Stocks making the biggest moves premarket: CBS, ATVI, TTWO, SHAK, SYMC & more

Check out the companies making headlines before the bell:

CBS �� CBS reported adjusted quarterly profit of $1.12 per share, beating consensus estimates by 1 cent a share. Revenue also beat forecasts, with the company on track for record full-year results. CEO Leslie Moonves did not address allegations of sexual misconduct against him during the company's earnings conference call.

Activision Blizzard �� Activision beat forecasts by 6 cents a share, with adjusted quarterly profit of 41 cents per share. The videogame publisher's revenue topped estimates by a slight margin. Results were driven by strong sales of Activision's popular "Call of Duty" video game, but the company did forecast current quarter and full-year revenue below consensus.

Take-Two Interactive �� Take-Two earned 4 cents per share for its fiscal first quarter, falling 3 cents a share short of estimates. Activision's rival videogame publisher saw quarterly revenue come in above forecasts, getting a big boost from strong sales for the company's NBA and Grand Theft Auto franchises.

Shake Shack �� Shake Shack came in 11 cents a share ahead of estimates, with adjusted quarterly profit of 29 cents per share. The restaurant chain's revenue beat forecasts, as well. Same-restaurant sales were up 1.1 percent, but investors were disappointed that Shake Shack merely reaffirmed its full-year forecast rather than raising it.

Symantec �� The maker of cybersecurity software reported adjusted quarterly profit of 34 cents per share, 1 cent a share above estimates. Revenue also exceeded Street forecasts, however Symantec gave weaker-than-expected current-quarter guidance and announced an eight percent cut in its global workforce.

Kraft Heinz �� The food company earned an adjusted $1.00 per share for its latest quarter, eight cents above estimates, while revenue also topped forecasts. Kraft Heinz said it expected profitability to improve by the end of the year. Separately, the New York Post reports that Kraft has had exploratory talks with Campbell Soup about a possible takeover, although the paper said Kraft has not made an offer and is not likely to pay much of a premium for Campbell.

Dish Network �� The satellite TV operator beat estimates on both the top and bottom lines. Dish continue to lose pay-TV subscribers during the quarter, but the pace of those losses slowed.

GoPro �� GoPro lost 15 cents per share for its latest quarter, 7 cents a share smaller than Wall Street had anticipated. The high-definition camera maker's revenue beat analyst forecasts. CEO Nicholas Woodman said he believed the company would be profitable during the second half of this year.

AIG �� AIG missed consensus estimates by 16 cents a share, with adjusted quarterly profit of $1.05 per share. The insurance company's revenue missed forecasts, as well. AIG's general insurance business has had difficulty improving its results, although the company has been restructuring to improve efficiency.

Royal Bank of Scotland �� Royal Bank of Scotland will pay its first dividend since it nearly collapsed during the 2008 financial crisis.

Toyota Motor �� The automaker reported a 19 percent jump in profit for its first quarter, to the best level in 2-1/2 years. Japan's largest automaker earned $6 billion for the April through June quarter, helped by higher sales and lower costs in the Asian market.

General Motors �� GM is seeking an exemption to a 25 percent U.S. tariff for its Buick Envision sport utility vehicle. The Envision is made in China and accounts for about 19 percent of Buick brand sales in the U.S.

Boyd Gaming �� Boyd Gaming struck a joint venture deal with FanDuel Group to run an online and mobile sports betting operation in the U.S. The casino operator had struck a separate sports betting-related deal with MGM Resorts International earlier this week.

Sonos �� Sonos is higher in pre-market trading, after the wireless speaker maker made its Wall Street debut yesterday with a 33 percent jump over its IPO price.

Fiat Chrysler �� Fiat Chrysler will stick with plans to spin off its Magneti Marelli unit, according to a Bloomberg report. The automaker is said to have received interest from potential buyers for the unit, but has decided for now to go ahead with the spin-off plan.

AmericsourceBergen �� The drug distributor said it received a grand jury subpoena for documents related to its distribution of opioid products. The drug distributor is among several drug-related companies under scrutiny related to opioid use in the U.S.

Trump��s 8-9% prediction for US growth is just not possible, strategist says

Mike Gallagher, managing director at financial consultancy Continuum Economics, played down stellar predictions of growth by Donald Trump, adding that recent polices implemented by the U.S. president would only provide short-term benefits for the economy.

Trump told talk show host Sean Hannity on Friday that the U.S. could reach historic growth rates if the trade deficit is cut in half. His remarks followed a data release showing that the U.S. grew at 4.1 percent in the second quarter of the year. He claimed that the country could reach GDP growth of 8 or 9 percent, which is far higher than economists predict. He did not specify whether he was referring to an annual or quarterly growth rate.

When asked about the 8 and 9 percent figure, Gallagher told CNBC: "No, no, not at all."

"You're going to find it difficult to even get sort of 3 percent on a long-term basis," he said.

The Trump administration put forward a tax overhaul at the end of last year, which has supported the economy. In general, companies have more money to invest and have raised salaries in some cases; giving citizens additional income to spend.

According to Gallagher, this policy has been the driver of the current strong performance of the U.S. economy; but its benefits are only temporary.

"There's a tailwind at the moment because of the fiscal policy changes that they have made, because of the tax cuts that get you into 2019 but then once you're getting into late (20)19, (20)20 fiscal policy actually turns contractionary rather than expansionary," Gallagher said, adding that "with the (Federal Reserve) continuing to hike, 2020 is going to really struggle to get to 3 percent and to be honest it is going to be closer to 2 rather than 3."

One of the main arguments against tax cuts is their impact on the government deficit. Because companies and people are paying less taxes, the government is receiving less money. At the same time, the U.S. government hasn't cut spending, meaning that it has less money but the same expenses, which in turn pushes its deficit higher.

show chapters Next six months look good for growth, surprised markets are down: EIU    11 Hours Ago | 02:08

Robin Bew, CEO at the Economist Intelligence Unit, also told CNBC's "Squawk Box Europe" Monday that the tax overhaul had a "very significant" impact on earnings.

"I don't see that these policies are being acted to change the long-run growth rate in America but they certainly can pump up the growth rate in the short term," Bew told CNBC.

However, some analysts argue that the tax cuts are not a temporary tailwind. "Overall, businesses are responding more to the (tax cuts) than consumers. But the fundamentals, underlying consumer spending are solid �� rising employment and disposable income, elevated confidence, and record household net worth," Mickey Levy, chief U.S. economist at Berenberg, said in a note Friday.

"The benefits to businesses of corporate tax reform and deregulation will not fade, and the thinking that these policy changes will have only temporary impacts will prove incorrect, in our view," he added.