Premarket Stock Movements: AstraZeneca Drops 8%, PepsiCo Earnings Miss, Salesforce Downgraded

The biopharmaceutical company AstraZeneca saw its shares tumble 8% in premarket trading after its heart disease drug, Wainua, failed to meet its primary target in a late-stage clinical trial. Meanwhile, PepsiCo reported mixed second-quarter results, with adjusted earnings of $2.20 per share falling slightly short of the $2.21 per share analysts expected, though revenue of $24.18 billion exceeded estimates. The stock slipped 1%. Salesforce shares declined 4% following a downgrade from KeyBanc Capital Markets to sector weight from overweight, as the firm cited challenges in identifying clear upside potential based on company metrics and market checks. Stellantis, the parent of Jeep, shed 2% after JPMorgan downgraded its rating to neutral, noting that the company’s turnaround efforts require 14 months to materialize. Levi Strauss dropped 4% after issuing third-quarter guidance for earnings of 34 to 36 cents per share, below the 38 cents analysts projected, despite exceeding second-quarter expectations. On the upside, AZZ surged 6% after posting earnings of $1.85 per share, topping forecasts, and revenue of $448.5 million also beat estimates. Cerebras Systems shares climbed nearly 7% following the AI infrastructure firm’s announcement to expand its European data center capacity, aiming for 2,000 megawatts by 2027. Costco Wholesale fell nearly 2% as June comparable sales growth of 8.8% marked a slowdown from May’s 12.5% gain.

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