Stocks on the Move Premarket: McDonald’s, UPS, General Motors and More

McDonald's shares dipped more than 1% after the company reported its latest quarterly results. While the fast food giant topped earnings and revenue estimates, CEO Chris Kempczinski said he expects "short-term inflationary pressures to continue in 2023."

General Motors' shares rose by more than 5% in premarket trading after the company beat estimates for its fourth quarter earnings and revenue. GM reported an adjusted $2.12 per share on $43.11 billion in revenue, while analysts surveyed by Refinitiv were expecting $1.69 in earnings per share on $40.65 billion in revenue. The company said it expects earnings to fall in 2023, but guidance was still above analyst estimates.

Shares of Ford rose 2% on Monday after the company announced it would lower the price of the Mach-E, its electric pickup truck. Ford is set to report earnings later in the week.

UPS reported better-than-expected earnings and revenue, sending shares up 1.9%. The company posted adjusted earnings per share of $3.62 on $27.08 billion in revenue. Analysts had forecast earnings of $3.59 per share and $28.09 billion in revenue, per Refinitiv.

Exxon Mobil reported strong financial results for the latest quarter, but shares fell more than 1% as investors worried about tightening supplies. CEO Darren Woods said in a statement that the company saw a tightening in supplies as economies began recovering. However, Exxon Mobil's stock price rallied more than 80% last year.

Caterpillar's shares fell by more than 2% after the company released its latest quarterly results. Caterpillar reported adjusted earnings of $4.27 per share, which was above the Refinitiv consensus estimate of $4.02 per share. However, the company's bottom line excludes an "unfavorable ME&T foreign currency impact in other income (expense) of $0.41 per share."

Pfizer's shares fell by more than 2% after the company reported mixed quarterly results and issued guidance for the full year that was below analysts' expectations, according to StreetAccount. Pfizer said that it expects revenues from its Comirnaty and Paxlovid drugs to fall by 64% and 58% respectively from their actual 2022 results.

International Paper reported fourth-quarter adjusted operating earnings of 87 cents per diluted share, exceeding StreetAccount's estimate of 69 cents per diluted share. However, the company reported a net earnings loss of $318 million for the quarter. International Paper shares fell nearly 6% in the premarket.

Lucid's shares fell 4.4% on Monday, after a big rally on Friday fueled by options trading.

PulteGroup's shares rose more than 1% in premarket trading after the company reported better-than-expected fourth quarter results. PulteGroup posted adjusted earnings per share of $3.63 on revenue of $5.17 billion, while analysts had been expecting earnings per share of $2.93 on revenue of $4.58 billion, according to StreetAccount. The company's homebuilding gross margin also rose year over year.