Hot Stocks: SBUX, AMD, ABNB advance on quarterly results; TUP plunges
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Another round of earnings reports spurred action in Wednesday's pre-market trading. A strong performance in the U.S. convinced investors to buy Starbucks (SBUX), while AMD (AMD) rallied on better-than-expected results.
Meanwhile, Airbnb (ABNB) benefitted from surging travel demand, with its quarterly results also sparking a pre-market advance.
Elsewhere, Tupperware (NYSE:TUP) moved in the opposite direction on earnings news. A major shortfall in its quarterly results sent the stock sharply lower in pre-market trading.
Gainers
Starbucks (SBUX) revealed mixed Q2 results, with a profit figure that came in just short of expectations and revenue that met what analysts were predicting. Still, shares of the coffee house chain rallied in pre-market trading, as investors focused on strong demand in the U.S. 
While the firm saw a slowdown in China, where comparable sales plunged 23% amid COVID shutdowns, CEO Howard Schultz pointed to robust U.S. demand. Comparable sales in the U.S. rose 12% during Q2.
Bolstered by the quarterly report, SBUX rose almost 7% before the opening bell.
Advanced Micro Devices (AMD) also scored pre-market gains following the release of its quarterly report. Shares of the semiconductor maker rose almost 6% on better-than-expected results and raised guidance. 
AMD said its revenue climbed 71% from last year to reach $5.88B, bolstered by strength in its enterprise business. Looking ahead, the company predicted a top-line figure of $6.3B to $6.7B in the current quarter, above the $6.03B that analysts were projecting.
Airbnb (ABNB) represented another earnings-inspired winner before the opening bell. Citing "substantial" travel demand, the online vacation rental marketplace reported revenue that climbed 70% from last year to reach $1.51B. 
Thanks to the earnings figures, shares rose more than 5% in pre-market trading. This reversed a 5% drop that took place on Tuesday, when worries about travel demand dragged the sector lower. 
Decliner
Tupperware (TUP) plunged before the opening bell, as a disappointing earnings report sparked a 20% slide. The company reported Q1 EPS of $0.12, well below the $0.52 that analysts had predicted. Revenue dropped 16% to $348M.
The maker of food storage products also withdrew its 2022 guidance. The company blamed the inflationary environment, lingering COVID effects, uncertainty surrounding the Ukraine war and "volatility relating to fundamental changes being made to its business."

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