Check out the companies making headlines before the market opens. Starbucks, Chipotle Mexican Grill – The coffee chain’s shares rose more than 11% in premarket trading after the company replaced its CEO Laxman Narasimhan with Chipotle CEO Brian Niccol. Chipotle shares lost about 10%. Home Depot – Shares fell more than 2% in premarket trading after the home improvement retailer warned that sales in the second half of 2024 would be weaker than expected. The company expects full-year comparable sales to decline 3% to 4%. Earlier this year, Home Depot forecast a decline of about 1%. ‘On hold’ – The athletic apparel company’s shares fell 6.5% after second-quarter results fell short of Wall Street expectations. The company reported earnings of 0.14 Swiss francs per share, or about $0.16, below StreetAccount’s estimate of 0.16 Swiss francs. However, revenue of 567.7 million francs was better than the 562.1 million expected. Tencent Music Entertainment Group – The Chinese streaming company’s U.S.-traded shares fell nearly 7%. The company reported a 1.7% annual revenue decline. Monthly active users in mobile categories also fell short of analysts’ forecasts. Kodiak Gas Services – The natural gas utility lost 2.7% after reporting a year-over-year profit slump and a revenue decline. Kodiak reported earnings per share of 6 cents, down from 30 cents a year earlier, according to StreetAccount. Revenue came in at $309.7 million, missing analysts’ estimates of $311.4 million. Hormel Foods – Shares gained 2% after Citigroup upgraded its price target to buy from neutral. The company cited improving retail sales trends and a better input cost environment, as well as potential upside in margins in the turkey segment. B. Riley Financial – Shares fell more than 8% after the financial services company requested a delay in its second-quarter 10-Q SEC filing. B. Riley lost more than 51% on Monday following reports that the company is under investigation by the Securities and Exchange Commission over its risk disclosures. – CNBC’s Jesse Pound and Fred Imbert contributed reporting
