Stocks Making the Biggest Premarket Moves: General Motors, 3m, Spotify, Verizon And More

Several companies have been making headlines in premarket trading:

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General Motors saw its shares rise more than 1% after the automaker raised its full-year guidance and reported second-quarter results showing year-over-year growth.

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Shares of 3M, the manufacturer, also rose about 2% in premarket trading following an impressive earnings report. 3M's revenue of $7.99 billion surpassed analysts' estimates of $7.87 billion, and the company raised its full-year earnings guidance while reaffirming its revenue guidance.

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Workplace technology provider Xerox advanced 3.6% after exceeding earnings expectations for the second quarter. Xerox reported 44 cents per share excluding items, beating the forecast of 32 cents by analysts polled by FactSet. The company also expects better-than-anticipated free cash flow and adjusted operating margin for the full year.

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General Electric experienced a jump of more than 4% in premarket trading after posting stronger-than-expected earnings for the second quarter. The company's improved performance was attributed to strong demand from aerospace and record orders in its renewable energy business. GE also raised its full-year profit guidance.

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On the other hand, shares of conglomerate Danaher slid 4.6% as the company announced that non-GAAP core revenue in the base business would be down for the current quarter compared to the same period last year. The company's full-year revenue expectations were also adjusted lower than previously anticipated.

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The music streaming platform Spotify faced a decline of 6.1% after presenting a disappointing quarterly report and guidance. The company reported revenue of €3.18 billion, falling short of the Refinitiv forecast of €3.21 billion. Additionally, the full-year revenue guidance was worse than analysts had expected.

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Electric helicopter company Lilium saw its stock rise by 5.6% after management released a letter to shareholders, reporting that adjusted cash spend for the first half of 2023 was within budget, and the company successfully passed an audit from the European Union Aviation Safety Agency.

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Alaska Air's shares fell more than 4% despite beating estimates on the top and bottom lines for the second quarter. The airline reported $3 in adjusted earnings per share on $2.84 billion in revenue, surpassing analysts' expectations. However, the company's full-year earnings guidance was in-line with average analyst estimates, leading to the decline.

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Shares of the company formerly known as Raytheon, RTX, slipped 3% despite a strong quarterly report. RTX reported $1.29 in earnings per share, excluding items, on $18.32 billion in revenue, outperforming analysts' forecasts. The company also raised its full-year expectations for both earnings per share and revenue.

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Telecommunications giant Verizon traded 2.6% higher after reaffirming its full-year guidance. The company reported $1.21 in earnings per share, excluding items, on $32.6 billion in revenue for the second quarter, slightly exceeding estimates.

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Walmart's shares rose more than 1% after Piper Sandler upgraded the big-box retailer to overweight from neutral and raised its price target. Analyst Edward Yruma believes Walmart could gain more market share in the grocery business as inflation eases.

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