Check out the companies making headlines before the market opens. Cava — The fast-casual chain’s third-quarter results topped analysts’ expectations, sending its stock soaring nearly 19%. Earnings per share of 15 cents were higher than the 11 cents consensus estimate of analysts surveyed by LSEG, while revenue of $244 million was also higher than expectations of $234 million. EchoStar — EchoStar’s stock fell 1% after its earnings report disappointed investors. DirecTV’s proposed acquisition of EchoStar subsidiary Dish is likely to remain dead after a group of bondholders rejected a proposed debt offer. Spotify — The music streaming platform’s fourth-quarter profit forecast exceeded analysts’ expectations, sending its shares up 8%. FactSet data shows that Spotify’s total number of monthly active users in the third quarter was approximately 640 million, an increase of 11% year-on-year, higher than analysts’ forecast of 639 million. However, Spotify’s third-quarter profit and revenue fell short of expectations. Skyworks Solutions — The semiconductor company’s fiscal first-quarter guidance fell short of analysts’ expectations, sending the company’s shares down 6%. Still, Skyworks’ third-quarter earnings beat analysts’ expectations, while revenue was in line with expectations. Maplebear — The owner of the Instacart grocery delivery business fell 6% after its fourth-quarter adjusted EBITDA guidance fell short of analysts’ expectations, according to FactSet. Meanwhile, Maplebear reported third-quarter profit and revenue that beat analysts’ expectations. Rivian Automotive — Shares of Rivian Automotive rose 7% after the electric car maker announced a joint venture with Volkswagen Group in a deal worth $5.8 billion. The first Volkswagen models using Rivian’s software and electrical architecture could hit the market as early as 2027. , its stock price soared nearly 25%. According to LSEG, quarterly revenue was $104.8 million, beating analysts’ expectations of $102 million. The company also forecast fourth-quarter revenue above analysts’ forecasts. Flutter Entertainment — The online gambling company’s third-quarter adjusted earnings per share were 43 cents, beating LSEG analysts’ forecast of 10 cents, sending its shares up 5%. Flutter’s revenue of $3.25 billion also exceeded estimates of $3.07 billion. Rocket Companies — Shares of Rocket Companies fell 12% after the home loan company guided for fourth-quarter revenue of $1.05 billion to $1.2 billion, compared with analysts’ forecast of $1.36 billion, according to LSEG. On the other hand, Rocket’s third-quarter revenue of $1.32 billion exceeded analysts’ expectations of $1.29 billion, and earnings per share were 8 cents, in line with expectations. SoundHound AI – The voice recognition stock fell 6% despite beating fourth-quarter revenue estimates and narrowing its quarterly loss to analysts’ expectations, according to LSEG. SoundHound also guided for fiscal 2024 and fiscal 2025 revenue ranges, in line with Wall Street estimates. Amgen — Shares of Amgen rose 2% after the drugmaker said it found no link between use of its experimental weight-loss injectable MariTide and changes in bone mineral density. Amgen shares fell 7% on Tuesday after Wall Street analysts said additional data from an early-stage trial showed MariTide’s highest dose was associated with bone mineral density loss. Spirit Airlines – Shares of the budget airline plunged nearly 67% after The Wall Street Journal reported that the budget airline could file for bankruptcy within weeks after merger talks with rival Frontier Group Holdings failed. Spirit said on Tuesday it was in talks with creditors to improve liquidity. Starbucks — Shares of the coffee shop chain edged down more than 1% after Redburn Atlantic downgraded the stock to sell and said it could fall further. The troubled stock has struggled this year, rising 2.9% compared with the S&P 500’s gain of more than 25%. —CNBC’s Michelle Fox, Alex Harring, Sarah Min and Pia Singh contributed reporting.
