Stocks making the biggest moves premarket: KO, SHW, JNJ
Check out the companies making headlines before the bell: Coca-Cola — Shares popped 2% after the beverage company topped earnings expectations and hiked its full-year outlook. Coca-Cola posted adjusted earnings per share of 97 cents, more than the 93 cents anticipated by analysts polled by LSEG. Revenue of $13.38 billion also exceeded the $13.16 billion expected. Sherwin-Williams Company — The paint manufacturer rose nearly 6% after reporting second-quarter results that beat the Street. Sherwin-Williams earned an adjusted $3.70 per share on revenue of $6.79 billion. Analysts polled by FactSet expected a profit of $3.52 per share on revenue of $6.6 billion. The company also hiked its full-year earnings outlook. Hilton Worldwide Holdings — The hospitality stock dipped 2.7% after Hilton’s current quarter guidance missed expectations, though it reported a beat in second quarter earnings and revenue. The company issued guidance of $2.28 to $2.34 earnings per share in the third quarter, missing the FactSet consensus estimate for $2.43 per share. Johnson & Johnson — The health and pharma giant rose more than 2% after it agreed to settle thousands of lawsuits alleging some of its talc products caused ovarian cancer. J & J will pay a combined $5.5 billion to resolve the lawsuits. Corning — The glassmaker plunged 16% on a mixed quarterly report. Q2 earnings and revenue were above analyst estimates, but revenue guidance for the current quarter of $4.9 billion to $5 billion was about in line with FactSet consensus. Cadence Design Systems — Shares rose 3% after the chip design company posted second quarter adjusted earnings of $2.11 per share, beating the LSEG consensus estimate of $2.05 per share. Revenue of $1.58 billion came in line with expectations. Rambus — Shares slid more than 4%, even after the maker of memory interface chips posted a beat in the second quarter. Rampus reported adjusted earnings of 77 cents per share on revenues of $207 million. Analysts polled by LSEG had expected earnings of 72 cents per share on revenues of $198 million. Universal Health Services — The hospital and healthcare services provider dropped 3% after the company lowered its full-year guidance. Universal Health Services now expects adjusted earnings in the range of $22.28 to $23.65 per share, down from prior guidance of $22.64 to $24.52 per share, for the year ending December. Welltower — The senior housing real estate investment trust climbed 4.5% after Welltower raised its full-year guidance. It called for normalized funds from operation in a range of $6.36 to $6.44 per share, topping the FactSet consensus estimate of $6.30. Happen — The bank formerly known as LendingClub saw shares advance more than 6%. Full-year guidance for earnings of $1.80 to $1.90 per share surpassed the FactSet consensus of $1.74 per share. The company sees loan originations ranging from $12.2 billion to $12.6 billion for the year. Cincinnati Financial — The stock dipped nearly 2% after the insurer posted disappointing second quarter results. Operating earnings of $1.43 per share missed the FactSet consensus estimate of $1.84 per share. Net premiums of $2.64 billion came in below the $2.66 billion anticipated by analysts. — CNBC’s Darla Mercado contributed reporting.
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