Check out the companies making headlines before the bell:
American Express (AXP) — American Express stock rose 1.2% in the primary market after reporting better-than-expected earnings and returns for the first quarter. Amex reported earnings of $2.73 per share compared to the consensus estimate of $2.44, helped by increased spending by Millennials and Generation X consumers as well as small and medium-sized businesses.
Verizon (VZ) – Verizon earned $1.35 adjusted earnings per share for the first quarter, matching estimates, with revenue also primarily in line. Verizon lost 36,000 phone subscribers during the quarter, less than the 49,300 losses analysts polled by FactSet had expected. Verizon stock fell 1.4 percent in pre-market trading.
Kimberly Clark (KMB) — Shares of the consumer products company jumped 3.8% in the primary market after reporting better-than-expected quarterly earnings and returns. Kimberly Clark said it was able to handle a “volatile and inflationary” environment and raised its full-year organic sales forecast.
Cleveland Cliffs (CLF)–Steel producers and mining company stock rose 3.5% in premarket trading after beating higher and lower estimates for the first quarter. The Cleveland Cleveland also raised its full-year average selling price forecast.
Schlumberger (SLB) — The oilfield services producer beat estimates by a penny with adjusted quarterly earnings of 34 cents per share, and revenue beat Wall Street expectations. Schlumberger also raised its dividend by 40%, and its stock added 1.1% in pre-market activity.
Explode, Explode (SNAP) — Snap lost an adjusted cent per share last quarter, compared to the consensus forecast for a 1 percent profit for the social media company. It also released a conservative forecast of sales growth for the current quarter, and shares fell 1.1% in pre-market trading.
the difference (GPS) – Gap has lowered its sales growth forecast amid increased competition and more promotions. The company also announced that Old Navy President and CEO Nancy Green is leaving. Gap shares fell 14.8% in the central market.
Anheuser-Busch InBev (BUD) – AB InBev will sell its stake in its Russian joint venture and charge $1.1 billion in impairment fees as a result. The brewery suspended sales of its Budweiser brand in Russia last month after the Russian invasion of Ukraine. AB InBev stock is down 1.8% in pre-market activity.
succulents (SAP) — Shares of SAP fell 4.1% in pre-market trading after the German business software company said it would generate $300 million in revenue due to its exit from the Russian market.
Boston Bear (SAM) — Boston Beer posted a quarterly loss of 16 cents a share, compared to analysts’ expected earnings of $1.97 a share. Brewers revenue missed estimates as freight volume was down more than 25% from the previous year and gross margins were down as well. Shares were down 3.2% in the pre-market.
“Infuriatingly humble analyst. Bacon maven. Proud food specialist. Certified reader. Avid writer. Zombie advocate. Incurable problem solver.”