Stocks making the biggest moves premarket: Spotify, RTX, Coca-Cola and more

Published Tue, Oct 24 20238:11 AM EDT

Check out the companies making headlines before the bell. General Motors — General Motors shares were up more than 1% in the premarket after the automaker posted third-quarter earnings and revenue that beat analyst expectations. That said, GM did pull its full-year outlook, citing rising costs from the United Auto Workers union strikes. Spotify — Shares shed 2.5% in early morning trading, despite Spotify's third-quarter earnings topping expectations. Revenue matched estimates, and the streaming giant said it expects total monthly active users to top 600 million in the fourth quarter. Bank of America called the stock's fall "surprising." Coca-Cola — Coca-Cola reported adjusted third-quarter earnings of 74 cents per share on revenue of $11.91 billion. Analysts polled by LSEG expected a profit of 69 cents per share on revenue of $11.44 billion. The company also raised its outlook, as volume grows despite higher prices. Shares were up more than 2.3%. DraftKings — Shares jumped 3.5% after MoffettNathanson upgraded the stock to buy from neutral and raised its price target, noting that DraftKings' expenses are better than expected and that revenue continues to outperform. General Electric — Shares jumped 5.4% in early morning trading after the company's earnings and revenue for the third quarter came out higher than Wall Street's expectations. The company also lifted its full-year guidance on increased demand for its aerospace business. 3M — The stock gained nearly 4% after 3M raised its earnings forecast after a stronger-than-expected quarter with strong margins and cash flow. The company increased its full-year adjusted earnings and noted success with its restructuring and spending control efforts. Monster Beverage — Monster Beverage slid about 1% in premarket trading. Piper Sandler downgraded the beverage stock to neutral from overweight, saying its outlook on the stock is slowing. Barclays — U.S.-listed shares fell more than 5% after the British bank reported a 16% decline in third-quarter profit on lower investment banking revenue. Investors also weighed the prospect of cost actions and margin pressure. The stock slid about 6.3%. Alphabet — Shares of the tech giant added 1.1% ahead of the company's earnings announcement after the bell. RTX — The aerospace and defense company soared 8.1% after reporting higher-than-expected earnings and revenue, compared to forecasts from LSEG. RTX posted earnings per share of $1.25 on quarterly revenue of $18.95 billion, while analysts expected earnings per share of $1.21 on $18.59 billion in revenue, according to LSEG. Amazon — The e-retailer added 1.3% after Morgan Stanley listed Amazon as top stock pick heading into earnings season. The firm pointed to expectations of strong upward revisions to forward EBIT estimates, as well as stable AWS growth and an attractive valuation for the stock, as near-term catalysts for Amazon. — CNBC's Hakyung Kim and Sarah Min contributed reporting.