Jabil, Commercial Metals, Tesla and more
Check out the companies making headlines before the bell:
Jabil (JBL) – The contract electronics manufacturer saw its stock rise 1.2% in premarket trading after beating top and bottom-line estimates for its latest quarter. Jabil earned an adjusted $1.72 per share, 10 cents above estimates, and said it continued to see solid demand from its customers.
Commercial Metals (CMC) – The metal products manufacturer reported an adjusted quarterly profit of $2.61 per share, beating the $2.02 consensus estimate, and revenue also topped Wall Street forecasts. Commercial Metals also said it was anticipating upbeat financial performance for the current quarter amid a strong construction market. The stock rallied 4.6% in the premarket.
Tesla (TSLA) – Tesla fell 3.8% in premarket trading after Reuters reported that Tesla has increased prices on its U.S. models amid a jump in the price of raw materials and supply chain snags.
Twitter (TWTR) – Twitter gained 2.3% in premarket action following a Wall Street Journal report that Elon Musk will reiterate his desire to own Twitter at an all-hands meeting today. Musk has threatened to pull out of his Twitter buyout deal, accusing the company of withholding information on spam accounts.
Warner Brothers Discovery (WBD) – The media company’s stock slid 4% in the premarket after J.P. Morgan rated the stock “neutral,” citing a macroeconomic environment that could impact ad spending.
KLA (KLAC) – The maker of semiconductors and electronics equipment said it expected an adjusted current-quarter profit of $4.93 to $6.03 per share, compared with the $5.50 consensus estimate. It also announced a $6 billion share repurchase program and a 24% dividend hike ahead of its 2022 Investor Day.
Revlon (REV) – Revlon filed for Chapter 11 bankruptcy protection as the cosmetics maker deals with a debt load of roughly $3.3 billion. Shares slid 4.4% in the premarket.
Amazon.com (AMZN) – Amazon said its annual “Prime Day” shopping event would be held from July 12 to 13. Last year’s “Prime Day” event generated an estimated $3.5 billion in sales. Amazon fell 2.8% in premarket trading.
Abbott Laboratories (ABT) – Abbott said it was halting production of its EleCare specialty baby formula at its Sturgis, Michigan plant after severe storms flooded areas of the plant. Abbott said the flooding would likely delay production and distribution for a few weeks, and its stock fell 2% in the premarket.
— CNBC’s Peter Schacknow contributed reporting.