Walmart, General Motors, Polaris and more

Check out the companies making headlines before the bell:

Walmart (WMT) – Walmart fell 9.5% in the primary market after cutting its forecasts for the current quarter and full year. The retail giant said rising food and fuel prices are prompting consumers to cut back on spending, and it has had to cut prices in its stores to reduce excess inventory. Other retail stocks fell during premarket trading in the wake of Walmart’s warning, including down 3.6% for Amazon (AMZN), 5.2% for Target (TGT) and 2.5% for Home Depot (HD).

General Motors (GM) — The automaker’s stock fell 3.7% in premarket trading after quarterly earnings missed estimates, although revenue was better than expected. GM also said it was preparing for an economic slowdown and hiring fewer people.

Polaris (PII) — Shares of the recreational vehicle maker rose 3.5% in premarket activity after its quarterly profit beat Street expectations, despite lower revenue. Polaris said supply chain problems and inflation pressures eased during the quarter.

3M (Million Months) — 3M jumped 4% in the primary market after a flurry of news, including better-than-expected earnings and revenue for the second quarter and an announcement that it would separate from its healthcare business.

General Electric (GE) – General Electric added 3.9% in the primary market after posting much better-than-expected earnings and revenue in the second quarter. GE’s results were boosted by a strong rebound in the jet engine business.

Raytheon Technologies (RTX) – The defense contractor reported better-than-expected second-quarter earnings, but revenue was slightly below Wall Street expectations. Raytheon said it is dealing with macroeconomic and supply chain challenges, but reiterated its full-year outlook. Raytheon shares fell 3.3 percent in the primary market.

Unilever (UL) – Unilever gained 2.3% in pre-market activity after raising its full-year sales forecast. Unilever, a seller of popular consumer brands like Dove Soap and Hellman’s Mayonnaise, has successfully raised prices to offset higher costs.

Coinbase (COIN) — Coinbase shares fell 5.2% in pre-market trading, after a Bloomberg report said the cryptocurrency exchange operator is the target of a government investigation into the trading of digital assets. The investigation is said to be focusing on whether these digital assets should be registered as securities.

UBS (UBS) – UBS fell 7.5% in the pre-market after the Swiss bank reported lower-than-expected quarterly earnings. The bank’s net profit was affected by market turmoil affecting its investment banking and wealth management business.

Whirlpool (WHR) — The Whirlpool Company posted a quarterly loss, but its adjusted revenue and profit beat Wall Street expectations. The overall loss resulted from the hardware manufacturer’s exit from the Russian market. Whirlpool gained 1% in the primary market.

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