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Check out the companies making headlines before the bell. Virgin Galactic – Shares rose nearly 9% after the space tourism company beat third-quarter expectations. Virgin Galactic posted a loss of 28 cents per share, versus the 43 cents per share loss expected by analysts surveyed by LSEG. Revenue came in at $1.7 million, also surpassing the analyst consensus of $1.1 million. The company posted strong guidance for the fourth quarter, expecting revenue of $3 million versus $1.5 million. Virgin Galactic also said it plans to pause spaceflight next year to focus on developing its next generation of Delta-class spacecraft. Krispy Kreme – Shares of the donut maker fell 4.8% after the company failed to meet earnings and revenue expectations. Krispy Kreme reported earnings of 3 cents per share on revenue of $407 million, while analysts surveyed by LSEG expected earnings of 6 cents per share on revenue of $414 million. Disney – Shares of the media conglomerate rose 4.4% after Disney posted higher-than-expected profits, thanks to ESPN+ and theme park growth. However, Disney’s revenue for the quarter lagged due to a decline in advertising revenue. Target — Shares rose 1% after Evercore ISI added the company to its tactical outperform list ahead of next week’s earnings report. The company said Target’s current stock price, which is down about 28% year to date, reflects a softer consumer environment. Valaris – Offshore drilling stocks traded 1.5% higher after Barclays upgraded Valaris from equal weight to overweight and raised its price target. Although the company missed third-quarter expectations on both top and bottom lines, Barclays has raised its full-year EBITDA forecast for 2023 and 2024 to $131 million and $549 million, respectively. Apellis Pharmaceuticals — The commercial-stage biopharmaceutical company added 1.8% after Goldman Sachs said the stock’s sharp sell-off this year appears to be an overreaction. The company initiated coverage of the stock with a buy rating and said it expects a turnaround in adoption of one of the company’s lead drugs, Syfovre. Lyft – Lyft shares fell more than 1% in premarket trading. The ridesharing company reported third-quarter bookings of $3.55 billion, lower than the $3.90 billion expected by analysts polled by FactSet. Fourth-quarter bookings expectations also fell short of the consensus estimate. Arm Holdings – Shares fell 5.9% after the semiconductor technology company missed expectations. Arm – which posted its first post-initial trading earnings on Wednesday after the market close – said it expects profit for the current quarter to be between 21 cents per share and 27 cents per share. Anheuser-Busch InBev – The beer maker’s U.S.-traded shares rose 1.7% in premarket trading after HSBC upgraded the company’s shares to buy out of hold. The investment firm said Anheuser-Busch doesn’t need Bud Light sales to recover for its stock to rise. Becton, Dickinson and Company – The medical technology company fell 5.8% after missing quarterly profit estimates. Earnings came in at $3.42 per share, while analysts surveyed by LSEG had called for earnings of $3.43 per share. The company’s revenue for the period was $5.09 billion, surpassing analyst expectations of $5.02 billion. Affirm Holdings – The fintech stock rose 14.1% after beating Wall Street revenue expectations for the first quarter, reporting revenue of $496.5 million, while analysts polled by FactSet forecast $444.5 million for the quarterly period. – CNBC’s Hakyung Kim, Jesse Pound, Sarah Min and Lisa Kailai Han contributed reporting.
