AMD, Starbucks, Estée Lauder fall premarket; Eli Lilly, Kraft Heinz rise
Investing.com -- Stocks in focus in premarket trade on Wednesday, May 3rd. Please refresh for updates.
Starbucks (NASDAQ: SBUX) stock fell 4.4% after the coffee chain decided against lifting its 2023 guidance even after beating quarterly profits, powered by a sharp recovery in business in China.
Advanced Micro Devices (NASDAQ: AMD) stock fell 7.6% after the chipmaker forecast quarterly sales below estimates due to a weak PC market.
Ford (NYSE: F) stock fell 1.2% after the auto giant announced it expects to take up restructuring charges between $1.5 billion and $2 billion in 2023, while reporting continued losses in its electric-vehicle unit, even after posting robust first-quarter revenue and profit.
Eli Lilly (NYSE: LLY) stock rose 5.7% after the drugmaker announced positive results of the Phase 3 study of its Alzheimer’s drug.
CVS Health (NYSE: CVS) stock fell 2.4% after the pharmacy chain lowered its financial guidance for 2023, citing costs linked to two recent acquisitions that were part of its effort to expand its offerings.
Amcor (NYSE: AMCR) stock fell 6.4% after the packaging company cut its full-year earnings forecast, flagging weakness in volumes.
Kraft Heinz (NASDAQ: KHC) stock rose 3.2% after the packaged food company raised its full-year profit forecast, as price hikes and resilient demand cushioned the blow from higher commodity costs.
Yum! Brands (NYSE: YUM) stock fell 3.5% after the company beat expectations for first-quarter comparable sales as more consumers opted for Taco Bell and KFC's cheaper menu items.
Estée Lauder (NYSE: EL) stock fell over 13.7% after the cosmetics giant forecast a bigger drop in full-year sales and profit on Wednesday on a slower-than-expected recovery in its major market China.