Check out the companies making headlines in premarket trading. Snap — The social media stock tumbled 32.2% on Wednesday morning, a day after the company posted worse-than-expected revenue and offered weak guidance. Snap said it was facing headwinds from the Israel-Hamas war. Alibaba — The Chinese e-commerce giant rose as much as 5% in premarket trading after it posted quarterly revenue that missed analyst estimates — 260.35 billion Chinese yuan ($36.6 billion) versus 262.07 billion yuan expected by the LSEG consensus — and hiked its share buyback program by $25 billion. The shares were last higher by less than 1%. Yum Brands — Shares slipped 1.3% after the KFC, Taco Bell and Pizza Hut parent reported fourth-quarter earnings and revenue that missed expectations. Yum’s adjusted earnings per share came in at $1.26, short of the $1.40 expected from analysts polled by LSEG. Revenue was $2.04 billion versus the consensus estimate of $2.11 billion. CVS — The stock added 1.8% after CVS surpassed Wall Street expectations for its fourth quarter, citing strength in its health services business. However, the pharmacy chain pulled back its full-year outlook due to higher medical costs. Uber — Shares slipped 1.8% despite a strong earnings report from the rideshare giant. Uber earned 66 cents per share and saw $9.94 billion in revenue, while analysts polled by LSEG expected 17 cents and $9.76 billion. Chipotle Mexican Grill — The fast-casual restaurant chain added 2.5% Wednesday, the morning after reporting stronger-than-expected earnings. In addition to beating on both top- and bottom-lines, Chipotle said restaurant traffic grew more than 7%. Ford — The automaker’s shares rallied 6% after offering stronger-than-expected guidance for 2024 while topping analysts’ expectations for the fourth quarter. Ford posted adjusted earnings of 29 cents per share on $43.2 billion in revenue. Analysts had expected adjusted earnings of 14 cents per share on $40.12 billion in revenue. The company also announced a special dividend of 18 cents per share on top of its regular first-quarter dividend of 15 cents per share. Enphase Energy — Shares of the solar stock jumped 13.2%, a day after a worse earnings report than expected for the first fiscal quarter and a light revenue outlook. Enphase earned 54 cents per share excluding items on revenue at $303 million, while analysts polled by FactSet forecasted 55 cents and $328 million in revenue. Sonos — The audio device maker popped 10.1% the morning after an expectation-beating earnings report and reaffirmed guidance. Sonos saw 64 cents in per-share earnings and $613 million in revenue, while analysts surveyed by LSEG anticipated 40 cents and $587 million. Fortinet — The cybersecurity stock rallied 9.3% in the premarket one day after Fortinet beat expectations for the fourth quarter. Fortinet beat analyst consensus estimates on both lines in the quarter, pulling attention away from its weak earnings guidance. Warner Bros. Discovery — Warner Bros. Discovery, Fox and Walt Disney ‘s ESPN said they will launch a joint sports streaming platform this fall. The new service will be owned by a new company wherein each of the three have a one-third stake. Warner Bros. Discovery shares jumped 3%. Walt Disney shares were down by about 0.8%, while Class A shares of Fox were also up by more than 3%. — CNBC’s Tanaya Macheel, Hakyung Kim, Sarah Min and Michelle Fox contributed reporting
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