Check out the companies making headlines before the bell. Tesla – Shares of the electric vehicle maker fell more than 7% after the company reported third-quarter earnings results that failed to impress investors. Earnings were $0.66 per share on revenue of $23.35 billion, down from $0.74 per share on revenue of $24.10 billion estimated by analysts surveyed by LSEG. Netflix – The streaming entertainment provider rose nearly 13% after its quarterly results on Wednesday, with new subscribers topping analysts’ estimates. Netflix added 8.76 million subscribers in the period, boosted by a crackdown on password sharing and its new ad-supported tier. Analysts polled by StreetAccount expected 5.49 million new subscribers for the quarter. Best Buy – The consumer electronics retailer rose on a buy rating from Goldman Sachs, which cited an attractive valuation on the stock. Shares rose more than 2.5% before the trading session officially opened on Thursday. CrowdStrike – CrowdStrike shares rose 2% premarket after Jefferies upgraded the cybersecurity software provider’s shares to “buy.” The upgrade was driven by, among other things, CrowdStrike’s position as an industry leader and its ability to benefit from long-term cloud tailwinds. Zscaler – This cybersecurity company also rose nearly 2% in premarket trading after Jefferies also upgraded it on Thursday, citing improving growth prospects. First Solar – Shares rose nearly 2% in premarket trading after JPMorgan upgraded the renewable energy company to overweight. The bank called First Solar’s recent decline a good entry point for investors. Aptiv – The auto parts maker rose after an upgrade to overweight at JPMorgan. The bank highlighted Aptiv’s strong revenue growth prospects and company-specific margin drivers. Shares gained 2.8%. Peloton – The fitness stock slipped 6.4% before the bell after being downgraded to underperform by Bank of America. Analyst Curtis Nagle cited declining member engagement as the reason for the downgrade. AT&T – Shares rose more than 4% after the telecommunications company reported third-quarter earnings that beat analysts’ expectations. AT&T reported earnings per share of $0.64 on revenue of $30.4 billion, as opposed to earnings per share of $0.62 on $30.19 billion, which the analysts surveyed by LSEG had estimated. Blackstone – The alternative asset manager fell 3% in premarket trading after Blackstone’s third-quarter results fell short of expectations. Blackstone reported earnings per share of 94 cents on revenue of $2.32 billion. According to LSEG, Wall Street analysts expected $1.01 per share on revenue of $2.51 billion. Sales rose less than 3% year-over-year. Las Vegas Sands – Shares rose more than 5% after Las Vegas Sands reported third-quarter revenue that beat expectations. According to FactSet, the casino and resort company posted revenue of $2.8 billion, above the consensus estimate of $2.72 billion. The company posted a profit of 55 cents, in line with FactSet’s consensus estimate. Lam Research – Shares fell 3% in premarket trading. Lam Research reported adjusted earnings of $6.85 per share on revenue of $3.48 billion. That beat estimates from analysts surveyed by FactSet, who expected earnings of $6.15 per share on revenue of $3.42 billion. The low end of guidance for the second fiscal quarter fell short of estimates. —CNBC’s Sarah Min, Jesse Pound and Samantha Subin contributed reporting.
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October 18, 2023
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