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The Markets
by Proactive
Proactive UK has moved.
Coverage of London’s small caps continues on proactiveinvestors.com
Go to Proactive UK
The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK
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The Markets
by Proactive
Proactive UK has moved.
Small-cap coverage continues on .com
Go to Proactive UK

Pharma & Biotech

PRE-MARKET MOVERS: General Motors shares take foot off the gas after guidance, while Usana Health Sciences stock perks up

Also in play in pre-market trade is fizzy drinks giant The Coca-Cola Co and Boston Scientific Corp

US stocks are heading for a mixed open, and before the bell, automotive giant General Motors Co (NYSE:GM) saw shares really come off the gas.

Shares are down more than 4% at US$37.80 at the time of writing.

The company unveiled second-quarter earnings, which were above Wall Street's expectations, but the company took an axe to its guidance for the full year.

GM said it now expects to earn US$6 per share in 2018, down from US$6.41 previously.

It put the reason for the decline down to commodity price increases and unfavorable foreign exchange rates in South America.

Elsewhere, in pre-market New York trade, Usana Health Sciences Inc (NYSE:USNA) shares were in rude health and surged 5.86% to US$115.55 after it posted record results for the second quarter.

"Our operating results for the second quarter exceeded our expectations and reflect the momentum we are seeing in most of our regions.

"This momentum helped us generate the highest quarterly revenue and earnings per share in the Company’s history," said Kevin Guest, the chief executive.

Meanwhile, The Coca-Cola Co (NYSE:KO) saw shares slurp down 0.13% to US$45.20 in early deals.

The share fall came despite the fizzy drinks giant posting quarterly sales figures, which topped Wall Street estimate, due to the success of new versions of Diet Coke.

Net income was US$0.54 per share versus US$0.32 cents per share in the same period a year ago.

Boston Scientific Corp (NYSE:BSX) shares nudged 0.060% lower to US$33.55 after its second quarter numbers beat Wall Street expecatations.

The medical device giant also added that it estimates revenue for full year 2018 to be in a range of US$9.800 to US$9.880bn.

That's up from previous guidance of between US$9.750 and US$9.900bn.

Finally, and in other car company news, former chief executive of Fiat-Chrysler, Sergio Marchionne, has died in hospital following complications in surgery aged 66.

Marchionne has been credited with Fiat-Chrysler's growth, and saving both from bankruptcy.

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