Take a look at the companies making headlines before the bell:
Newmont (NEM) – Shares of the mining company fell 3.3% in premarket trading after it reported lower-than-expected second-quarter earnings. Earnings fell nearly 41% from a year earlier, hurt by a drop in gold prices.
square space (SQSP) – The e-commerce platform provider fell 14.4% premarket after its full-year revenue forecast missed Street forecasts. Squarespace reported better-than-expected results for its latest quarter, but said revenue is being hit by currency headwinds.
Philips (PHG) – Philips fell 10.4% in premarket trading after the Dutch medical equipment maker’s quarterly profit missed analyst forecasts. Philips was hit by lockdowns in China and supply chain issues.
public storage (PSA) – Public Storage added a 1.5% premarket share after the operator of the self-storage facility declared a special dividend of $13.15 per share. The distribution is related to the sale of PS Business Parks to subsidiaries of black stone (BX) for $7.6 billion. Public Storage had been the largest shareholder in PS Business Parks, whose sale transaction closed last week.
jd.com (JD) – Morgan Stanley calls the Chinese e-commerce company a “catalyst-driven idea,” which helped push its shares up 2% in premarket trading. The firm believes the catalyst could be better than expected revenue growth guidance when JD.com reports earnings in August.
Tesla (TSLA) – Tesla rose 1.3% in the premarket share following its latest 10-Q filing, which included an update on the value of its bitcoin holdings. Tesla said it took a $170 million impairment charge related to the book value of its bitcoin holdings for the first six months of 2022, but saw a $64 million profit from bitcoin sales during that period.
Ryanair (RYAAY) – Ryanair jumped 5.7% premarket after the airline reported better-than-expected quarterly results. Ryanair warned that a return to pre-Covid levels of profitability this year was not certain.
farfetch (FTCH) – Farfetch shares rose 2.5% in premarket trading on reports that the online luxury fashion seller was close to reaching a deal with Switzerland’s Richemont that would see it take over the Richemont-owned fashion retailer, YNAP.
Uber Technologies (UBER) – The ride-sharing company has admitted failing to report a 2016 data breach that affected 57 million drivers and passengers as part of a settlement agreement to avoid criminal prosecution. Uber added 1% in premarket trading.
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