general view of a Starbucks store on September 15, 2022 in Plainview, New York
Check out the companies making headlines in premarket trading.
Eli Lilly — The pharmaceutical stock rose more than 5% on clinical trial data showing that the company's donanemab drug slowed the progression of Alzheimer's disease.
Starbucks — Shared of the popular coffee chain fell 5% before the bell even after beating analyst estimates and posting stronger-than-expected same-store sales growth. Starbucks reaffirmed its outlook.
AMD — The semiconductor stock fell more than 7% in premarket trading after quarterly results a day earlier. The company reported an adjusted 60 cents per share on $5.35 billion in revenue, which were both ahead of analyst expectations of 56 cents and $5.3 billion, according to Refinitiv. Guidance for sales for the current quarter was lower from the company, however, and analysts are now split on how to view the stock.
Chegg — Shares of the online book renter regained 6.2% on Wednesday after falling as much as 48% a day earlier. The company noted concern of the rise of artificial intelligence as a threat to the core business on its earnings call. CEO Dan Rosensweig also said that the panic that sent the stock plunging was ''extraordinarily overblown."
PacWest, Western Alliance — Regional bank stocks were poised to extend their losses for the week on Wednesday morning. PacWest's shares fell 4.6% in premarket trading after sliding nearly 28% on Tuesday. Western Alliance was down more than 3% after shedding 15% on Tuesday. Shares have been under pressure amid renewed concern over the health of the sector.
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Biogen — The biotech company declined about 4% on Wednesday, after Eli Lilly reported its Alzheimer's drug trial data. Biogen reported earnings last week, notching an adjusted $3.40 per share while analysts polled by StreetAccount forecasted $3.28. The company recently received authorization from the Food and Drug Administration for an ALS treatment drug.
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Cogent — Shares of the communications and internet company gained 2.8% after a Bank of America upgrade. Cogent said Tuesday it had closed on a plan acquisition of Sprint's wireless network from T-Mobile.
Match Group — Shares rose 2.7% in light volume during premarket trading. The online dating company reported first-quarter earnings that topped analysts estimates from Refinitiv after the bell Tuesday. However, Match's revenue missed expectations.
Generac — The energy technology company gained 6.5% after quarterly earnings beat analyst expectations. Generac reported an adjusted 63 cents per share against an expected 48 cents, according to StreetAccount.
Pearson — Pearson shares popped more than 8%. The stock was double upgraded to buy from underperform by Bank of America, which said Tuesday's sell-off in the stock, which followed a sharp decline in Chegg amid AI worries, was "overly harsh."
— CNBC's Samantha Subin, Jesse Pound and Michelle Fox Theobald contributed reporting
