Check out the companies making the biggest moves in premarket trading: AstraZeneca — The biopharmaceutical company tumbled 8% after its heart disease drug, Wainua, failed to meet its target in a late-stage clinical trial. PepsiCo — The snack and beverage giant reported mixed results for its second quarter . PepsiCo’s adjusted earnings of $2.20 per share fell short of the $2.21 a share expected from analysts polled by LSEG. Revenue was $24.18 billion, above the $23.95 billion consensus estimate. Shares fell 1%. Salesforce — The stock shed 4% following a downgrade at KeyBanc to sector weight from overweight. The firm said it is difficult to find evidence of future upside based on checks and consumer conversations, as well as disclosed numbers from the company. Stellantis — The Jeep parent slid 2% on the back of a J PMorgan downgrade to neutral from overweight. Analyst Jose Asumendi said Stellantis needs 14 months of work to reap the benefits of its turnaround. Levi Strauss — The denim giant dropped 4% after issuing disappointing third-quarter guidance. Levi expects EPS between 34 cents and 36 cents, short of the 38 cents expected from analysts polled by FactSet. However, the company beat second-quarter expectations on the top and bottom lines. AZZ — The metal coating solutions provider jumped 6% after it reported earnings per share of $1.85 for the latest quarter, compared to a FactSet consensus estimate of $1.69. Revenue of $448.5 million also topped the $434.6 million forecast. Cerebras Systems — Shares moved nearly 7% higher after the AI infrastructure company announced a major European expansion . Cerebras, which brings its first European data center capacity online by the end of the year, plans to expand total capacity to 2000 megawatt in 2027 with more data centers across the continent. Costco — The wholesale club lost nearly 2% after reporting decelerating comparable sales for June. Costco’s comps rose 8.8% year over year in June, versus the 12.5% gain it saw in May . — CNBC’s Tanaya Macheel contributed reporting.
