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Check out the companies making headlines before the bell. Spotify — Shares of the music streaming platform rose 2% following an upgrade to neutral buy from UBS. Analyst Bhatia Levy said: “We believe efficiency efforts remain a focus and we have increased confidence in sustained margin growth and revenue growth trends in the coming years.” Pfizer — The biopharmaceutical giant soared 1% after reporting mixed fourth-quarter results. Pfizer reported adjusted earnings of 10 cents per share, while analysts surveyed by LSEG had expected a loss of 22 cents per share. Meanwhile, the company’s revenue was $14.25 billion, below the consensus estimate of $14.42 billion. Masimo — The health tech company fell 1.4% after Jefferies downgraded the stock from buy to hold. The company is bullish on Masimo stock overall, but said there is a lot of good news already factored into the current valuation. Sensata Technologies — The industrial technology company’s stock rose 2.5% following an upgrade, outperforming Oppenheimer. “Our upgrades are focused on a significant increase in new business wins over the past few years, capital allocation centered around debt reduction, and a strong position in margin performance,” the company said. BLOCK — The financial technology stock surged 2.9% after receiving an upgrade from BTIG to Neutral Buy. The investment firm pointed to the block’s profit expansion potential, growth opportunities and cross-segment synergies as catalysts. United Parcel Service — Shares fell 7% after the package delivery company announced fourth-quarter revenue misses and disappointing guidance. Sales came in at $24.92 billion, compared to $25.43 billion expected by analysts compiled by LSEG. UPS expects full-year revenue to be between $92 billion and $94.5 billion, below the consensus estimate of $95.57 billion. General Motors — Shares of the traditional automaker rose 8% after GM beat expectations for fourth-quarter sales and bottom line profits. GM reported adjusted earnings of $1.24 per share on sales of $42.98 billion. Analysts surveyed by LSEG expected earnings of $1.16 per share and revenue of $38.67 billion. GM also predicted that in 2024 he would increase earnings per share. JetBlue Airways — Airline shares fell 1.3% after the airline reported a loss of 19 cents per share on fourth-quarter revenue of $2.33 billion. Analysts surveyed by LSEG had expected sales of $2.29 billion. Meanwhile, the company updated its capital spending forecast from 2024 to 2027, lower than previous guidance. Whirlpool — Shares of the consumer electronics maker fell 4% premarket after the company released a weak 2024 outlook in its latest financial report. Sales for the year were expected to be $16.9 billion, compared with expectations of $17.7 billion, LSEG said. The company also forecast earnings of $13 to $15 per share, compared to analysts’ expectations of $15.48. Supermicrocomputer — The information technology company soared nearly 13% after second-quarter results beat expectations. Supermicro reported earnings of $5.59 per share on sales of $3.66 billion, beating the estimates of analysts surveyed by LSEG on earnings of $4.93 per share and sales of $3.06 billion. F5 — Shares rose 8% after the cybersecurity company reported higher first-quarter profits and revenue. F5 posted adjusted earnings of $3.43 per share on sales of $693 million. Analysts surveyed by LSEG had expected earnings of $3.04 per share on revenue of $685 million. Sales decreased year by year, but net income increased. Sanmina — Shares rose more than 16% after Sanmina reported better-than-expected first-quarter earnings and better-than-expected second-quarter guidance. The manufacturing services provider reported earnings of $1.30 per share, beating the $1.15 earnings per share expected by analysts surveyed by FactSet. Revenue of $1.87 billion met expectations. —CNBC’s Michelle Fox, Ha-Kyung Kim, Tanaya Machel, Sarah Min and Jesse Pound contributed reporting.
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