Stocks Making the Biggest Premarket Moves: General Motors, Ge Aerospace, Novartis, JetBlue and More

General Motors— The company witnessed a 4% increase in its stock value following the release of its first-quarter financial results. General Motors reported earnings of $2.62 per share on revenues totaling $43.01 billion. This exceeded analysts' expectations, who anticipated earnings of $2.15 per share on revenues of $41.92 billion. Additionally, GM raised its projections for adjusted automotive free cash flow to a range of $8.5 billion to $10.5 billion, up from the previous forecast of $8 billion to $10 billion.

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GE Aerospace— Shares of GE Aerospace surged by more than 4% after the company announced earnings of 82 cents per share for the first quarter, with revenues reaching $16.1 billion. These results surpassed analysts' forecasts of 65 cents per share on revenues of $15.14 billion.

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United Parcel Service— Despite beating earnings estimates, UPS experienced a 0.8% decline in its stock price as revenue fell short of expectations due to subdued demand for small-package delivery. The company reported adjusted earnings per share of $1.43, surpassing analysts' projections of $1.29 per share.

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Pepsico— Despite reporting stronger-than-expected first-quarter results, Pepsico saw a slight decrease in its stock value. The company reported adjusted earnings per share of $1.61 on revenues of $18.52 billion, surpassing analysts' estimates of $1.52 per share on $18.07 billion in revenue. Pepsico maintained its full-year guidance for 2024.

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Novartis— U.S.-listed shares of Novartis surged by 5% after the Swiss pharmaceutical company exceeded expectations for its first-quarter performance and raised its full-year guidance.

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JetBlue Airways— The airline's stock plummeted by 10.5% following the announcement that current-quarter revenue is expected to decline more than analysts had anticipated. JetBlue reported first-quarter sales of $2.21 billion, in line with expectations, and a loss of 43 cents per share, narrower than the 52-cent estimate.

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Cleveland-Cliffs— Cleveland-Cliffs experienced a 2% decline in its stock value after reporting first-quarter results below analysts' expectations. The company reported adjusted earnings of 18 cents per share on revenue of $5.2 billion, falling short of analysts' estimates of 22 cents per share on $5.35 billion in revenue.

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SAP— U.S.-listed shares of SAP rose by nearly 4% following the announcement of first-quarter revenue that surpassed expectations. Although adjusted earnings per share slightly missed the consensus estimate, SAP reaffirmed its full-year guidance.

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Nucor— Shares of Nucor tumbled by 7% after the steelmaker reported first-quarter earnings of $3.46 per share, below the consensus estimate of $3.67 per share. Revenue also fell short of expectations, and the company warned of lower second-quarter earnings.

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Danaher— The life sciences firm saw its stock surge by over 8% after exceeding analysts' expectations for its first-quarter results. Danaher reported adjusted earnings of $1.92 per share on revenue of $5.80 billion, surpassing analysts' estimates of $1.72 per share on revenue of $5.62 billion.

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Lockheed Martin— Following a top- and bottom-line beat, Lockheed Martin's stock value increased by 1.5%. The defense company reported earnings of $6.39 per share on revenue of $17.2 billion, exceeding analysts' estimates of $5.83 per share on revenue of $16.02 billion. Growth was reported across every segment.

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Spotify— Shares of Spotify rallied by 8.4% after the music streaming company reported first-quarter revenues that exceeded analysts' expectations. Spotify reported revenue of 3.64 billion euros ($3.9 billion), compared to the consensus estimate of 3.61 billion euros.

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Sherwin-Williams— The stock of Sherwin-Williams declined by 3.5% following its first-quarter earnings report. The company reported adjusted earnings per share of $2.17, missing the consensus estimate of $2.22. Revenue of $5.37 billion also fell short of analysts' expectations of $5.50 billion.

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