Stocks making the biggest moves premarket: Delta Air Lines, PepsiCo, MillerKnoll and more

Find out which companies are making headlines before the bell.

Delta Airlines – Delta Air Lines jumped 4% after the airline operator announced its highest ever quarterly profit and revenue, and raised its earnings forecast for 2023. Delta posted adjusted earnings per share of $2.68 cents, higher than the $2.40 expected by analysts polled by Refinitiv. It posted adjusted revenue of $14.61 billion, above the consensus estimate of $14.49 billion.

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MillerKnoll – MillerKnoll shares fell more than 5% in premarket. The furniture company behind the Noguchi table and Eames office chairs beat expectations for fiscal fourth-quarter earnings. MillerKnoll posted adjusted earnings of 41 cents per share on revenue of $957 million. Analysts polled by Refinitiv had expected earnings per share of 39 cents on revenue of $946 million.

PepsiCo – The beverage stock rose 2% after PepsiCo beat profit and revenue expectations in its recent results on Thursday and raised its full-year outlook. The company reported adjusted earnings of $2.09 per share, higher than Refinitiv’s consensus estimate of $1.96 per share. It reported revenue of $22.32 billion, better than forecast of $21.73 billion.

Walt Disney Company – Shares of the entertainment giant rose about 1.5% in premarket trading after Disney’s announcement CEO Bob Iger’s contract had been extended until 2026. Iger previously told CNBC that he had no plans to stay until 2024 when he returned to Disney.

ViaSat – The stock fell more than 22% after ViaSat revealed a problem with its recently launched communications satellite called the ViaSat-3 Americas satellite, which was launched in April.

caravan — The online used car dealer fell 6.4% after being downgraded by JPMorgan from neutral to underweight. The Wall Street firm said Carvana’s valuation had become “materially disconnected from fundamentals”. His price target of $10 implies a 74% decline.

Alphabet — Alphabet gained more than 1% after saying it was deploys its Bard chatbot in the European Union and in Brazil.

Metaplatforms — Meta increased by more than 1%. A Financial Times report, citing people familiar with the matter, said the social media company was preparing to release a commercial version of its artificial intelligence model in competition with Microsoft and Alphabet. Its language model called LLaMA has already been made available to researchers and academics.

Cirrus Logic – Chip stock rose more than 1% after Cirrus Logic said in a regulatory filing that it is reducing its global workforce by around 5%, citing “general market conditions”.

Coinbase – Shares fell 1% after Barclays downgraded the crypto platform to underweight on a par, saying investors are selling Coinbase ahead of its earnings report.

Sofi Technologies — Shares fell 3.7% in pre-market following a Morgan Stanley downgraded to underweight. The company said SoFi acts more like a bank in its own right and should be rated as such. SoFi’s stock has nearly doubled so far this year.

– CNBC’s Michelle Fox and Jesse Pound contributed reporting.