Stocks making the biggest moves premarket: American Express, Verizon, Kimberly-Clark and more

The companies are making news before the bell.

American Express reported better-than-expected profit and revenue for the first quarter, and the stock rose in the premarket. Increased spending by Gen-X consumers as well as small and medium-sized businesses helped Amex report a profit of $2.73 per share compared with the $2.44 consensus estimate.

Revenue was essentially in line with estimates and the company earned an adjusted $1.35 per share. The company lost 36,000 phone subscribers in the quarter, less than the 49,300 expected by analysts. The company fell in premarket trading.

The consumer products company's shares jumped in the premarket after reporting better-than- expected quarterly earnings and revenue. The company said it was able to deal with a volatile and inflationary environment and raised its full-year organic sales forecast.

The steel producer and mining company's stock rallied 3.5% in premarket trading after beating top and bottom-line estimates for the first quarter. Cleveland-Cliffs raised its selling price forecast.

The oilfield services producer beat estimates by a penny with an adjusted quarterly profit of 34 cents per share, and revenue also topped Wall Street forecasts. Schlumberger's stock added 1.1% in premarket action after it raised its dividend by 40%.

The social media company lost an adjusted 2 cents per share for its latest quarter, compared with a 1 cent per-share profit that was expected. The shares fell in premarket trading after it issued a conservative sales growth outlook.

Gap cut its sales growth outlook due to increased competition and more promotions. Nancy Green is leaving as president and CEO of Old Navy. Gap stock fell in the premarket.

A $1.1 billion impairment charge will be taken by the company as a result of the sale of its stake in the Russian joint venture. The sale of the beer in Russia was stopped last month due to the invasion of Ukraine. The company fell in premarket action.

The German business software company said it would take a $300 million revenue hit due to its exit from the Russian market.

Boston Beer had a loss of 16 cents per share, compared with analysts expectations of a profit of $1.97 per share. The revenue missed estimates as shipment volume declined more than 25% from a year earlier. The shares were down in the premarket.