Stocks Making the Biggest Premarket Moves: Southwest Airlines, Meta Platforms, Align Technology, Ebay and More

Check out the companies making headlines in early morning trading.
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Southwest Airlines:The carrier experienced a 6% premarket decline after disclosing a mixed financial update. Although business revenues continue to recover, they have not yet reached pre-pandemic levels. Southwest cited higher costs, including an upward revision of its jet fuel forecast for the full year to $2.70-2.80 per gallon, up from the previous range of $2.60-2.70.

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Chipotle Mexican Grill:Shares of the burrito chain dropped more than 8% following its latest financial update, which revealed that sales fell short of Wall Street expectations. Chipotle reported revenue of $2.51 billion, slightly below the analysts' consensus of $2.53 billion.

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Edwards Lifesciences:The company witnessed a 6% decline in its shares after reporting slightly better-than-expected earnings and revenue for the second quarter. However, the issued guidance was weaker than anticipated. FactSet analysts had estimated earnings of 63 cents per share, whereas the company's forward earnings forecast was 55 cents to 61 cents per share, excluding items.

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Ebay:Shares of the e-commerce giant decreased nearly 6% after providing a disappointing guidance for the current quarter. The company projected third-quarter adjusted earnings per share of 96 cents to $1.01, falling short of FactSet analysts' estimate of $1.02.

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Align Technology:The orthodontics company experienced a significant surge of 14% as it posted adjusted earnings of $2.22 per share for the second quarter, surpassing estimates of $2.03 per share. Additionally, its quarterly revenue exceeded expectations, and the revenue guidance for the year surpassed analyst projections.

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Meta Platforms:The Facebook parent company observed an impressive jump of nearly 9% after reporting earnings and revenue for the second quarter that surpassed analysts' estimates. Meta also issued a better-than-expected forecast for the current period, which indicates a rebound in digital advertising.

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Lam Research:Shares of the semiconductor equipment maker rose 3% following a strong quarter. Lam reported adjusted earnings of $5.98 per share, exceeding estimates by 91 cents per share, according to Refinitiv. Furthermore, the company's revenue of $3.21 billion surpassed expectations of $3.13 billion.

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McDonald's:The dominant fast food chain saw a rise of more than 1% in its shares after posting earnings and revenue for the second quarter that exceeded Wall Street expectations. McDonald's attributed its positive performance to a rebound in China sales and the success of its Grimace Birthday Meal. Notably, same-store sales grew by 11.7% in the second quarter.

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Honeywell:Shares of the industrial company declined by 1.6% after reporting a mixed second quarter. Honeywell earned an adjusted $2.23 per share on $9.15 billion of revenue. Although slightly above analysts' expectations, the company's sales for its safety and productivity solutions products experienced a decline compared to the previous year.

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Mattel:The toymaker's shares slipped approximately 1% after announcing the departure of Richard Dickson, the chief operating officer, who is leaving to become CEO of Gap. Additionally, Mattel reported second-quarter adjusted earnings of 10 cents per share on revenue of $1.09 billion. This performance outperformed analysts' expectations of a per-share loss of 2 cents and revenue of $1 billion, as per Refinitiv.

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ServiceNow:Despite beating estimates on the top and bottom lines in the second quarter, shares of the tech company dipped around 1%. ServiceNow reported $2.37 in adjusted earnings per share on $2.15 billion of revenue, which exceeded Refinitiv analysts' projections of $2.05 per share on $2.13 billion of revenue. Some Wall Street analysts expressed concern about slowing growth on a constant currency basis in the third quarter, contributing to the slight dip in share price.

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Comcast:Shares of the NBC and Xfinity parent company advanced more than 2% after reporting strong earnings for the quarter, citing higher prices that offset slowing broadband growth. The company also reported a significant increase in subscribers for its Peacock streaming service, which nearly doubled to 24 million compared to the same period in the previous year.

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Imax:The big screen movie company experienced a notable increase of 6.4% following a robust second-quarter report. IMAX earned 26 cents per share, excluding one-time items, on $98 million in revenue, exceeding analysts' Refinitiv projections of 16 cents per share and $86.6 million in revenue. The management highlighted a remarkable global box office performance last weekend and an accelerated rate of signups and installations, signaling positive long-term growth.

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Sunnova Energy:Shares of the solar company declined more than 7% after reporting weaker-than-expected financial results for the second quarter. Sunnova's loss of 74 cents per share was wider than analysts' expected loss of 42 cents per share, as reported by FactSet. Additionally, revenue came in at $166.4 million, falling short of expectations of $195.5 million.

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