Check out the companies making headlines before the market opens. Disney — Shares fell about 1% after the media giant reported quarterly results that beat analysts’ expectations, in part due to a strong performance from its streaming unit. The company earned $1.39 per share (excluding items) on revenue of $23.16 billion. Analysts expected earnings of $1.19 per share and revenue of $23.07 billion, according to LSEG. Airbnb – Third-quarter revenue guidance was weaker than expected, causing Airbnb’s stock price to fall nearly 14% before the market opened. The company expects revenue in the range of $3.67 billion to $3.73 billion. Analysts expected $3.84 billion. Reddit — The social news company rose 1% in pre-market trading. Reddit posted second-quarter results that beat Wall Street forecasts for revenue and profit and also had better-than-expected daily active user metrics. The company also forecast a higher-than-expected third-quarter revenue outlook of $290 million to $310 million, while analysts polled by LSEG expected $279 million. Lyft — Shares of Lyft fell more than 13% after the ride-hailing company issued disappointing third-quarter revenue guidance. Lyft expects revenue in the range of $90 million to $95 million, while analysts expected revenue of $103.4 million, according to StreetAccount. CVS Health — CVS Health reported second-quarter earnings that beat expectations but cut its full-year profit forecast due to rising medical costs, sending the pharmacy chain’s shares down just 0.3%. CVS now expects 2024 adjusted earnings of $6.40 to $6.65 per share, down from previous guidance of at least $7 per share. Novo Nordisk — Wegovy drugmaker reported weaker-than-expected second-quarter results, sending its shares down about 4%. Novo Nordisk also lowered its full-year operating profit forecast. Optimism about the popular weight-loss drug has pushed shares up more than 25% so far this year, but the latest report has stoked concerns that the company is facing pressure from Eli Lilly’s Mounjaro and Zepbound pressure. Rivian — Shares of Rivian fell 9% after the electric vehicle company reported a widening net loss in the second quarter. Rivian reported a net loss of $1.46 billion, compared with $1.2 billion last year. The company did beat expectations on some metrics. LSEG said its adjusted loss per share of $1.13 and automotive revenue of $1.16 billion beat analysts’ expectations for losses of $1.21 and $1.14 billion. Amgen — Shares of Amgen fell 3% after the biotech stock tightened its full-year profit outlook and reported lower-than-expected second-quarter profit due to higher operating expenses. Amgen expects adjusted earnings per share this year to be in the range of $19.10 to $20.10, compared with its previous forecast of $19 to $20.20. Instacart — The grocery delivery company beat second-quarter revenue and profit estimates, sending its stock soaring more than 9%. Instacart earned 20 cents per share on revenue of $823 million, beating analysts’ expectations of 13 cents per share on revenue of $807 million, according to LSEG. Super Micro Computer – Super Micro’s adjusted profit fell short of analysts’ expectations, sending its shares down more than 14%. The company reported fourth-quarter earnings excluding items of $6.25, while analysts polled by LSEG expected earnings of $8.07 per share. Super Micro also announced a 10-for-1 stock split. Advanced Micro Devices — Shares rose nearly 2% after Piper Sandler reiterated AMD as a top pick and said the stock should gain significant market share in traditional servers. Analyst Harsh Kumar has a price target that implies potential upside of more than 30%. —CNBC’s Fred Imbert, Jesse Pound, Sarah Min and Michelle Fox Theobald contributed reporting.
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