Business

Walmart, General Motors, Polaris and more

Check out the companies making headlines ahead of the bell:

Walmart (WMT) – Walmart fell 9.5% in the premarket after cutting its guidance for the current quarter and full year. The retail giant said higher food and fuel prices are weighing on consumers and it has had to cut prices in its stores to reduce excess inventory. Other retail stocks fell in premarket trading in the wake of Walmart’s warning, including Amazon ( AMZN ) down 3.6%, Target ( TGT ) down 5.2% and Home Depot ( HD ) down 2.5%.

General Motors ( GM ) – Shares of the automaker fell 3.7% in premarket trading after quarterly earnings missed estimates, despite better-than-expected revenue. GM also said it was preparing for an economic slowdown and was hiring fewer people.

Polaris ( PII ) – Shares of the recreational vehicle maker rose 3.5% in premarket action after its quarterly earnings beat Street estimates despite falling short on revenue. Polaris said supply chain issues and inflationary pressures eased during the quarter.

3M ( MMM ) – 3M rose 4% in the premarket after a flurry of news, including better-than-expected second-quarter earnings and revenue and an announcement that it would spin off its healthcare business.

General Electric (GE) – GE added 3.9% in the premarket after reporting second-quarter earnings and revenue that were much better than expected. GE’s results were boosted by a major recovery in its jet engine business.

Raytheon Technologies ( RTX ) – The defense contractor reported better-than-expected second-quarter earnings, but revenue fell slightly short of Wall Street forecasts. Raytheon said it faces macroeconomic and supply chain challenges, but reaffirmed its full-year outlook. Raytheon fell 3.3% in the premarket.

Unilever (UL) – Unilever gained 2.3% in premarket action after raising its full-year sales forecast. Unilever – the seller of popular consumer brands such as Dove Soap and Hellman’s mayonnaise – has successfully been able to raise prices to offset higher costs.

Coinbase (COIN) – Shares of Coinbase fell 5.2% in premarket trading following a Bloomberg report that the crypto exchange operator is the target of a government probe over its trading of digital assets. The probe is said to examine whether these digital assets should have been registered as securities.

UBS (UBS) – UBS fell 7.5% in premarket after the Swiss bank reported lower-than-expected quarterly earnings. The bank’s bottom line was hurt by market volatility, which affected its investment banking and wealth management businesses.

Whirlpool (WHR) – Whirlpool reported a quarterly loss, but its revenue and adjusted earnings beat Wall Street estimates. The overall loss was caused by the exit of household appliances from the Russian market. Whirlpool gained 1% in the premarket.

Walmart, General Motors, Polaris and more

Source link Walmart, General Motors, Polaris and more

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