Here are some companies making news before the market opens: Insmed — The biopharmaceutical company’s stock surged over 26% following the announcement of promising results from a Phase 2b study for its treprostinil palmitil inhalation powder, which is a daily treatment for pulmonary arterial hypertension. J.M. Smucker — The food manufacturer saw a decline of around 8% in its stock after reporting fourth-quarter revenues of $2.14 billion, falling short of the $2.18 billion expected by analysts, according to FactSet. However, their earnings for the quarter exceeded expectations, although their guidance was lower than anticipated. Taiwan Semiconductor Manufacturing — Shares of the chipmaker increased by more than 2% after revealing a 39.6% rise in revenue for May compared to the previous year. Revenue for the first five months was up 42.6% year-on-year. Casey’s General Stores — The stock of the retailer jumped over 10% following better-than-expected fiscal fourth-quarter results, reporting earnings of $2.63 per share on $3.99 billion in revenue, surpassing analyst predictions of $1.94 per share and $3.93 billion in revenue, according to FactSet. The company also raised its dividend by 14%. Apple — The iPhone manufacturer saw a slight increase in its stock during premarket trading. It had fallen 1.2% in the prior session, shortly after its annual Worldwide Developers Conference on Monday. Although the company introduced a significant software update called Liquid Glass, it did not announce any major advancements in artificial intelligence, which disappointed some investors. Tesla — Shares of the electric vehicle manufacturer rose by over 2% after closing Monday’s trading session more than 4% higher. President Donald Trump expressed his support for CEO Elon Musk on Monday, stating he has no plans to end Starlink operations. This came after a public disagreement between the two last week. Musk replied to the president’s comments on X with a heart emoji. Calavo Growers — The avocado distributor’s stock fell over 14% after reporting weaker-than-expected earnings and revenue for the fiscal second quarter. Calavo posted adjusted earnings of 40 cents per share on $190.5 million in revenue, while FactSet’s survey of analysts had estimated profits of 53 cents per share and $192.8 million in revenue. McDonald’s — Shares of the fast-food giant dipped nearly 2% in premarket trading after Redburn Atlantic downgraded the stock from a hold to a sell rating, citing declining customer traffic. The firm also noted concerns regarding GLP-1 obesity drugs, pricing pressures, and moderated growth expectations. — Reporting contributed by CNBC’s Jesse Pound and Yun Li.
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