Take a look at the businesses making headlines earlier than the bell:
Eli Lilly (LLY) – The drugmaker beat estimates by 3 cents with adjusted quarterly earnings of $2.49 per share, whereas income beat forecasts as effectively. Outcomes have been boosted by a leap in gross sales of Lilly’s Trulicity diabetes drug and Covid-19 therapies. Nevertheless, the inventory slid 1.1% within the premarket.
Honeywell (HON) – Honeywell fell 3.4% in premarket buying and selling after quarterly income missed estimates on account of provide chain points and different elements. Honeywell did beat estimates by a penny with an adjusted quarterly revenue of $2.09 per share.
Biogen (BIIB) – Biogen fell 2.8% in premarket motion after the drugmaker issued a decrease than anticipated 2022 adjusted earnings forecast. Biogen expects gross sales of Alzheimer’s drug Aduhelm to be minimal following the federal government’s transfer to restrict Medicare protection of the drug. Biogen reported better-than-expected revenue and income for the fourth quarter.
Merck (MRK) – Merck earned an adjusted $1.80 per share for the fourth quarter, beating the $1.53 consensus estimate. Income additionally topped Wall Road forecasts as its Covid-19 remedy molnupiravir helped to drive gross sales greater. Merck forecast adjusted 2022 earnings of $7.12 to $7.27 per share, under the consensus estimate of $7.29.
Cardinal Health (CAH) – The pharmaceutical distributor’s inventory fell 2.1% within the premarket after it minimize its full-year forecast on account of inflation pressures and provide chain constraints. Cardinal Well being beat estimates by 4 cents for its newest quarter, incomes an adjusted $1.27 per share.
Meta Platforms (FB) – Meta Platforms plummeted 22.1% in premarket buying and selling after lacking bottom-line estimates for under the third time within the Fb father or mother’s practically ten-year historical past as a public firm. It additionally issued a cautious outlook, pointing to elements comparable to a decline in consumer engagement and inflation taking a toll on advertiser spending.
T-Mobile US (TMUS) – T-Cell earned 34 cents per share for its newest quarter, greater than doubling the 15-cent consensus estimate, although the cellular service supplier’s income fell in need of analyst forecasts. T-Cell additionally issued an upbeat forecast, and the inventory soared 7.7% within the premarket.
Spotify (SPOT) – Spotify shares tumbled 9.6% within the premarket after the audio service issued a weaker-than-expected subscriber forecast. Spotify additionally reported a narrower-than-expected loss for its newest quarter and noticed its income exceed estimates. The audio streaming service benefited from a leap in advert income, even amid the controversy surrounding its Joe Rogan podcast.
Align Technology (ALGN) – Align shares fell 2.6% in premarket buying and selling after the maker of Invisalign dental braces stated 2022 income would rise by 20% to 30% in contrast with the prior yr’s progress of 60%. Align additionally beat high and bottom-line estimates for its newest quarter as quantity gross sales for its aligners rose.
McKesson (MCK) – McKesson rallied 4.5% within the premarket after the pharmaceutical distributor reported better-than-expected high and bottom-line outcomes. McKesson earned an adjusted $6.15 per share in contrast with a consensus estimate of $5.42, helped by the power of its Covid-19 vaccine distribution enterprise.