Check out the companies making headlines before the bell. Hershey – Shares of the chocolate candy maker rose about 1% after Hershey posted a first-quarter earnings beat. The company reported adjusted earnings of $3.07 per share, which was higher than the $2.76 per share expected by analysts surveyed by LSEG. Hershey’s revenue of $3.25 billion also surpassed the consensus of $3.11 billion. Apple – The tech giant rose more than 7% after announcing it would buy back $110 billion of its own stock and post a profit-and-earnings loss. Apple posted a second-quarter profit of $1.53 per share on revenue of $90.75 billion. That beat analyst estimates for earnings of $1.50 per share on revenue of $90.01 billion, per LSEG. Amgen – Shares rose 13% after the biotech company posted a first-quarter profit and revenue increase. The company also announced it would initiate a Phase 3 trial of its injectable obesity drug. At the same time, shares of Novo Nordisk and Eli Lilly were trading lower Friday morning. Cloudflare – The stock continued to fall, falling 12% on weak full-year guidance, although Cloudflare posted a profit and revenue gain in the first quarter. Expedia – Shares of the online travel booking company fell 11% after Expedia issued lower-than-expected guidance for its fiscal second quarter, with executives pointing to the VRBO segment as a drag on results. Companies such as BMO Capital Markets and Piper Sandler have lowered their shares following their quarterly results. Fortinet – The stock price fell 8% after the midpoint of its second-quarter billing forecast came in lighter than analysts expected. However, the company exceeded analyst expectations for the first quarter. Block – Shares rose 9% a day after the payment services provider reported first-quarter adjusted earnings of 85 cents per share, higher than the 72 cents per share expected in a poll of LSEG analysts. Revenue was $5.96 billion, beating the consensus estimate of $5.82 billion. DaVita – The healthcare provider rose nearly 5% after reporting first-quarter adjusted earnings of $2.38 per share, which was higher than the $1.95 per share that analysts polled by FactSet expected. DaVita’s revenue of $3.07 billion also surprised positively, exceeding expectations of $3.03 billion. Arista Networks – The cloud networking company gained almost 4% after Jefferies upgraded the stock from hold to a buy rating. The bank believes Arista could be a “key AI beneficiary.” Coinbase – Shares fell 2% after the cryptocurrency exchange said fees could rise. However, according to LSEG, Coinbase’s first-quarter revenue of $1.64 billion exceeded the consensus of $1.34 billion. Union Pacific – Shares rose more than 1% after the troubled railroad was upgraded to buy out of stock at Stifel, which also raised its price target by $19 to $267. Analyst Benjamin Nolan said a sweat-the-asset strategy could be good for business. Mister Car Wash – Car wash shares rose 4% after an upgrade to overweight by JPMorgan. The bank cited an attractive valuation and insight into improving trends as catalysts, saying the tide was changing in the stock’s favor. – CNBC’s Brian Evans, Michelle Fox, Hakyung Kim and Tanaya Macheel contributed reporting.
Stocks making the biggest moves before the market: AAPL, AMGN, NET
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