Check out the companies making the biggest moves premarket: Tesla — Shares were down nearly 6% after the company reported an earnings miss for the second quarter. Tesla’s free cash flow also turned negative as margins came under pressure. Alphabet — The Google parent fell 4.5% after it increased its capital expenditures outlook for the year to bolster its artificial intelligence capabilities. Alphabet expects to spend between $195 billion and $205 billion in 2026, up from a previous guidance of as much as $190 billion. Lockheed Martin — The defense giant popped 6% after it reported better-than-expected results for the second quarter. Lockheed earned $7.94 per share on revenue of $20.06 billion. Analysts polled by FactSet expected a profit of $7.19 per share on revenue of $19.34 billion. The company also hiked its full-year earnings outlook. IBM — The legacy tech giant reported a profit and revenue for the second-quarter that came in below analyst expectations. This comes after the company last week posted preliminary results that sparked the biggest sell-off in IBM stock history. Texas Instruments — The chipmaker reported second-quarter results that beat the Street. Earnings per share came in at $2.14, exceeding an LSEG forecast of $1.93 per share. Revenue of $5.46 billion topped a consensus estimate of $5.25 billion. Shares were down 3.2%, however. Eli Lilly — The pharmaceutical company said it will apply for approval for a next-generation obesity drug in the first quarter of 2027 after successful outcomes in two late-stage trails. In one trail, adults with obesity and established cardiovascular disease lost 55.8 pounds or up to an average of 22.6% of their weight at 80 weeks, the company said in a release. Shares are down a little over 1%. Comcast — The telecom giant reported an earnings beat for the second quarter while highlighting strength at NBCUniversal ahead of its planned spinoff of the unit. Shares rose slightly in the premarket.
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Thursday, July 23
