American Express – American Express saw 1.2% increase in premarket trading after reporting higher-than-expected profits and revenue for its first quarter. Amex reported a profit at $2.73 per share, compared to the consensus estimate of $2.44. This was due to increased spending by millennials and Gen-X consumers and small and medium-sized companies.
Verizon – Verizon earned an adjusted $1.35 a share in the first quarter, matching expectations. Revenue was also almost in line. Verizon lost 36,000 subscribers in the first quarter, which was less than the 49.300 expected losses, according to FactSet analysts. Premarket trading saw Verizon fall 1.4%.
Kimberly-Clark – Shares of the consumer products company jumped 3.8% in premarket after it reported better-than-expected quarterly earnings. Kimberly-Clark stated that it was able deal with an “inflationary and volatile” environment and increased its full-year organic revenue forecast.
Cleveland–Cliffs – After beating both the top-line and bottom-line estimates, the stock of the steel producer and mining firm rose 3.5% in premarket trades. Cleveland-Cliffs also increased its annual average selling price forecast.
Schlumberger – This oilfield services producer beat Wall Street estimates by one penny. It earned an adjusted quarterly profit per share of 34 cents. Revenue also exceeded Wall Street expectations. Schlumberger raised its dividend by 40% and saw its stock rise 1.1% in premarket trading.
Snap – Snap’s latest quarter saw an adjustment of 2 cents per share, compared to consensus estimates of a profit per share of 1 cent. The company also provided a conservative outlook on sales growth for the current quarter. Premarket trading saw the shares fall 1.1%
Gap (GPS). – Gap has cut its sales growth prospects amid increased competition and more promotions. The company also announced the departure of Nancy Green, Old Navy President and Chief Executive Officer. Premarket, Gap stock fell 14.8%
Anheuser–Busch InBev – AB InBev is selling its stake in the Russian joint venture. It will also take a $1.1 million impairment charge. After Russia’s invasion, the beer maker suspended Budweiser sales in Russia. AB InBev fell 1.8% in premarket action.
SAP – SAP shares fell 4.1% in premarket trading following the announcement by the German business software firm that it would suffer a $300 million revenue loss due to its exit out of the Russian market.
Boston Beer – Boston Beer reported a quarter-end loss of 16c per share, compared to analysts’ expectations of a profit of $1.97 per shares. As shipment volume fell more than 25% compared to a year ago, and gross margins also declined, the revenue of the beer brewery was below analysts’ expectations. Premarket shares were down 3.2%.