Stock Market

Stocks making the biggest moves premarket: Delta Air Lines, PepsiCo, MillerKnoll and more

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People wait in line at the Delta Airlines checkin counter of JFK International airport on June 30, 2023 in New York City.
David Dee Delgado | Getty Images

Check out the companies making headlines before the bell:

Delta Air Lines — Delta Air Lines jumped 4% after the airline operator reported its highest-ever quarterly earnings and revenue, and raised its 2023 earnings forecast. Delta posted adjusted earnings per share of $2.68 cents, more than the $2.40 expected by analysts polled by Refinitiv. It gained adjusted revenue of $14.61 billion, greater than the $14.49 billion consensus estimate.

MillerKnoll — MillerKnoll shares fell more than 5% in the premarket. The furniture company behind the Noguchi table and Eames office chairs beat fiscal fourth-quarter earnings expectations. MillerKnoll posted adjusted earnings of 41 cents per share on revenues of $957 million. Analysts polled by Refinitiv had expected per-share earnings of of 39 cents on revenues of $946 million.

PepsiCo — The beverage stock rose 2% after PepsiCo on Thursday beat earnings and revenue expectation in its recent results, and raised its full-year outlook. The firm reported adjusted earnings of $2.09 per share, more than the $1.96 per share consensus estimate from Refinitiv. It reported revenue of $22.32 billion, greater than the forecasted $21.73 billion.

Walt Disney Company — Shares of the entertainment giant were up about 1.5% in premarket trading after Disney announced CEO Bob Iger’s contract had been extended through 2026. Iger had previously told CNBC that he had no plans to stay through 2024 in his return stint to Disney.

ViaSat — The stock tumbled more than 22% after ViaSat disclosed an issue with its recently launched communications satellite called the ViaSat-3 Americas satellite, which was launched in April.

Carvana — The online used-car dealer dropped 6.4% after being downgraded by JPMorgan to underweight from neutral. The Wall Street firm said Carvana’s valuation has “disconnected materially from fundamentals.” Its price target of $10 implies 74% downside.  

Alphabet — Alphabet gained more than 1% after it said it’s rolling out its Bard chatbot in the European Union and Brazil.

Meta Platforms — Meta rose more than 1%. A Financial Times report, citing people familiar with the matter, said the social media company is set to release a commercial version of its artificial intelligence model as it competes with Microsoft and Alphabet. Its language model called LLaMA was previously released to researchers and academics.

Cirrus Logic — The chip stock rose more than 1% after Cirrus Logic said in a regulatory filing that it is cutting its global workforce by about 5%, citing “overall market conditions.”

Coinbase — Shares fell 1% after Barclays downgraded the crypto platform to underweight from equal weight, saying investors sell Coinbase ahead of its earnings report.

SoFi Technologies — Shares tumbled 3.7% in premarket trading following a downgrade by Morgan Stanley to underweight. The firm said SoFi is acting more like a full-fledged bank and should be valued as such. SoFi’s stock has nearly doubled so far this year.  

— CNBC’s Michelle Fox and Jesse Pound contributed reporting

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