United Airlines, Netflix, Morgan Stanley, and More Stocks Making Big Moves Premarket

‍United Airlines

In premarket trading, United Airlines lost 0.9% after reporting a net loss for the first quarter. The company reported 63 cents in loss per share, which is 10 cents less than the 73-cent loss based on analysts' estimates. Revenue rose slightly to $11.43 billion, slightly higher than the estimated $11.42 billion. 

‍

Interactive Brokers Group

As a result of disappointing earnings from the electronic broker for the first quarter, its shares declined 3.7% after the company reported earnings per share of $1.35, lower than analysts' consensus estimates of $1.41.

‍

Netflix

There was a more than 2% drop in shares of the streaming giant after it revealed mixed results regarding its delayed crackdown on password-sharing, which was initially planned for the first quarter after the company reported mixed results on its results. Refinitiv's analyst consensus for revenue was slightly below what was expected, but earnings outperformed expectations.

‍

Western Alliance

‍

After Western Alliance reported that its deposits had declined 11% in the first quarter, shares of the beaten-down regional bank soared by more than 20% in premarket trading. Despite Western Alliance's net income dropping by more than 50% from the previous quarter, Wedbush upgraded the stock to outperform.

‍

Travelers

It reported adjusted earnings of $4.11 per share on $9.40 billion in net premiums, beating Wall Street's expectations. The stock rose as much as 3% before the bell.

‍

Intel

A year after it began producing Blockscale bitcoin mining chips, the semiconductor manufacturer announced it was discontinuing them.

‍

Abbott Laboratories

In addition to beating top- and bottom-line expectations, the medical device company reaffirmed guidance. Analysts polled by FactSet expected 99 cents in earnings per share on $9.67 billion in revenue for the first quarter, while the company reported $1.03 in earnings per share on $9.75 billion in revenue. According to the company, adjusted earnings per share for the full year are expected to be between $4.30 and $4.50, in line with analysts' estimates of $4.39. 

‍

U.S. Bancorp

U.S. Bancorp beat earnings and revenue expectations in the first quarter. Shares rose 1.7%. The bank reported $1.16 earnings per share and $7.18 billion in revenue, while analysts polled by Refinitiv had predicted $1.12 earnings per share and $7.12 billion in revenue. In the meantime, the bank reported $387 billion in deposits at the end of its first quarter. 

‍

Rivian Automotive

As a result of being downgraded to sector perform from outperform by RBC Capital Markets, the electric-vehicle maker declined about 2%. Although the Wall Street firm remains optimistic about the stock in the long run, its price target was slashed by half, to $14 from $28. It sees limited catalysts to boost profitability in the near term.

‍

ASML Holding

After the chipmaker reported net bookings for the first quarter were 46% down year-over-year because customers are working through inventories in mixed signals, shares of the chipmaker dropped 2.6% in early morning trading. Although ASML reported a quarter-end earnings beat, shares dropped.

‍

Boeing

In premarket trade, shares of the industrial giant fell 0.6% after CEO Dave Calhoun said that the supply chain plan for more production of its bestselling jetliner this year won't be hindered by a flaw detected in some of its 737 Max planes. A defect with some of the company's 737 Max planes was reported last week, which could delay deliveries.

‍

Morgan Stanley

Following the announcement of the bank's quarterly earnings, shares fell 3.2%. In its first quarter, the bank earned $1.70 per share, beating analysts' estimates of $1.62. As equities and fixed-income trading units performed better than expected, revenue was $14.52 billion, exceeding Refinitiv's consensus estimate of $13.92 billion. There was a 11% increase in revenue from wealth management from a year ago. In early trading, shares of the bank declined by 2% despite the results, despite outperforming most other banks this year.

‍

Ally Financial

Digital financial services company shares fell 1.3% after it missed Wall Street's expectations for earnings and revenue in the first quarter. According to FactSet, Ally earned 82 cents per share, while analysts were expecting 86 cents. FactSet analysts estimated $2.07 billion in adjusted net revenue for the bank, but actual revenues came in at only $2.05 billion.  

‍

Intuitive Surgical

Shares of Intuitive Surgical jumped 8.1% following a beat on earnings and revenue. Against a consensus estimate of $1.20 per share, FactSet reported adjusted earnings per share of $1.23. The company's revenue increased by 14% to $1.70 billion from $1.59 billion.

‍

Tesla

A 2% drop in shares followed Tesla's announcement on Wednesday that it would cut prices on some of its Model Y and Model 3 electric vehicles. In the U.S., Tesla has lowered prices six times this year, ahead of Wednesday's earnings report.

‍

 Zions Bancorporation

Before the regional bank's earnings report after the bell on Wednesday, stock prices rose nearly 4% in premarket trading. Since last month's collapse of Silicon Valley Bank, its peer Western Alliance reported that deposits have stabilized, giving investors reason to be optimistic.

‍

CDW

As a result of weaker-than-expected preliminary earnings, the shares of the IT company fell 10.6%. Analysts expect CDW's revenue to reach $5.58 billion in the quarter, but the company has issued revenue guidance of $5.1 billion. A more cautious buying environment amid economic uncertainty significantly impacted the company's earnings. In addition, earnings are expected to fall "modestly below" 2022 levels for the full year.

‍

Citizens Financial Group

A disappointing first-quarter earnings report sent shares down almost 4%. Analysts had estimated $1.13 in earnings per share for Citizens Financial, according to Refinitiv data. Analysts expected $2.14 billion in revenue from the company. The company reported $2.13 billion in revenue. To $172.2 billion, Citizens Financial reported a decline in deposits of 4.7%.

‍