Stocks making the biggest moves premarket: J.M. Smucker, Taiwan Semiconductor, Tesla and more
Check out the companies making headlines before the bell. Insmed – Shares surged more than 26%. The global biopharmaceutical company announced positive results Tuesday from a Phase 2b study of treprostinil palmitil inhalation powder, a once-daily treatment for pulmonary arterial hypertension. J.M. Smucker – The food company's stock pulled back about 8% after its fourth-quarter revenue of $2.14 billion missed the consensus estimate of $2.18 billion, according to FactSet. Earnings for the quarter beat expectations, however. The company's guidance also missed expectations. Taiwan Semiconductor Manufacturing – U.S.-listed shares of the chipmaker rose more than 2% after its revenue for May saw a 39.6% increase compared with last year. Revenue for January through May was 42.6% higher than the same period a year ago. Casey's General Store – The retail stock jumped more than 10% after stronger-than-expected fiscal fourth-quarter results. Casey's earned $2.63 per share on $3.99 billion in revenue. Analysts expected a profit of $1.94 per share and $3.93 billion in revenue, per FactSet. The company also hiked its dividend by 14%. Apple – The iPhone maker's stock was slightly higher in premarket trading. It fell 1.2% in the previous session, on the heels of its annual Worldwide Developers Conference on Monday. While the company announced a notable software update dubbed Liquid Glass, it failed to reveal any significant artificial intelligence updates, underwhelming investors . Tesla – Shares of the electric vehicle maker advanced more than 2% after finishing Monday's session more than 4% higher. President Donald Trump said Monday that he wishes CEO Elon Musk "well" and has no plans to discontinue Starlink at the White House. The pair had a public feud last week. However, Musk responded to a video of the president's remarks on X with a heart emoji . Calavo Growers – The avocado distributor's stock plummeted more than 14% after its earnings and revenue for the fiscal second quarter came in weaker than expected. Calavo Growers posted adjusted earnings of 40 cents per share on $190.5 million in revenue, while analysts polled by FactSet were looking for a profit of 53 cents per share and $192.8 million in revenue. McDonald's – The fast food chain's shares dropped nearly 2% in premarket trading after Redburn Atlantic double downgraded the stock to a sell rating on declining foot traffic. The Wall Street firm also cited concerns around GLP-1 obesity drugs, pricing and tempered growth expectations. — CNBC's Jesse Pound and Yun Li contributed reporting.
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