Before the bell rings, know about the companies that make headlines:
walmart (WMT) — Walmart fell 9.5% in the premarket after cutting its outlook for the current quarter and full year. The retail giant said higher prices for food and fuel are prompting consumers to cut back, and it had to cut prices at its stores to reduce excess inventory. Other retail stocks fell during premarket trading, including a 3.6% drop in the wake of Walmart’s warning heroine (AMZN), for 5.2% target (TGT) and 2.5% for home depot (HD).
General Motors (GM) — The automaker’s stock fell 3.7% in premarket trading after quarterly earnings fell below estimates, though revenue was better than expected. GM also said it was preparing for an economic downturn and was hiring fewer people.
polaris (PII) — Shares of the recreational vehicle maker beat Street forecasts after its quarterly profit rose 3.5% in premarket action, though revenue slackened. Polaris said supply chain issues and inflationary pressures eased during the quarter.
3M (MMM) — 3M jumped 4% in the premarket after a flurry of news, including better-than-expected profit and revenue for the second quarter, and the announcement that it would be shutting down its health care business.
general Electric (GE) — GE added 3.9% in the premarket after reporting better-than-expected second-quarter profit and revenue. GE’s results were fueled by strong improvements in its jet engine business.
Raytheon Technologies (RTX) — The defense contractor reported second-quarter earnings that were better than expected, but revenue fell slightly below Wall Street’s forecasts. Raytheon said it was dealing with macroeconomic and supply chain challenges, but reaffirmed its full-year outlook. Raytheon fell 3.3% in the premarket.
Unilever (UL) — Unilever gained 2.3% in premarket action after raising its full-year sales forecast. Unilever — sellers of popular consumer brands such as Dove Soap and Hellman’s Mayonnaise — has been able to successfully raise prices to offset higher costs.
coinbase (COIN) – Shares of Coinbase are down 5.2% in premarket trading after a Bloomberg report said the cryptocurrency exchange operator is the target of a government investigation into trading digital assets. The investigation is said to have focused on whether those digital assets should have been registered as securities.
UBS (UBS) — UBS fell 7.5% in the premarket after the Swiss bank reported lower-than-expected quarterly profits. The bank’s bottom line was hurt by market turmoil, which affected its investment banking and wealth management businesses.
whirlpool (WHR) — Whirlpool reported a quarterly loss, but its revenue and adjusted profit beat Wall Street’s forecasts. The overall loss was due to the equipment manufacturer’s exit from the Russian market. Whirlpool rose 1% in the premarket.