View the stocks that are generating news during premarket trading.
Chip markets: Biden Administration is considering tighter trade restrictions due to concerns that American companies are providing China with excessive access to local semiconductor technology.
Five Reversed The discount retailer’s stock fell more than 15% after it announced Joel Anderson’s departure as CEO and cut its second-quarter guidance. Following the revelation, a number of Wall Street firms downgraded Five Below, including Evercore ISI, Morgan Stanley, Truist, and Mizuho Securities.
US Bancorp Following better-than-expected second-quarter profits, the bank’s stock increased by more than 1%. US Bancorp posted earnings per share of 97 cents, while StreetAccount estimated earnings per share to be 94 cents.
Transport Services J.B. Hunt — After the goods company’s second-quarter earnings fell short of Wall Street’s projections, it withdrew by almost 3%. On $2.9 billion in revenue, the company reported earnings of $1.32 per share, but FactSet’s poll of analysts predicted a profit of $1.48.
V.F. Corporation: After the eyewear company EssilorLuxottica announced that it had reached an agreement to purchase the Supreme brand from V.F. Corporation for $1.5 billion in cash, shares of the company surged 6.8%. By the end of 2024, the transaction is expected to close.
Omnicom Group Despite generating stronger-than-expected sales for the second quarter, the corporate communications provider saw a decline of more than 3%. With things excluded, Omnicom reported earnings of $1.95 per share, which was in line with FactSet’s poll of analysts’ expectations.
GitLab, Datadog: After a Reuters story revealed that the DevOps software business was considering a sale after receiving takeover interest from companies like Datadog, its shares surged by more than 14%. The latter’s stock dropped by over 3%.
Johnson & Johnson— Due to the underwhelming full-year earnings guidance, shares somewhat declined. The business reduced its previous estimate of $10.57–$10.72 to expect earnings per share in the range of $9.97–$10.07. In a FactSet survey, analysts anticipated guidance of roughly $10.45 per share.
Source (CNBC)
