Stocks making the biggest premarket moves: General Motors, GE Aerospace, Novartis, JetBlue and more

Published Tue, Apr 23 20248:26 AM EDTUpdated Tue, Apr 23 202412:33 PM EDT

Check out the companies making the biggest moves in premarket trading: General Motors — The automaker saw its stock rise 4% after it posted $2.62 per share on revenues of $43.01 billion for the first quarter. Analysts expected $2.15 per share on revenues of $41.92 billion, per LSEG. GM also raised expectations for adjusted automotive free cash flow to between $8.5 billion and $10.5 billion, from an earlier forecast of between $8 billion and $10 billion. GE Aerospace — Shares gained more than 4% after the company posted earnings of 82 cents per share for the first quarter on revenues of $16.1 billion. The results were better than analysts' expectations of 65 cents per share on revenues of $15.14 billion, according to LSEG. United Parcel Service — The stock lost 0.8% as UPS's first quarter earnings topped estimates but revenue came in below forecasts amid muted demand for small-package delivery. UPS posted $1.43 adjusted earnings per share while analysts had estimated $1.29 earnings per share, according to LSEG. Pepsico — Shares of the snack and beverage company edged lower despite a stronger-than-expected first quarter . Pepsico reported $1.61 in adjusted earnings per share on $18.52 billion in revenue. Analysts surveyed by LSEG were looking for $1.52 per share on $18.07 billion of revenue. The company maintained its full-year guidance for 2024. Novartis — U.S.-listed shares popped 5% after the Swiss drugmaker beat expectations for its first quarter and raised its full-year guidance. JetBlue Airways — The airline tumbled 10.5% after the company reported that current-quarter revenue is expected drop more than analysts anticipated . That comes after JetBlue saw $2.21 billion in sales for the first quarter, in line with the LSEG consensus estimate.6. Elsewhere, JetBlue lost 43 cents per share in the first quarter, smaller than the 52-cent figure predicted by Wall Street Cleveland-Cliffs — The stock slid 2% a day after the steel producer's first-quarter results fell short of analysts' expectations. Cleveland-Cliffs reported adjusted earnings of 18 cents per share on revenue of $5.2 billion. Analysts surveyed by LSEG expected earnings of 22 cents per share and revenue of $5.35 billion. SAP — U.S.-listed shares moved nearly 4% higher a day after the German enterprise software company reported first-quarter revenue that topped expectations. Adjusted earnings per share came in slightly below the consensus estimate. SAP also reaffirmed its full-year guidance. Nucor — Shares tumbled 7% a day after the steelmaker reported first-quarter earnings of $3.46 per share, below the $3.67 consensus estimate, per FactSet. Revenue was also weaker than expected. Nucor also warned of lower second-quarter earnings. Danaher — The life sciences firm popped more than 8% after beating analysts expectations for its first-quarter results. Danaher reported adjusted earnings of $1.92 per share on revenue of $5.80 billion, coming in above the $1.72 per share on revenue of $5.62 billion that analysts had expected, according to FactSet. Lockheed Martin — The defense company's stock advanced 1.5% after posting a top- and bottom-line beat. Lockheed reported $6.39 earnings per share on $17.2 billion in revenue. Analysts polled by LSEG had estimated $5.83 earnings per share and revenue of $16.02 billion. The company reported growth in every segment. Spotify — Shares rallied 8.4% after the music streaming company's first-quarter revenues beat analysts' expectations. Spotify reported 3.64 billion euros ($3.9 billion) in revenue, compared with the 3.61 billion euros consensus estimate, per LSEG. Sherwin-Williams — The stock shed 3.5% following its first-quarter earning results. Sherwin-Williams reported adjusted earnings per share of $2.17, missing the FactSet consensus estimate of $2.22. Revenue of $5.37 billion also fell short of the $5.50 billion expected from analysts. — Hakyung Kim, Tanaya Macheel, Alex Harring, Jesse Pound and Lisa Han contributed reporting. Correction: Spotify reported its first-quarter earnings in euros. An earlier version misstated the currency.