Check out the companies making headlines before the bell:
Netflix (NFLX) – Netflix plunged 26.8% in premarket after reporting it lost 200,000 subscribers during the first quarter. The streaming service had projected subscriber additions of 2.5 million. Netflix also said it is exploring an ad-supported version.
Walt Disney (DIS), Roku (ROKU), Warner Brothers Discovery (WBD) – Other streaming-related companies have seen their stock fall in sympathy with Netflix. Disney is down 5% premarket, Roku is down 6.7% and Warner Brothers Discovery is down 4.3%.
Procter & Gamble (PG) – Shares of the consumer products giant rose 1.1% in premarket trading after a top and bottom hit. Procter topped estimates by 4 cents with adjusted quarterly earnings of $1.33 a share and had its biggest year-over-year sales gain in two decades as demand remained high for household goods even in the face of higher prices. . Procter also raised its organic sales orientation.
Baker Hughes (BKR) – The oilfield services company was 5 cents below estimates, with adjusted quarterly earnings of 15 cents per share, and revenue was also below forecasts. Baker Hughes said its results reflect a volatile operating environment, and the stock was down 2% in premarket stock.
Lululemon (LULU) – Luluemon added 2.2% premarket after the apparel maker announced a five-year plan to double revenue. The plan focuses on quadrupling international sales and doubling revenue from its male and digital operations.
IBM (IBM) – IBM reported adjusted quarterly earnings of $1.40 per share, 2 cents above estimates, with revenue also above analyst forecasts. IBM’s results were driven by a strong hybrid cloud platform business. IBM shares rose 2.7% in premarket trading.
ASML (ASML) – ASML’s latest quarter beat analyst forecasts on the top and bottom lines, with the Amsterdam-based semiconductor equipment maker reporting strong demand from chipmakers looking to ramp up production. ASML shares rose 5.4% premarket.
Teva Pharmaceutical (TEVA) – Teva shares tumbled 4.8% in premarket trading after the FDA sent a rejection letter in response to a new application for a drug to treat schizophrenia. Teva said it is studying possible next steps and will work with the FDA to address the agency’s concerns.
Omnicom (OMC) – Omnicom reported better-than-expected profit and revenue for its latest quarter, despite what the ad agency operator called “exceptionally challenging global events.” Omnicom received a charge of $113.4 million related to its investment in Russian business. The shares added up to 3.7% in the pre-market share.