Stocks making the biggest moves premarket: Coinbase, TKO Group, United Airlines, D.R. Horton and more

Published Tue, Jan 23 20248:18 AM ESTUpdated Tue, Jan 23 202412:36 PM EST

Check out the companies making headlines in premarket trading. Coinbase — The cryptocurrency exchange slipped nearly 4% following a downgrade to underweight earlier on Tuesday from JPMorgan. The bank said 2024 could be a tough year for Coinbase as enthusiasm for spot Bitcoin ETFs fades. General Electric — Shares of General Electric were down nearly 7% in the premarket after the industrial giant issued weaker-than-expected guidance for the first quarter. The company sees earnings per share ranging between 60 cents and 65 cents, well below an LSEG estimate of 72 cents per share. Sunnova , Enphase Energy — The two solar companies were higher in premarket trading after Truist upgraded them to buy from hold. Shares of Sunnova climbed more than 6%, while Enphase ticked up 4%. Truist said both stocks should get a boost from Federal Reserve rate cuts later this year. 3M — 3M reported disappointing full-year and first-quarter guidance, sending the stock down more than 5% in the premarket. The company sees earnings per share between $9.35 and $9.75, below an LSEG estimate of $9.81 a share. Zuora — The software company added 2.5% following an upgrade to buy from Goldman Sachs. The bank said Zuora is trading at attractive levels. Teva Pharmaceutical Industries — The pharma stock added 1.7% following an upgrade to buy from hold at Jefferies. "We are bullish heading into '24 guide given consensus rev ests [revenue estimates] look conservative despite several tailwinds at play," wrote analyst Glen Santangelo, who cited strong guidance, robust fundamentals and product updates as examples of these tailwinds. D.R. Horton — Shares of the home construction company slipped more than 5% after first-quarter earnings per share missed Wall Street estimates. D.R. Horton earned $2.82 per share, while analysts polled by LSEG expected a profit of $2.88 per share. Halliburton — The oil company added more than 2% after fourth-quarter earnings surpassed analysts' estimates. Halliburton earned 86 cents per share, excluding certain items. Analysts expected earnings of 80 cents per share, according to LSEG. Logitech — Shares of the computer accessories company fell 7% after Logitech reported sales were down year-over-year in its third quarter. The company raised its full-year revenue guidance, but to a range that was expected by Wall Street analysts, according to FactSet's StreetAccount. United Airlines — The airline stock rose more than 6% after posting quarterly results. United Airlines reported earnings of $2 per share on $13.63 billion in revenue, ahead of the EPS of $1.69 and $13.54 billion in revenue expected by analysts polled by LSEG. The company also said it anticipates a quarterly loss of between 35 cents and 85 cents in the first quarter due to Boeing 737 Max 9 groundings . Rumble — Shares jumped nearly 4%, building upon the stock's gains of over 40% a day earlier. The video platform on Monday announced a partnership with digital media company Barstool Sports. TKO Group — The sports entertainment conglomerate soared more than 18% on news that Netflix would stream WWE's Monday Night Raw beginning next year. The move is the streaming giant's first plunge into live entertainment. Johnson & Johnson — Johnson & Johnson reported fourth-quarter earnings and revenue that beat analysts' expectations, but shares were down slightly in the premarket. The pharma giant posted adjusted earnings of $2.29 per share on revenue of $21.4 billion. Analysts polled by LSEG expected a profit of $2.28 per share on revenue of $21.01 billion. Verizon — The telecommunications giant climbed nearly 5% after posting an earnings beat on the top and bottom line in the fourth quarter. The company earned $1.08 per share on revenue of $35.13 billion. Analysts polled by LSEG expected a profit of $1.07 per share on revenue of $34.64 billion. Procter & Gamble — Shares added 1.1% following quarterly results that notched an earnings beat but a miss on revenue estimates. The company also slimmed its full-year earnings per share forecast. RTX Corporation — The aerospace and defense company climbed 4% in premarket trading on the back of quarterly results beat Wall Street estimates on the top and bottom line. RTX posted earnings per share of $1.29 per share, excluding items, on revenue of $19.93 billion. Analysts expected a profit of $1.24 per share on revenue of $19.7 billion. — CNBC's Hakyung Kim, Samantha Subin, Jesse Pound, Lisa Kailai Han and Fred Imbert contributed reporting