Premarket movers:
Mag 7 stocks mixed: Alphabet (GOOGL) gained 7% on Q3 results that beat expectations. Analysts are especially positive on its cloud-computing business. Meta Platforms (META) sank 8% after the Facebook parent reported third-quarter results and gave an outlook. Analysts noted some concern over the company’s heavy spending. Microsoft (MSFT) was down 2% after the software company reported its first-quarter results. Analysts are broadly positive on the report, especially growth in its Azure cloud-computing business, but said investor expectations were elevated (Apple (AAPL) +0.7%, Nvidia (NVDA) is flat, Tesla (TSLA) -0.5%, Amazon (AMZN) -0.5%)
Calix (CALX) rises 8% after the application software company reported third-quarter results that beat expectations and gave an outlook that is above the analyst consensus.
Carvana (CVNA) falls 7% after the used-car retailer failed to live up to “elevated buy-side bar.” The company said its loan performance was solid amid rising concerns about delinquencies and distress in subprime auto lending.
Chipotle (CMG) falls 17% after the restaurant chain lowered its full-year projection for comparable sales for a third time this year as customer traffic at its restaurants fell.
Eli Lilly & Co. (LLY) gains 4% after raising its full-year guidance as revenue from its blockbuster weight loss and diabetes drugs beat analysts’ estimates in the third quarter.
FMC Corp (FMC) sinks 29% after the agricultural chemical company reported worse-than-expected revenues and cut its guidance for the full year below analyst estimates.
FormFactor (FORM) rises 14% after the semiconductor manufacturing company reported third-quarter results that beat expectations and gave an outlook that is seen as strong, prompting an upgrade.
Guardant Health (GH) rallies 26% after the biotech company boosted its revenue guidance for the full year, beating the average analyst estimate.
Huntington Ingalls (HII) rises 3% after the military shipbuilder reported revenue for the third quarter that beat the average analyst estimate.
Insmed (INSM) climbs 12% after the biotech firm posted quarterly results.
MediaAlpha (MAX) climbs 11% after the insurance technology company reported its third-quarter results and gave an outlook that analysts are positive on.
REV Group (REVG) rises 6% after Terex agreed to buy the manufacturer of specialty vehicles.
Sprouts Farmers Market (SFM) tumbles 23% after the grocery store chain reported comparable store sales that missed estimates and lowered its forecast for full-year comp sales.
TransMedics (TMDX) drops 10% after the transplant-therapy company reported total revenue for the third quarter that fell short of the average analyst estimate.
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