Procter & Gamble Gains, Spotify Rallies, Lam Research Falls

Today's biggest winners and losers in the stock market.

On this episode of Stock Movers:

- Shares of Procter & Gamble (PG) moved higher ahead of the US market open after the company's sales and profits beat Wall Street expectations. Organic revenue rose 4% in the first quarter, which ended in September, according to a statement Thursday, the fastest growth in three years. That beat analysts’ estimates for 2% and was driven mostly by improved sales volumes, suggesting P&G’s limited price hikes have been successfully drawing more consumers amid persistent inflation.

- Shares of Spotify (SPOT) rallied ahead of the opening bell after the audio-streaming company’s results and forecast spoke to improving margin trends. Spotify reported that the service’s paying subscribers increased 2% to hit 306 million in the third quarter, slightly topping Wall Street estimates of 305.1 million. The music streaming giant also said Thursday that monthly active users during the same period grew 1% over the prior quarter to reach 788 million, in line with analysts’ projections.

- Shares of Lam Research (LRCX) fell in premarket trading after the semiconductor capital equipment company gave a forecast for adjusted second-quarter earnings that is slightly weaker than expected at the midpoint of the range. Lam Research’s guidance weighed on the broader chip-equipment complex, overshadowing an earnings beat from Texas Instruments Inc.

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