Earnings news continued to drive trading in a large number of big names on Wednesday. General Motors (NYSE:GM), CVS Health (NYSE:CVS), Kraft Heinz (NASDAQ:KHC) and Parsons (NYSE:PSN) all fell in the wake of their quarterly results.
Meanwhile, Sapiens (NASDAQ:SPNS) posted a notable gain before the bell, thanks to its better-than-expected financial figures.
General Motors (GM) posted a profit for its latest quarter, compared to a loss in the same period last year. This black ink came despite supply chain issues that limited production capacity. The company's revenue more than doubled to $34.2B, topping analysts' consensus.
GM saw a decline of more than 3.5% in pre-market trading.
CVS Health (CVS) announced Q2 adjusted EPS of $2.42, topping the consensus estimate of $2.07. Revenue climbed about 11% to $72.6B, also beating the amount predicted by analysts. The company also raised its full-year guidance. CVS slipped more than 4% in pre-market action.
Parsons (PSN) showed a notable decline before the bell, dragged down by its quarterly report. The company missed expectations on both its top and bottom lines, reporting revenue that slipped more than 10% from last year. PSN dropped more than 9% in pre-market trading.
Sapiens (SPNS) gained ground in pre-market action on its quarterly report. The bottom line topped expectations on revenue that rose 24% from last year. Inspired by the news, SPNS climbed about 9% before the bell.