Check out the companies making the biggest moves in premarket trading: PepsiCo — The snack and beverage company rose 3% following its second-quarter beat on both the top and bottom lines. Adjusted earnings came in at $2.12 per share on revenues of $22.73 billion, versus the $2.30 per share on revenue of $22.28 billion, according to LSEG. Starbucks — The coffee chain fell 1.6% on the back of a downgrade at Jefferies to underperform from hold. The firm believes the stock has surpassed reasonable expectations for improving fundamentals. Taiwan Semiconductor Manufacturing — Shares of the chip manufacturer added 3.3% after the company’s second-quarter profit rose 61% from the year prior, hitting a record high and beating estimates. GE Aerospace — Shares of the jet engine maker ticked up about 1% after second-quarter results beat expectations. GE Aerospace reported $1.66 in adjusted earnings per share on $10.15 billion of adjusted revenue. Analysts were expecting $1.43 per share and $9.59 billion, according to FactSet. GE Aerospace also raised full-year guidance on several metrics. U.S. Bancorp — The stock sank 4% after the bank’s second-quarter total net revenue came in at $7 billion, short of the $7.05 billion expected from analysts polled by LSEG. Net interest margins also missed expectations. Cars.com — Shares of the online car marketplace popped 6% following an upgrade at JPMorgan to overweight from neutral. The bank cited growth of new vehicle inventory and potentially overstated tariff fears for the call. Toast — The payment tech company jumped nearly 3% after Deutsche Bank resumed coverage of the stock with a buy rating. The bank said Toast has strong value propositions that will result in market share gains and long-term success. United Airlines — Shares dropped about 1% after the airline carrier’s second-quarter revenue missed Wall Street’s expectations. United Airlines posted revenue of $15.24 billion, below the $15.35 billion that analysts surveyed by LSEG were expecting. Earnings were better than expected, however, coming in at $3.87 per share compared to the consensus estimate of $3.81 per share. Archer-Daniels-Midland — Shares of the food processing company, which supplies high-fructose corn syrup, sank nearly 3% after President Donald Trump said Coca-Cola will start to be made with cane sugar. Coca-Cola didn’t commit to the change when asked by NBC News . Sarepta Therapeutics — The biotech stock surged 29% after the medical research and drug development company laid off roughly 500 workers, or 36% of its workforce, as part of its strategic restructuring plan . Sarepta said the move would save the company about $120 million in annual cash cost savings in 2026. MP Materials — The stock fell 4% after the company said its public offering of 11.8 million common shares would be priced at $55 per share. Shares closed Wednesday’s session at $58.55. Abbott Laboratories — Shares slipped 4.7% after the health care company’s third-quarter guidance fell short of Wall Street’s expectations. Abbott anticipates earnings between $1.28 to $1.32 per share, versus the $1.34 per share expected from analysts polled by FactSet. However, second-quarter adjusted earnings and revenue both topped expectations. Shake Shack — The stock slipped 2.6% following a downgrade at Jefferies to underperform from hold. The firm believes shares are baking in too much optimism around near-term same-store-sales trends. —CNBC’s Alex Harring, Sarah Min, Sean Conlon and Jesse Pound contributed reporting.
