US Premarket: Biogen, Merck, Baker Hughes and other stocks making biggest moves
- Biogen jumped 2.4% after reporting an adjusted profit of $5.25 per share
- Baker Hughes tumbled 6% after reporting adjusted earnings of 11 cents per share
- Merck declined 1.5% in the premarket
Biogen jumped 2.4% in the premarket after reporting an adjusted profit of $5.25 per share for the second quarter, beating the consensus estimate of $4.06. Revenue also exceeded analysts’ forecasts. The strong results came even as Biogen said it faces increasing generic and biosimilar competition for its Tecfidera and Rituxan drugs.
Baker Hughes (BKR)
Shares of the oilfield services company tumbled 6% in premarket action after it reported second-quarter adjusted earnings of 11 cents per share, just half of what analysts had anticipated. Revenue also fell short of estimates, with Baker Hughes citing various challenges including component shortages and supply chain inflation.
Merck declined 1.5% in the premarket after its Keytruda cancer drug failed to meet its goal in a late-stage study focused on head and neck cancer patients.
Netflix surged 6.1% in premarket action after reporting subscriber losses that were substantially below expectations. The streaming services said it would add a net 1 million new subscribers this quarter. Netflix posted better-than-expected quarterly earnings, though revenue fell marginally below Wall Street estimates.
ASL slid 1.04% in premarket trading after the Netherlands-based semiconductor manufacturing equipment maker cut its full-year sales forecast. ASML posted better-than-expected quarterly earnings but said its customers are turning somewhat cautious in anticipation of slowing chip demand.
Cal-Maine Foods (CALM)
Cal-Maine added 1% in premarket trading after reporting robust top and bottom line growth for its latest quarter. The nation’s largest egg producer was supported by higher egg prices but also witnessed feed costs that it expects to continue in fiscal 2023.
Elevance Health (ELV)
Shares of the health care and insurance company fell 2.90% after beating top and bottom line second-quarter estimates and raising its full-year forecast. Elevance’s profits came on the back of a strong performance in its pharmacy benefits management unit.
Shares of casino operators rose in premarket trading following a Reuters report that Macau would reopen casinos on Saturday amid a decline in Covid infections. Las Vegas Sands (LVS) added 1.5% while Wynn Resorts (WYNN) gained 1.9%.