Check out the companies making headlines before the market opens. Boeing — Shares of Boeing Co. rose 3% after reporting a smaller-than-expected loss in its latest earnings results. In the first quarter, the company reported an adjusted loss of $1.13 per share, better than the $1.76 adjusted loss per share estimated by an LSEG analyst survey. Revenue was $16.57 billion, above expectations of $16.23 billion. Airbnb – The vacation property rental platform gained nearly 2% after Mizuho upgraded its shares from neutral to buy. Mizuho pointed to a number of catalysts, including the potential launch of a sponsorship slate and incremental demand from the Summer Olympics. Its new $200 price target suggests room for 24% upside. Biogen – The drugmaker reported earnings of $3.67 per share, beating LSEG analysts’ expectations of $3.45 per share, and the stock rose more than 6% premarket. The company cited its cost-cutting efforts and higher-than-expected sales of Alzheimer’s drug Leqembi. Tesla — Tesla plans to begin production of a new affordable electric car model in early 2025, Chief Executive Elon Musk said, as shares of the embattled electric car maker tumbled in premarket trading It’s up 12%. Earnings were 51 cents per share on revenue of $22.15 billion. Tesla’s revenue decline was its steepest year-over-year decline since 2012 as electric vehicle sales growth slowed across the industry, leading the company to cut prices to stimulate demand. Visa – The payments company reported stronger-than-expected second-quarter results, sending its shares up more than 2%. Visa’s adjusted earnings per share were $2.51 on revenue of $8.78 billion. Analysts surveyed by LSEG expected earnings of $2.44 per share and revenue of $8.63 billion. Revenue increased by 10% year-on-year. Texas Instruments — The technology stock rose 6.8% after beating first-quarter estimates. Texas Instruments (TI) reported $1.20 per share on revenue of $3.66 billion, beating analysts’ expectations of $1.07 per share and $3.61 billion for LSEG, respectively. The company also gave a range of results for the current quarter, which included analysts’ consensus forecasts. Sea Limited — Shares of the Southeast Asian technology giant rose 3.2% after Loop Capital upgraded the stock to buy from hold and said the company is on track to “shift toward sustained profitable growth.” Mattel — The toy maker reported a smaller-than-expected loss per share and shares rose 2.7%. Mattel said its shares fell 5 cents per share in the first quarter, below the 12 cents expected by analysts polled by LSEG. Mattel’s revenue for the quarter was US$810 million, below consensus estimates of US$832 million. Enphase Energy — The solar energy stock fell nearly 7% on lower-than-expected profits and a pessimistic outlook for current-quarter revenue. According to LSEG, the company earned 35 cents per share in the first quarter on revenue of $263 million, compared with analysts’ expectations of 40 cents and $280 million, respectively. Enphase said it expects second-quarter revenue to be between $290 million and $330 million, compared with the consensus forecast of $349 million. —CNBC’s Alex Harring, Samantha Subin, Jesse Pound, Brian Evans, Yun Li, Sarah Min and Michelle Fox Theobald contributed reporting.
