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Several companies made significant moves in premarket trading, with Eli Lilly and ResMed leading the way. Eli Lilly’s stock rose by 2% after the pharmaceutical giant announced that its weight loss drug Zepbound has the potential to treat patients with obstructive sleep apnea. However, shares of ResMed, which produces devices to treat the sleep-related breathing disorder, dropped nearly 4% in response to this news. Travelers saw its shares fall by nearly 5% after reporting an earnings and revenue miss for the first quarter, driven by an elevated level of catastrophe losses. The insurance company reported earnings per share of $4.69 compared to the $4.90 expected by analysts, with revenue coming in at $10.18 billion versus the expected $10.51 billion.

Meanwhile, United Airlines saw its stock rise by 6% following the release of its first-quarter results, which included an adjusted loss of 15 cents per share, lower than the 57 cent loss expected by analysts. Quarterly revenue also beat expectations. Conversely, J.B. Hunt Transport Services’ shares sank by 8% after the transportation and logistics company reported an earnings and revenue miss for its first quarter, citing flat demand that was weaker than expected domestically. ASML Holding, a Dutch semiconductor company, saw its U.S.-listed shares drop by 5% after posting revenue and new bookings below consensus estimates.

Urban Outfitters experienced a 5% decline in its stock price after receiving a downgrade to underperform from hold by Jefferies. The investment firm noted that foot traffic growth at Urban Outfitter’s branded stores appeared to be slowing. On the other hand, Omnicom’s stock rose by nearly 3% following an earnings and revenue beat for the first quarter, with organic revenue growing 4% versus the expected 3.2%. Autodesk’s software stock dropped by 5% after announcing a further delay in its annual 10-K filing due to an internal investigation of its board of directors. Alcoa, an aluminum stock, increased by nearly 3% amid reports that President Joe Biden would propose tripling the China tariff rate on steel and aluminum imports, with Alcoa expected to report earnings after the bell.

E.l.f. Beauty saw its stock rise by 2.6% following an upgrade by TD Cowen to buy from hold, with the firm impressed by new product introductions and forecasting a possible doubling of revenue over the next three years. Ferrari’s stock gained 1.8% after Bernstein reiterated an outperform rating, suggesting that the Italian luxury sports car maker is “beginning to master the electrification challenge.” Abbott Laboratories saw its shares fall slightly, despite topping first-quarter expectations and raising the midpoint of its full-year guidance. Revenue of $9.96 billion surpassed the expected $9.88 billion. Finally, Capri Holdings’ shares dropped by 1.5% after reports that the Federal Trade Commission was preparing to block the company’s $8.5 billion takeover of Tapestry, the parent company of Coach and Kate Spade. Tapestry shares, however, added 1.8%.

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