Welcome to Extreme Investor Network, the premier destination for all things finance and investing. Today, we are discussing the companies making waves in premarket trading and how these movements can impact your investment strategy.
Let’s start with Eli Lilly, whose stock rose 2% after announcing the potential of its weight loss drug, Zepbound, to treat patients with obstructive sleep apnea. This news sent shares of ResMed, a company specializing in sleep disorder devices, tumbling nearly 4%.
Travelers, an insurance company, saw its shares drop almost 5% after reporting an earnings and revenue miss for the first quarter. The company cited an elevated level of catastrophe losses as the reason behind the disappointing results.
On the flip side, United Airlines’ stock soared 6% following a better-than-expected earnings report for the first quarter. J.B. Hunt Transport Services, however, saw an 8% decline in shares after missing earnings and revenue estimates due to weaker-than-expected demand domestically.
Urban Outfitters faced a 5% drop in its stock price after being downgraded by Jefferies. The investment firm noted a slowdown in foot traffic growth at Urban Outfitter’s branded stores.
In other news, Omnicom reported an earnings and revenue beat for the first quarter, leading to a nearly 3% increase in its stock. Autodesk, on the other hand, saw a 5% drop in its stock price as the company delayed its annual 10-K filing due to an internal investigation of its board of directors.
Alcoa’s stock rose nearly 3% after reports that President Joe Biden will propose tripling the China tariff rate on steel and aluminum imports. E.l.f. Beauty also saw a 2.6% increase in its stock price following an upgrade by TD Cowen to buy from hold.
Ferrari gained 1.8% after Bernstein reiterated an outperform rating on the company, citing its success in the electrification challenge. Abbott Laboratories slightly fell despite beating first-quarter expectations and raising its full-year guidance midpoint.
Lastly, Capri Holdings’ shares were down 1.5% after reports of the Federal Trade Commission potentially blocking its $8.5 billion takeover of Tapestry. Tapestry shares, however, added 1.8% in response to the news.
Stay tuned to Extreme Investor Network for more updates on the latest trends and movements in the finance world. Let us help you navigate the complexities of investing and make informed decisions for a prosperous financial future.