Stocks making the biggest moves: Procter & Gamble
Shares of Procter & Gamble Co. increased by 1.5% in premarket trading after their fiscal third-quarter earnings and sales far surpassed Wall Street’s expectations. P&G also raised its forecast sales growth for fiscal 2023 to 6.3% from its earlier forecast of 4.2% to 5.2%.
Shares of CSX Corporation advanced 2.4% after CSX’s first-quarter results beat expectations.
W.R. Shares of the Berkley commercial lines insurer retreated 3% after it posted a net premium income of $2.49 billion in the first quarter. That’s lower than the $2.54 billion that analysts were expecting, according to FactSet consensus expectations. The firm also reported an operating profit per share of $1, down from $1.12 a year ago.
Shares of PPG Industries advanced 0.82% after PPG Industries reported better-than-expected results for the second quarter. The paint maker expects adjusted earnings of $2.06 to $2.16 per share, compared to analysts’ estimates of $1.97.
Shares of Regions Financial rose by 0.62% following the release of their mixed quarterly results. The regional bank’s earnings per share fell short of estimates, yet revenue aligned with Refinitiv’s consensus predictions and expectations. Nevertheless, a net interest income of $1.43 billion was posted, surpassing the FactSet estimate of $1.4 billion.
Schlumberger’s energy stock retreated 0.63% after the drilling firm beat expectations for the first quarter at the top and bottom lines. The firm posted adjusted earnings of 64 cents per share on revenue of $7.75 billion. That beat consensus expectations for earnings of 60 cents per share on revenue of $7.45 billion.
Shares of mining firm Freeport-McMoRan were down 1.1% in the premarket ahead of Freeport-McMoran’s conference call to discuss its latest quarterly results.
Shares of AT&T in the telecom space experienced an increase of 0.8% following HSBC raising its rating of AT&T to “buy.” A Wall Street firm is advising investors to buy shares of the telecommunications company, which fell sharply the previous day after missing earnings.
Philip Morris International shares were up 0.33% after Goldman Sachs said it is still bullish on Philip Morris International even after a sharp pullback in earnings for the tobacco stock.
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