U.S. markets were fairly calm in premarket trading Monday, with the S&P 500 and Dow Jones Industrials each down about 0.1%, as crude oil prices fell about 0.2% to $45.66 a barrel, based on U.S. benchmark West Texas Intermediate.
General Motors (GM) shares were up roughly 5% before the opening bell after beating Wall Street earnings expectations and raising its guidance for the rest of 2016, with second-quarter earnings of $2.9 billion on the quarter widely surpassing consensus forecasts.
Earnings per share of $1.86 for the quarter topped estimates of $1.52, on sales of $42.4 billion, which also beat forecasts of roughly $39 billion. GM also raised its 2016 guidance to a range of $5.50 to $6 per share from an earlier target of $5.25 to $5.75.
"Our results were generated by strong retail sales in the U.S., record sales in China and continued emphasis on improving our performance worldwide," CEO Mary Barra said in a statement.
Biogen (BIIB) shares were also up about 5% before the opening bell, after the company reported that its CEO George Scangos will be stepping down in the coming months. The company reported an earnings beat of $5.21 a share for the quarter, topping Wall Street forecasts of $4.69 a share.