Check out the companies making the biggest moves in premarket trading:
Tesla — The electric vehicle maker tanked about 7% after reporting net income and earnings that fell more than 20% from last year. CEO Elon Musk said an uncertain macroenvironment could impact people’s decisions to buy cars.
IBM — The tech stock rose more than 1% in premarket trading after the company reported an earnings beat. IBM posted adjusted earnings of $1.36 per share, compared to $1.26 per share as expected by analysts, according to Refinitiv. However, its revenue came in below expectations as parts of the company’s infrastructure business showed a slowdown.
American Express — Shares dipped 1.3% after the payments company reported adjusted earnings per share of $2.40 for the first quarter, below StreetAccount’s estimates of $2.66. However, revenue topped expectations, coming in at $14.28 billion compared to the $13.98 billion expected.
F5 — The cloud-based software company’s shares were down about 7% after a mixed second fiscal quarter earnings report. F5 posted $2.53 adjusted earnings per share and $703.2 million in revenue. Analysts had anticipated earnings per share of $2.42 and $698.4 million in revenue, according to FactSet data. The company also announced it would be reducing its global headcount by 620 employees, or 9% of its workforce.
Bath & Body Works — Shares dipped 3.7% following a downgrade to neutral from overweight by Piper Sandler. The Wall Street firm said persisting margin pressures are limiting potential upside.
Las Vegas Sands — The casino operator added 5.5% after posting adjusted earnings per share of 38 cents for the first quarter, beating the 20 cents expected of analysts polled by Refinitiv. The company also topped revenue estimates.
AT&T — The telecommunications giant fell 4.6% after reporting mixed earnings for the first quarter. Its revenue of $30.14 billion missed analysts’ estimates of $30.27 billion, per Refinitiv. However, adjusted earnings per share came in at 60 cents, slightly above the 59 cents expected.
Zions Bancorporation — Shares tumbled 4.5% after the regional bank reported earnings per share of $1.33, missing analysts’ expectations of $1.53, according to Refinitiv. Zions also reported $679 million in net interest income, below estimates of $687.5 million, per StreetAccount.
D.R. Horton — Shares popped nearly 5% in the premarket after the homebuilder reported an earnings and revenue beat for its second quarter. Earnings per share was $2.73, versus the $1.93 expected by analysts, per StreetAccount. Revenue came in at $8 billion, compared to the $6.45 billion expected.
Alaska Air — Shares of the mid-sized airline fell more than 1% after Alaska reported wider-than-expected losses for the first quarter. The company lost an adjusted 62 cents per share on $2.20 billion of revenue. Analysts surveyed by Refinitiv expected a loss of 48 cents per share on $2.19 billion of revenue. Alaska’s net loss was flat year over year.
KeyCorp — The financial services company’s shares declined about 3% after posting an earnings and revenue miss in the first quarter. The bank reported per-share earnings of 30 cents and revenue of $1.71 billion. Analysts polled by FactSet had estimated 44 cents earnings per share and $1.79 billion in revenue. KeyCorp said that its average deposits decreased by $2.3 billion from the prior quarter.
Seagate Technology — Shares slipped 1.3% in the premarket after Seagate missed on third-quarter revenue and gave weak guidance for the fourth quarter for both earnings per share and revenue. CEO Dave Mosley said the company saw weaker-than-expected demand as big customers delayed orders.
— CNBC’s Hakyung Kim, Jesse Pound and Yun Li contributed reporting.