parent Frontier Group (ULCC). Frontier shares rose 1.2% while JetBlue stock remained
flat.

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Stanley Black & Decker (SWK)

Shares of the tool marker plunged 12.3% in premarket action
after it reported disappointing results and fell short of analysts’ estimates
on the top and bottom lines. The company slashed its full-year forecast. The
company said the softening of demand accelerated during the last part of the
quarter, although it does expect demand to normalize.

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Comcast (CMCSA)

The stock fell 3.7% in premarket trading despite posting
better-than-expected results for the second quarter. The parent company of NBC
Universal did not saw any growth in broadband subscribers, which it attributed
to strong pandemic signups pulling new business from future quarters.

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Southwest Airlines (LUV)

The airline stock slipped 6.1% in premarket action despite reporting
better-than-expected profit and revenue for the second quarter. Southwest said
said demand continued to be strong. However, it issued mixed guidance and a
prediction of continued rising costs.

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Harley-Davidson (HOG)

Share of the motorcycle manufacturer surged 5% in premarket
trading after it reported better-than-expected second-quarter earnings. The
company retained its earlier full-year guidance despite a two-week production suspension
during the quarter due to a supplier issue.

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Best Buy (BBY)

Shares of the electronics retailer slid 3.8% in premarket
action after it slashed it full-year sales and profit outlook. Demand for
consumer electronic is softening due to high food and fuel prices, Best Buy
said in a statement.

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Etsy (ETSY)

The online marketplace operator’s stock advanced 9.1% in premarket
after reporting better-than-expected quarterly sales and profit. The strong
results came on the back of an increase in ad sales and higher transaction
fees.

Teladoc Health (TDOC)

Shares of the telehealth company slumped 25.3% in premarket
trading as it reported a wider than expected quarterly loss due to a $3 billion
impairment charge.

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Solar stocks

Shares of solar companies rallied in the premarket after
Democratic Sen. Joe Manchin agreed to support a bill that would grant a range
of clean energy incentives. Sunrun (RUN) jumped 11.2%, Sunnova (NOVA) surged 12.9%,
First Solar (FSLR) rallied 9.9% and SunPower (SPWR) advanced 11.9%.