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ConocoPhillips, Cigna, Restaurant Brands Rise Premarket; Eli Lilly, Aptiv Fall

Investing.com
·2 min read

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Thursday, August 4th. Please refresh for updates.

ConocoPhillips (NYSE:COP) stock rose 3.5% after the oil giant raised its planned capital returns to $15 billion for 2022 after posting a more than doubling of its second-quarter profit.

Eli Lilly (NYSE:LLY) stock fell 2.8% after the drugmaker cut its full-year profit forecast for the second time after reporting a hefty slump in quarterly profit on Thursday, hurt by lower prices of insulin and competition for its cancer drug, Alimta.

Restaurant Brands (NYSE:QSR) stock rose 4.2% after the parent of a number of fast food chains topped quarterly earnings and sales forecasts, helped by international sales growth at Burger King.

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Alibaba (NYSE:BABA) ADRs rose 4.1% after the Chinese e-commerce giant beat market expectations for revenue in the quarter ending late June, even though growth was flat for the first time ever due to the impact of COVID-19 lockdowns.

Cigna (NYSE:CI) stock rose 3.6% after the health insurer raised its annual profit forecast after its quarterly earnings beat estimates as a slow recovery in non-urgent medical procedures helped rein in medical expenses.

Thomson Reuters (NYSE:TRI) stock rose 0.8% after the media giant reported higher second-quarter operating profit and raised its full-year revenue forecast.

Under Armour (NYSE:UA) stock fell 1.3% after Baird downgraded its investment stance on the sports equipment company to ‘neutral’ from ‘outperform’, losing confidence in its ability to weather the current economic backdrop.

Aptiv (NYSE:APTV) stock fell 10% after the auto parts supplier lowered its full-year revenue and profit forecast, with a semiconductor shortage and rising costs weighing on global vehicle production.

Lordstown Motors (NASDAQ:RIDE) stock rose 7.6% after the electric vehicle manufacturer reported its first quarterly profit, helped by the sale of certain assets including its Ohio assembly line. Intercontinental Exchange (NYSE:ICE) stock rose 1% after the owner of the New York Stock Exchange reported a rise in second-quarter profit on the back of surging trading volumes.

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