M, META, APPL, NVS and more
Check out the companies making the biggest moves in premarket trading: Macy’s — The department store reported a second-quarter revenue beat and raised its full-year guidance for net sales, comparable sales and earnings per share. It was unclear if its quarterly EPS of 40 cents was comparable to the 37 cent LSEG consensus estimate. Shares slipped 1.6%. Meta Platforms — The parent of Facebook and Instagram added 1.4% on the back of an upgrade at JPMorgan . The firm sees “meaningful upside potential” as Meta rolls out its artificial intelligence models and products. Apple — The tech giant rose 1%, a day after it unveiled its foldable iPhone and other products. Investor response was muted Wednesday, with the stock closing slightly lower. Novartis — The Swiss drugmaker rose nearly 2% after Reuters reported a major shareholder called for an overhaul of Novartis’ board to boost corporate governance. Shares fell earlier this week after the company saw three drug trial setbacks. Copper miners — Shares of miners fell alongside copper prices. The threat of tariffs has pushed the metal higher this year, but prices fell Thursday after hitting a record high in earlier trading. Freeport-McMoRan tumbled nearly 7% and Southern Copper shed more than 6%. AeroVironment — Shares of the drone manufacturer jumped more than 5% after first-quarter results trounced estimates. AeroVironment earned 59 cents per share on an adjusted basis and posted revenue of $480 million. Analysts polled by LSEG sought 25 cents a share on $456 million. American Eagle Outfitters – The teen apparel retailer fell more than 15%. American Eagle’s comparable sales in the second quarter declined 1%, versus analysts’ call for a decline of 0.6%. The company forecast operating income in the current quarter to range from $110 million to $115 million, versus the StreetAccount consensus estimate of $124.3 million. Navan – The maker of the software platform with a focus on business travel and expenses sank 15.4%. Navan posted second-quarter adjusted earnings of 5 cents a share, only narrowly beating the 4 cents per share analysts anticipated, per FactSet. Navan also announced the acquisition of events platform BoomPop, but financial terms were not disclosed. Cooper Companies – The maker of medical devices slid roughly 17% after fourth-quarter projections came in shy of the Street’s estimates. Cooper sees revenue ranging from $1.057 billion to $1.08 billion and adjusted earnings of $1.05 to $1.09 per share. The LSEG consensus estimate sought $1.11 billion and $1.19 per share. Enbridge – The energy and distribution company saw shares slide nearly 3% after announcing it would acquire Tallgrass Energy’s crude transportation business for $2.55 billion. Kinetik – The energy pipeline company moved 4.6% higher following a Bloomberg News report that it is exploring options, including a potential sale.
