Check out the companies making headlines before the bell:
Baker Hughes (BKR) – The oilfield services company reported second-quarter adjusted earnings of 11 cents per share, just half of what analysts had forecast. Revenue also fell below estimates, with Baker Hughes citing various challenges including component shortages and supply chain inflation. Baker Hughes tumbled 6% in premarket trading.
Biogen (BIIB) – Biogen gained 2.4% in premarket action after reporting an adjusted profit of $5.25 per share for the second quarter. That was well above the consensus estimate of $4.06, and revenue also topped forecasts. The beat came even as Biogen said it faces increasing generic and biosimilar competition for its Tecfidera and Rituxan drugs.
Netflix (NFLX) – Netflix jumped 6.1% in premarket trading after reporting subscriber losses that were substantially below expectations. The streaming service also said it would add a net 1 million new subscribers this quarter. Netflix reported better-than-expected quarterly earnings, though revenue did fall slightly shy of Wall Street estimates.
Casino Stocks – Shares of casino operators rose in premarket action following a Reuters report that Macau would reopen casinos on Saturday amid a drop in Covid infections. Las Vegas Sands (LVS) gained 1.5% while Wynn Resorts (WYNN) rose 1.9%.
Merck (MRK) – Merck fell 1.5% in premarket trading after its Keytruda cancer drug failed to meet its goal in a late-stage study focused on head and neck cancer patients.
Cal-Maine Foods (CALM) – Cal-Maine rose 1% in the premarket after beating Street forecasts on the top and bottom lines for its latest quarter. The nation's largest egg producer was helped by higher egg prices, but also saw increases in feed costs that it expects to continue in fiscal 2023.
Elevance Health (ELV) – The health care and insurance company, formerly known as Anthem, beat top and bottom line second-quarter estimates and raised its full-year outlook. Elevance's profits got a boost from a strong performance in its pharmacy benefits management unit.
ASML (ASML) – ASML slid in the premarket after the Netherlands-based semiconductor manufacturing equipment maker cut its full-year sales outlook. ASML reported better-than-expected quarterly earnings but said its customers are turning somewhat cautious in anticipation of slowing chip demand.
Omnicom Group (OMC) – Omnicom beat top and bottom line estimates for its latest quarter, with the ad agency operator also raising its organic revenue growth forecast for the year. Omnicom also said it is maintaining a "healthy level of caution" to deal with challenging macroeconomic conditions. The stock surged 7.3% in the premarket.
Comerica (CMA) – The bank's stock gained 1% in the premarket after it reported better-than-expected profit and revenue for the second quarter. Results were helped by strong loan growth as well as a rising interest rate environment.