Check out the companies making the biggest moves in pre-market trading: AstraZeneca — The biopharmaceutical company fell 8% after its heart disease drug Wainua missed targets in late-stage clinical trials. PepsiCo — The snack and beverage giant reported mixed second-quarter results. PepsiCo’s adjusted earnings per share were $2.20, below the $2.21 per share expected by analysts polled by LSEG. Revenue was $24.18 billion, beating the consensus estimate of $23.95 billion. The stock price fell 1%. Salesforce — Shares fell 4% after KeyBanc downgraded its sector weight from overweight. The company said it was difficult to find evidence of future increases based on checks, conversations with consumers and the numbers it disclosed. Stellantis — Jeep’s parent company fell 2% after JPMorgan downgraded it to neutral due to overweight. Analyst Jose Asmendi said Stellantis would need 14 months of work to reap the benefits of the turnaround. Levi Strauss — The denim giant fell 4% after reporting disappointing third-quarter guidance. Levi expects EPS to be between 34 cents and 36 cents, short of the 38 cents expected by analysts surveyed by FactSet. However, the company beat expectations for the second quarter on sales and bottom line profits. AZZ — The metal coatings solutions provider jumped 6% after reporting earnings of $1.85 per share for the latest quarter, compared to the FactSet consensus estimate of $1.69. Sales were also $448.5 million, exceeding expectations of $434.6 million. Cerebras Systems — Shares rose nearly 7% after the AI infrastructure company announced a major expansion in Europe. Cerebras plans to bring Europe’s first data center capacity online by the end of the year and plans to expand its total capacity to 2000 MW in 2027 with additional data centers across the continent. Costco — Wholesale Club fell nearly 2% after reporting a slowdown in comparable sales in June. Costco’s June profits increased 8.8% year over year, compared with a 12.5% increase in May. —CNBC’s Tanaya Machel contributed reporting.
