Spotify, General Motors, Coca-Cola and more
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Check out the companies making headlines before the bell: Spotify Technology — The music streaming stock surged 13% after Spotify Technology posted second quarter earnings that topped estimates. Gross margin also exceeded expectations, along with operating income. General Motors — The auto stock jumped 4.6% after General Motors easily topped second-quarter estimates. GM also said it’s restructuring its struggling autonomous vehicle and China businesses. Lockheed Martin — The defense stock rose 0.5% after Lockheed Martin topped earnings and revenue expectations. The aerospace company posted second-quarter earnings of $6.85 per share on revenues of $18.12 billion. Analysts polled by LSEG had expected per-shares earnings of $6.46 on revenue of $17.04 billion. Coca-Cola Company — Shares of the beverage company rose 1.7% after a better-than-expected earnings report. Coca-Cola reported 84 cents in adjusted earnings per share on $12.36 billion of revenue. Analysts surveyed by LSEG were expecting 81 cents per share and $11.76 billion of revenue. The company also raised its full-year guidance for organic revenue. NXP Semiconductors — Shares dropped 7% after NXP Semiconductors reported second-quarter earnings that missed estimates. Adjusted earnings of $3.20 per share were below the LSEG consensus estimate of $3.21 earnings per share. Revenue of $3.13 billion came in line with estimates. United Parcel Service — The package delivery company tumbled nearly 9% after reporting a miss on both top and bottom lines in the second quarter. UPS reported $1.79 earnings per share on $21.80 billion in revenue. Analysts polled by LSEG had estimated $1.99 earnings per share and revenue of $22.18 billion. Danaher — The life sciences stock jumped 6% after Danaher posted second-quarter earnings and revenue that exceeded expectations. “We were particularly pleased with the sustained positive momentum in our bioprocessing business,” CEO Rainer Blair said in a statement. Crown Holdings — The packaging stock gained 6% after Crown Holdings posted second-quarter earnings that topped analysts’ expectations, according to FactSet consensus estimates. Crown also issued better-than-expected full-year earnings guidance. Zions Bancorporation — Shares gained 3% after Zions Bancorp posted second-quarter earnings that exceeded expectations. The regional bank posted earnings of $1.28 per share, more than the $1.10 earnings per share anticipated by analysts polled by LSEG. GE Aerospace — The aerospace stock popped 4% after GE Aerospace reported second-quarter earnings that topped estimates. The company reported adjusted earnings of $1.20 per share on revenue of $9.09 billion. Analysts surveyed by LSEG had anticipated per-share earnings of 99 cents on revenue of $8.46 billion. Comcast — Shares fell 2% after Comcast reported mixed results . In its latest quarter, the company’s adjusted earnings of $1.21 per share, topping the expected earnings of $1.12 per share. However, revenue of $29.69 billion fell below the LSEG estimate of $30.02 billion. — CNBC’s Hakyung Kim and Jesse Pound contributed reporting
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