Stocks Making The Biggest Premarket Moves: Delta Air Lines, Pepsico, Millerknoll and More

Take a look at the prominent companies making headlines before the commencement of trading:

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Delta Air Lines: Delta Air Lines witnessed a 4% surge as the airline operator reported its highest-ever quarterly earnings and revenue. Additionally, they revised their earnings forecast for 2023. Delta exceeded expectations by posting adjusted earnings per share of $2.68, surpassing the $2.40 estimated by analysts polled by Refinitiv. Their adjusted revenue amounted to $14.61 billion, exceeding the consensus estimate of $14.49 billion.

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MillerKnoll: Pre-market trading saw a decline of over 5% in MillerKnoll shares. Despite beating expectations for fiscal fourth-quarter earnings, the furniture company known for the Noguchi table and Eames office chairs reported adjusted earnings of 41 cents per share on revenues of $957 million. Analysts polled by Refinitiv had predicted earnings of 39 cents per share on revenues of $946 million.

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PepsiCo: PepsiCo observed a 2% increase in its stock after surpassing earnings and revenue expectations in its recent financial results. They also raised their full-year outlook. Adjusted earnings per share amounted to $2.09, surpassing the consensus estimate of $1.96 per share provided by Refinitiv. PepsiCo reported revenue of $22.32 billion, exceeding the projected $21.73 billion.

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Walt Disney Company: Shares of the entertainment giant rose by approximately 1.5% in premarket trading following the announcement of CEO Bob Iger's contract extension through 2026. Previously, Iger had indicated to CNBC that he had no plans to remain with Disney until 2024 during his return stint.

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ViaSat: ViaSat experienced a significant decline of over 22% after disclosing an issue with its recently launched communications satellite, the ViaSat-3 Americas satellite, launched in April.

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Carvana: The online used-car dealer saw a 6.4% drop after JPMorgan downgraded its rating from neutral to underweight. The financial firm stated that Carvana's valuation has significantly detached from fundamental factors. With a price target of $10, JPMorgan implies a downside of 74%.

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Alphabet: Alphabet observed a gain of over 1% as it announced the rollout of its Bard chatbot in the European Union and Brazil.

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Meta Platforms: Meta experienced a rise of over 1% following a report by the Financial Times, citing sources familiar with the matter, stating that the social media company is preparing to release a commercial version of its artificial intelligence model. This release aims to compete with Microsoft and Alphabet. Previously, Meta released its language model called LLaMA to researchers and academics.

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Cirrus Logic: The chip stock witnessed an increase of over 1% after Cirrus Logic declared a reduction in its global workforce by approximately 5%. The decision is attributed to prevailing market conditions.

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Coinbase: Coinbase shares fell by 1% after Barclays downgraded the crypto platform from equal weight to underweight. Barclays recommended that investors sell their Coinbase holdings ahead of its upcoming earnings report.

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SoFi Technologies: SoFi Technologies experienced a 3.7% decline in premarket trading following a downgrade by Morgan Stanley to underweight. The financial firm stated that SoFi is increasingly resembling a full-fledged bank and should be valued accordingly. SoFi's stock has nearly doubled in value thus far this year.

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