Stocks making biggest moves premarket: Intel, Centene and more
Check out the companies making headlines before the bell: Intel — Shares of the chipmaker dropped more than 7% after Intel said it will cut 15% of its workforce and slashed plans for chip factory construction in an attempt to revitalize its artificial intelligence strategy. Intel topped second-quarter revenue results, posting $12.86 billion in revenue, which beat the $11.92 billion expected by analysts surveyed by LSEG, and lost an adjusted 10 cents per share. Paramount — The owner of CBS television rose more than 1% in early trading Friday after the Federal Communications Commission on Thursday approved an $8 billion merger between Paramount and Skydance Media. Centene — The managed care provider plunged 14% after a quarterly loss that saw membership decline across its Medicaid and Medicare businesses. Centene posted a second-quarter adjusted loss of 16 cents per share, while analysts polled by FactSet expected earnings of 11 cents per share. Revenue of $48.7 billion topped analysts’ expectations of $44.1 billion, per FactSet. Centene’s chief executive said the company is “disappointed” by the results and “working with urgency and focus to restore our earnings trajectory.” Deckers Outdoor — The maker of UGG boots soared more than 12% after fiscal first-quarter results beat Wall Street’s expectations. Deckers earned 93 cents per share on revenue of $965 million, while analysts polled by LSEG had penciled in 68 cents per share and revenue of $901 million. Deckers cited higher-than-expected sales of its flagship brand, as well as its popular Hoka athletic shoes and sandals. Carvana — The online used-car retailer climbed nearly 3% on the back of an Oppenheimer upgrade to outperform from perform. The investment bank said Carvana’s “business model is now ‘humming,’ generating meaningful cash” while scaling up and capitalizing on industry demand trends. Charter Communications — The cable operator’s shares fell almost 13% after its latest financials failed to surpass expectations. Charter Communications posted in-line revenue of $13.77 billion, meeting the second-quarter estimate of analysts surveyed by FactSet. Adjusted earnings before interest, taxes, depreciation and amortization, or EBITDA, of $5.69 billion trailed the $5.7 billion forecast by analysts, however, according to FactSet. — CNBC’s Alex Harring contributed reporting.
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