Stocks making the biggest moves premarket: Eli Lilly, Cigna, Restaurant Brands and more

cnbc.com:

Take a look at some of the biggest movers in the premarket:

Eli Lilly (LLY) – The drug maker's stock fell 3.6% in the premarket after it missed estimates with its quarterly results and cut its full-year forecast. Lilly's performance during the quarter was impacted by lower prices for insulin and falling sales of its Covid-19 treatment.

Cigna (CI) – The insurance company reported better-than-expected profit and revenue for the second quarter and raised its full-year outlook. Cigna was helped by lower costs resulting from a slow rebound in non-urgent medical procedures. Cigna rose 2.6% in premarket trading.

Restaurant Brands (QSR) – The parent of Popeyes, Tim Hortons and Burger King beat top- and bottom-line estimates for its latest quarter, with comparable restaurant sales also rising more than expected. Restaurant Brands added 1.8% in premarket action.

Alibaba (BABA) – Shares of the China-based e-commerce giant jumped 5.2% in premarket trading after better-than-expected quarterly results. That came despite flat revenue growth for the first time ever, due to Covid-19-related lockdowns in China.

Paramount Global (PARA) – Paramount fell 4% in the premarket despite better-than-expected quarterly results, which got a boost from the success of «Top Gun: Maverick.» Paramount did note that it spent more on its direct-to-consumer services during the quarter, with its flagship Paramount+ streaming service gaining 4.9 million subscribers.

Shake Shack (SHAK) – The restaurant chain's shares slid 5.7% in the premarket despite avoiding an expected loss with a breakeven quarter on an adjusted basis. Shake Shake's revenue missed Wall Street forecast, and the company said June sales were below its expectations after April and May sales