Check out the companies making the biggest moves in premarket trading: Eli Lilly , ResMed — Eli Lilly’s stock moved 2% higher following the pharmaceutical giant’s announcement that its weight loss drug Zepbound showed the potential to treat patients with obstructive sleep apnea. Shares of ResMed, which makes devices to treat the sleep-related breathing disorder, tumbled nearly 4% on the news. Travelers — Shares fell nearly 5% after the insurance company reported an earnings and revenue miss for its first quarter. Earnings per share came in at $4.69 versus the $4.90 expected from analysts polled by LSEG. Revenue was $10.18 billion compared with the $10.51 billion expected. Travelers said the earnings miss was driven by an elevated level of catastrophe losses. United Airlines — The stock added 6% a day after the airline carrier reported an adjusted loss of 15 cents for the first quarter, less than the 57 cent loss expected from analysts polled by LSEG. Quarterly revenue also beat expectations. J.B. Hunt Transport Services — Shares sank 8% a day after the transportation and logistics company reported an earnings and revenue miss for its first quarter. J.B. Hunt said demand was flat and weaker than expected domestically. ASML Holding — U.S.-listed shares sank 5% after the Dutch semiconductor company posted revenue and new bookings that came in below consensus estimates. Urban Outfitters — Shares of the retail company fell 5% after a downgrade to underperform from hold by Jefferies. The investment firm said that foot traffic growth appears to be slowing at Urban Outfitter’s branded stores. Omnicom — The stock added nearly 3% a day after the communications company reported an earnings and revenue beat for its first quarter. Organic revenue grew 4% versus the 3.2% expected from analysts, per StreetAccount. Autodesk — The software stock dropped 5%. On Tuesday, Autodesk said it will further delay its annual 10-K filing due to an ongoing internal investigation of its board of directors. Alcoa — The aluminum stock added nearly 3% after reports that President Joe Biden will propose tripling the China tariff rate on steel and aluminum imports during a visit to the United Steelworkers headquarters in Pittsburgh on Wednesday. Alcoa is expected to report earnings after the bell. E.l.f. Beauty — The beauty company’s stock moved 2.6% higher following an upgrade by TD Cowen to buy from hold. The firm said it is impressed with new product introductions and sees revenue possibly doubling over the next three years. Ferrari — The stock gained 1.8% after Bernstein reiterated an outperform rating on Ferrari, saying the Italian luxury sports car maker is “beginning to master the electrification challenge.” The analyst’s $512 price target implies 24% upside from Tuesday’s closing price. Abbott Laboratories — Shares fell slightly even as the medical device company topped first-quarter expectations, and raised the midpoint of its full-year guidance . Abbott Laboratories posted adjusted earnings of 98 cents per share, more than the FactSet consensus estimate of 95 cents earnings per share. Revenue of $9.96 billion surpassed the $9.88 billion expectation. Capri Holdings — Shares were down 1.5% after the New York Times’ Dealbook reported the Federal Trade Commission was getting ready to block the company’s $8.5 billion takeover of Tapestry — the parent company of Coach and Kate Spade. Tapestry shares added 1.8% — CNBC’s Jesse Pound, Hakyung Kim, Sarah Min and Fred Imbert contributed reporting.
Original news source Credit: www.cnbc.com
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