AMD, CVS Health, Yum! Brands rise premarket; Starbucks, Kraft fall
Investing.com -- U.S. futures fell Wednesday after the surprise downgrade of the U.S. government's credit rating by Fitch hit sentiment, as the quarterly earnings season continued.
Here are some of the biggest premarket U.S. stock movers today:
Advanced Micro Devices (NASDAQ: AMD) stock rose 2.5% after the chipmaker forecast that the release of its artificial intelligence chips will drive up its annual results, planning to launch its MI300 AI chips later this year.
Starbucks (NASDAQ: SBUX) stock fell 1.5% after the coffee chain reported disappointing global comparable sales, as demand for its drinks and food showed signs of slowing in North America.
CVS Health (NYSE: CVS) stock rose 1.9% after the pharmacy company beat quarterly profit expectations, boosted by strength in its pharmacy benefit management unit and lower-than-expected medical costs in its health insurance business.
Kraft Heinz (NASDAQ: KHC) stock fell 0.5% after the packaged food manufacturer missed quarterly sales and profit estimates as inflation-hit customers bought fewer packaged meals and condiments.
Yum! Brands (NYSE: YUM) stock rose 0.9% after the fast-food conglomerate beat market estimates for quarterly comparable sales, as cheaper meals and promotional offers at its KFC and Taco Bell restaurants drew in more customers.
Humana (NYSE: HUM) stock rose 3.1% after the health insurer beat second quarter profit expectations, buoyed by a smaller-than-expected increase in medical costs.
Pinterest (NYSE: PINS) stock fell 2.9% after the image sharing and social media service’s second quarter earnings report revealed expenses grew faster than revenue.
Virgin Galactic (NYSE: SPCE) stock fell 7% after the space tourism company reported second quarter losses that were slightly wider than the year-ago period, as it presses forward towards flying customers on monthly flights.
SolarEdge Technologies (NASDAQ: SEDG) stock fell 12.4% after the renewable energy company missed second quarter revenue expectations.