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Take a look at some of the biggest drivers in the premarket:
F5 Networks (FFIV) – F5 broke estimates of 30 cents per share, with quarterly earnings of $ 2.76 per share. The enterprise software maker’s revenue also exceeded analysts’ forecasts. F5 has seen strong demand amid continued pandemic-driven growth in digital business applications. F5 grew 6.1% in pre-market trade.
United Parcel Service (UPS) – Shares of UPS fell 2.4% pre-market as domestic revenue fell below estimates. UPS, however, beat both the top and bottom overall, as the increase in online order shipments continued. UPS earned $ 3.06 per share in the second quarter, up from a consensus estimate of $ 2.82.
Stanley Black & Decker (SWK) – The toolmaker broke estimates by 18 cents per share, with quarterly profit of $ 3.08 per share. Revenue exceeded Street’s expectations and the company raised its outlook for the full year, expecting growth and higher prices to offset rising costs.
3M (MMM) – 3M was up 1.2% in pre-market trading, after beating the consensus estimate of $ 2.28 per share with quarterly profit of $ 2.59 per share. Revenue also exceeded expectations, and 3M raised its outlook for the year as its various businesses recover from the pandemic.
General Electric (GE) – Shares of GE were up 3.9% pre-market, beating expectations and surprising analysts with positive cash flow for the quarter. GE gained 5 cents per share for the second quarter, 2 cents per share above estimates. Sales also exceeded estimates thanks to the strong performance of its aviation and energy divisions.
Raytheon Technologies (RTX) – Raytheon generated 10 cents per share above estimates, with quarterly profit of $ 1.03 per share. Revenue also exceeded analysts’ forecasts. The aerospace maker has raised its forecast for the full year as the recovery in commercial air transport has boosted demand for its products and services. Raytheon shares rose 1.7% pre-market.
Sirius XM (SIRI) – The satellite radio operator broke estimates by 3 cents per share, with quarterly profit of 10 cents per share. The company also reported better than expected revenues. Its profit almost doubled from the previous year as it benefited from subscriber additions. The stock gained 3.1% in pre-market action.
Waste Management (WM) – The waste collection company generated 8 cents per share above estimates, with quarterly profit of $ 1.27 per share. Income also exceeded estimates. Waste Management said it benefited from a rebound in volumes and the focus on cost containment.
Sherwin-Williams (SHW) – The paint maker lost 3 cents per share from consensus estimates, with quarterly profit of $ 2.65 per share. Turnover is in line with estimates. The results were impacted by a return in DIY volumes to pre-pandemic levels.
Tesla (TSLA) – Tesla gained $ 1.45 per share in the second quarter, against a consensus estimate of 98 cents per share. Revenue also exceeded expectations. The automaker said its success in the second half of the year will be centered on its ability to deal with supply chain issues. Tesla rose 1.6% in pre-market trading.
Intel (INTC) – Intel has established a multi-year plan to regain its dominance in the semiconductor market, aiming to launch a new chip every year by 2025 and seeking to regain lost market share from competitors like Samsung and Taiwan Semiconductor. Intel fell 1.9% in the pre-market.
Starbucks (SBUX) – Starbucks has expanded its partnership with Swiss food giant Nestlé, with the intention of introducing ready-to-drink coffee-based beverages in Southeast Asia and Latin America. Separately, Starbucks sold its stake in its South Korean joint venture to its local partner E-Mart and the Singapore sovereign wealth fund.
Polaris Industries (PII) – Polaris reported quarterly earnings of $ 2.70 per share, beating the consensus estimate of $ 2.21 per share. The RV manufacturer’s revenue matched Wall Street projections. Polaris was helped by lower promotional costs and higher prices, although it also experienced higher costs for commodities and labor.
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