Here’s a look at the biggest gainers in pre-market trading: General Motors — The automaker posted earnings of $2.62 per share on first-quarter revenue of $43.01 billion and shares rose 4%. Analysts expected LSEG to earn $2.15 per share on revenue of $41.92 billion. GM also raised its adjusted auto free cash flow forecast to $8.5 billion to $10.5 billion from the previous range of $8 billion to $10 billion. GE Aviation – The company reported first-quarter earnings of 82 cents per share on revenue of $16.1 billion, sending its stock price up more than 4%. The results beat analysts’ expectations of 65 cents a share, with revenue of $15.14 billion, according to LSEG. United Parcel Service — The stock fell 0.8% after UPS beat first-quarter profit estimates but reported lower-than-expected revenue due to weak demand for small package delivery. UPS reported adjusted earnings of $1.43 per share, while analysts expected earnings of $1.29 per share, according to LSEG. PepsiCo — Shares of the snack and beverage company edged lower despite stronger-than-expected first-quarter results. PepsiCo reported adjusted earnings of $1.61 per share on revenue of $18.52 billion. Analysts polled by London Stock Exchange Group (LSEG) expected the company to report revenue of $1.52 per share on revenue of $18.07 billion. The company maintained full-year 2024 guidance. Novartis — U.S.-listed shares rose 5% after the Swiss drugmaker beat first-quarter forecasts and raised full-year guidance. JetBlue Airways — Shares of JetBlue Airways fell 10.5% after the company reported an expected decline in revenue for the quarter that was larger than analysts expected. Prior to this, JetBlue’s first-quarter sales were $2.21 billion, in line with LSEG’s consensus estimate6. Elsewhere, JetBlue Airways lost 43 cents a share in the first quarter, missing Wall Street’s Cleveland-Cliffs forecast of 52 cents — a day after the steelmaker’s first-quarter results missed analysts’ expectations. down 2%. Cleveland-Cliffs reported adjusted earnings of 18 cents per share on revenue of $5.2 billion. Analysts polled by LSEG expected earnings of 22 cents per share on revenue of $5.35 billion. SAP — U.S.-listed shares rose nearly 4% after the German enterprise software company reported first-quarter revenue that beat expectations. Adjusted earnings per share were slightly below consensus estimates. SAP also reiterated its full-year guidance. Nucor — Nucor shares fell 7% on the day after the steelmaker reported first-quarter earnings of $3.46 per share, missing the consensus estimate of $3.67, according to FactSet. Revenue was also weaker than expected. Nucor also warned that second-quarter earnings would fall. Danaher — The life sciences company’s first-quarter results beat analysts’ expectations, sending its shares up more than 8%. Danaher reported adjusted earnings of $1.92 per share on revenue of $5.8 billion, above analysts’ expectations of $1.72 per share on revenue of $5.62 billion, according to FactSet. Lockheed Martin — Shares of Lockheed Martin rose 1.5% after the defense company beat revenue and profit estimates. Lockheed reported earnings of $6.39 per share on revenue of $17.2 billion. Analysts polled by London Stock Exchange Group (LSEG) expected earnings of $5.83 per share on revenue of $16.02 billion. The company reported growth in every segment. Spotify — Shares of Spotify rose 8.4% after the music streaming company’s first-quarter revenue topped analysts’ expectations. Spotify’s revenue was $3.64 billion, compared with consensus estimates of $3.61 billion, according to LSEG. Sherwin-Williams — Shares of Sherwin-Williams fell 3.5% after reporting first-quarter earnings results. Sherwin-Williams reported adjusted earnings of $2.17 per share, missing the FactSet consensus estimate of $2.22. Revenue of $5.37 billion was also below analysts’ expectations of $5.5 billion. —Reporting by Hakyung Kim, Tanaya Macheel, Alex Harring, Jesse Pound, and Lisa Han.
