Stocks making the biggest moves: Procter & Gamble
P&G
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%.
CSX
Shares of CSX Corporation advanced 2.4% after CSX’s first-quarter results beat expectations.
W.R.
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.
PPG
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.
Regions Financial
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
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.
Freeport-McMoran
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.
AT&T
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
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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