Check out the companies making headlines before the market opens. Eli Lilly — Shares of Eli Lilly rose nearly 7% after the maker of diabetes and weight loss drug Mounjaro reported first-quarter adjusted earnings of $2.58 per share, beating consensus estimates of $2.46, according to LSEG. Eli Lilly also raised its full-year guidance for adjusted profit and revenue, beating analysts’ expectations. 3M — The industrial products maker reported earnings of $2.39 per share on revenue of $7.72 billion, sending its shares up 7.7%. That beat analysts’ expectations of $2.10 per share, with adjusted revenue of $7.63 billion, according to LSEG. 3M also said it would cut its dividend after 64 consecutive years of raising its dividend after spinning off its health care unit earlier this month. F5 — F5 guided for third-quarter revenue of $675 million to $695 million, which may be lower than analysts’ consensus estimate of $695 million, sending the cloud computing company’s stock price down 10%, according to LSEG. Meanwhile, second-quarter revenue fell short of analysts’ expectations. expect. In response, several brokerages, including Goldman Sachs, lowered their F5 stock price targets. McDonald’s — The Chicago-based fast-food chain missed analysts’ quarterly profit estimates due to lower-than-expected same-store sales, sending its shares down nearly 2% in premarket trading. FactSet data showed that global sales grew 1.9% in the quarter, lower than analysts’ expectations of 2.1%. Stellantis — Shares of the Jeep maker (formerly Chrysler) fell 3.6% after revenue missed expectations. Although net pricing remained strong, the Dutch automaker’s first-quarter revenue fell 12% due to lower sales and foreign exchange impacts. Coca-Cola — Shares of the Atlanta-based soft drink maker fell about 0.4% after first-quarter results came in slightly above expectations. Coca-Cola reported adjusted earnings of 72 cents per share on revenue of $11.3 billion. Analysts polled by London Stock Exchange Group (LSEG) expected earnings of 70 cents per share on revenue of $11.01 billion. Coca-Cola said increases in price and product mix were key drivers of revenue growth. Tesla — The electric car maker fell 1.9% in premarket trading after its shares soared 15.3%, with some investors pocketing Monday’s gains. Tesla shares rose after it received approval from China to roll out advanced driver assistance services technology in China. HSBC — Shares of HSBC, Europe’s largest bank by assets, rose 4.2% after the bank beat first-quarter profit estimates and announced the departure of group chief executive Noel Quinn. According to data from the London Stock Exchange Group (LSEG), HSBC’s current revenue was US$20.8 billion, a 3% increase from the same period last year, higher than analysts’ forecast of US$16.94 billion. The bank also reiterated its 2024 financial guidance. GE Healthcare Technologies — Shares of GE Healthcare Technologies fell 8.1% after the medical device maker missed first-quarter revenue estimates due to weak sales in China and declining imaging demand. GE Healthcare’s total sales were $4.65 billion, below London Stock Exchange Group’s estimate of $4.8 billion. PayPal — The financial payments company beat revenue estimates, sending shares up 5.1%. According to LSEG, PayPal’s first-quarter revenue was $7.7 billion, exceeding analysts’ consensus estimate of $7.51 billion. —CNBC’s Tanaya Macheel, Yun Li, Jesse Pound and Michelle Fox Theobald contributed reporting.
