Top premarket stock movers: Spotify, RTX, Coca-Cola, and others

This article provides a snapshot of notable premarket activity among key companies, including General Motors, Spotify, Coca-Cola, and more, highlighting their earnings reports, stock movements, and key insights shaping the early trading hours.

Take a look at the premarket headline-making companies:

1. General Motors

   • General Motors saw a premarket gain of over 1% after exceeding analyst expectations with its third-quarter earnings and revenue. However, the company withdrew its full-year outlook due to increased costs from United Auto Workers union strikes.

2. Spotify

   • Spotify's shares dipped 2.5% in early morning trading, despite surpassing expectations in its third-quarter earnings. Revenue met estimates, and the streaming giant predicted it would surpass 600 million total monthly active users in the fourth quarter, a drop that Bank of America found "surprising."

3. Coca-Cola

   • Coca-Cola reported adjusted third-quarter earnings of 74 cents per share on revenue of $11.91 billion, beating analyst estimates. The company also raised its outlook, as volume continued to grow despite higher prices, resulting in a share increase of over 2.3%.

4. DraftKings

   • Shares of DraftKings rose 3.5% after an upgrade to "buy" from "neutral" by MoffettNathanson, which also raised the stock's price target. The upgrade cited better-than-expected expenses and continued revenue outperformance.

5. General Electric

   • General Electric experienced a 5.4% surge in early morning trading as its third-quarter earnings and revenue exceeded Wall Street's expectations. The company also raised its full-year guidance due to increased demand for its aerospace business.

6. 3M

   • 3M's stock gained nearly 4% after the company raised its earnings forecast following a stronger-than-expected quarter with robust margins and cash flow. This was attributed to the company's successful restructuring and spending control efforts.

7. Monster Beverage

   • Monster Beverage slid about 1% in premarket trading after being downgraded to "neutral" from "overweight" by Piper Sandler, citing a less optimistic outlook for the stock.

8. Barclays

   • U.S.-listed shares of Barclays fell more than 5% following a 16% decline in third-quarter profit due to lower investment banking revenue. Investors were also concerned about potential cost-cutting measures and margin pressures, resulting in a 6.3% stock drop.

9. Alphabet

   • Shares of tech giant Alphabet rose by 1.1% ahead of its earnings announcement after the market closes.

10. RTX

    • The aerospace and defense company, RTX, surged by 8.1% after reporting earnings and revenue that exceeded expectations. It posted earnings per share of $1.25 on quarterly revenue of $18.95 billion, surpassing analyst forecasts.

11. Amazon

    • Amazon added 1.3% in the premarket, as Morgan Stanley designated it as a top stock pick leading into earnings season. The firm cited expectations of strong upward revisions to forward EBIT estimates, stable AWS growth, and an attractive valuation as near-term catalysts for the stock.

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