Stocks Making the Biggest Moves Premarket: Boeing, Tesla, Visa, Airbnb and More

Take a look at the companies grabbing attention before the opening bell.

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Boeing— Boeing saw a 3% surge in its shares after reporting a narrower loss than expected in its latest quarterly results. The aerospace company posted an adjusted loss of $1.13 per share for the first quarter, surpassing the LSEG analyst poll's estimate of a loss of $1.76 per share. Additionally, revenue of $16.57 billion exceeded the anticipated $16.23 billion.

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Airbnb— The vacation rental platform witnessed a nearly 2% increase following an upgrade by Mizuho from neutral to buy. Mizuho highlighted several potential catalysts, including the potential launch of sponsored listings and increased demand expected from the Summer Olympics. With a new price target of $200, Mizuho suggests a 24% upside.

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Biogen— Biogen's stock rose over 6% in premarket trading after the company reported earnings of $3.67 per share, surpassing the LSEG analyst estimates of $3.45 per share. The company attributed its strong performance to cost-cutting measures and higher-than-expected sales of its Alzheimer’s drug, Leqembi.

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Tesla— Shares of Tesla surged 12% in premarket trading following CEO Elon Musk's announcement that the company plans to commence production of a new affordable electric vehicle model by early 2025. Despite this positive news, Tesla disappointed with its first-quarter earnings, reporting adjusted earnings per share of 45 cents on revenue of $21.3 billion, below analysts' expectations of 51 cents per share in earnings and $22.15 billion in revenue. The decline in revenue marked the steepest year-over-year drop since 2012, attributed to slowing electric vehicle sales growth industry-wide, prompting Tesla to implement price cuts to stimulate demand.

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Visa— Visa's shares rose over 2% after reporting stronger-than-expected results for the second fiscal quarter. The payment company earned an adjusted $2.51 per share on revenue of $8.78 billion, outperforming analysts' forecasts of $2.44 per share in earnings and $8.63 billion in revenue, respectively.

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Texas Instruments— The technology stock soared 6.8% after surpassing expectations for the first quarter. Texas Instruments reported earnings of $1.20 per share on revenue of $3.66 billion, beating analysts' projections of $1.07 per share and $3.61 billion in revenue. Additionally, the company provided guidance for the current quarter that aligned with analysts' consensus forecasts.

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Sea Limited— Shares of the Southeast Asian tech giant climbed 3.2% after Loop Capital upgraded its rating to buy from hold, citing a potential shift toward sustained profitable growth.

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Mattel— The toymaker's stock gained 2.7% after reporting narrower-than-expected losses per share. Mattel reported a loss of 5 cents per share in the first quarter, compared to analysts' anticipated loss of 12 cents per share. Revenue for the quarter reached $810 million, slightly below the consensus estimate of $832 million.

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Enphase Energy— The solar stock declined nearly 7% following an earnings miss and a downbeat revenue outlook for the current quarter. Enphase Energy reported earnings of 35 cents per share on revenue of $263 million in the first quarter, falling short of analysts' expectations of 40 cents per share and $280 million in revenue, respectively. Additionally, the company projected second-quarter revenue between $290 million and $330 million, below the consensus forecast of $349 million.

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