Commuters exit from the Wall Street subway station in New York, on Monday, July 18, 2022.
Check out the companies making headlines before the bell:
Newmont (NEM) – The mining company's stock slid 3.3% in premarket trading after it reported lower-than-expected second-quarter earnings. Profit was down nearly 41% from a year ago, hurt by a drop in gold prices.
Squarespace (SQSP) – The e-commerce platform provider tumbled 14.4% in the premarket after its full-year revenue guidance fell short of Street forecasts. Squarespace reported better-than-expected results for its latest quarter but said revenue is taking a hit from currency headwinds.
Philips (PHG) – Philips tumbled 10.4% in premarket trading after the Dutch medical equipment maker's quarterly earnings fell short of analyst forecasts. Philips was affected by lockdowns in China and supply chain issues.
Public Storage (PSA) – Public Storage added 1.5% premarket action after the operator of self-storage facilities declared a special dividend of $13.15 per share. The distribution is related to the sale of PS Business Parks to affiliates of Blackstone (BX) for $7.6 billion. Public Storage had been the largest shareholder in PS Business Parks, whose sale transaction closed last week.
JD.com (JD) – Morgan Stanley calls the Chinese e-commerce company a "catalyst driven idea", helping its stock rise 2% in premarket trading. The firm thinks the catalyst could be better than expected revenue growth guidance when JD.com next reports earnings in August.
Money Report
Tesla (TSLA) – Tesla rose 1.3% in premarket action following its latest 10-Q filing, which included an update on the value of its bitcoin holdings. Tesla said it took a $170 million impairment charge related to the carrying value of its bitcoin holdings during the first six months of 2022, but saw a $64 million gain from bitcoin sales during that period.
Ryanair (RYAAY) – Ryanair jumped 5.7% in the premarket after the airline reported better-than-expected quarterly results. Ryanair cautioned that a return to pre-Covid levels of profitability this year was not certain.
Farfetch (FTCH) – Farfetch shares gained 2.5% in premarket trading following reports that the online luxury fashion seller was close to a deal with Switzerland's Richemont that would see it absorb Richemont-owned fashion retailer YNAP.
Uber Technologies (UBER) – The ride-hailing company admitted to not reporting a 2016 data breach that impacted 57 million drivers and passengers as part of a settlement agreement to avoid criminal prosecution. Uber added 1% in premarket trading.
