Look at the firms generating headlines in premarket trading.
Under Armour’s Class A shares plunged 11%, while its Class C shares slid 9%, after the sportswear company published lower-than-expected full-year earnings forecast. Under Armour now estimates earnings between 18 cents to 21 cents, compared to 59 cents anticipated by FactSet analysts.
The Canada Goose— The coat maker’s stock increased by more than 12% after exceeding Wall Street expectations for sales and profitability in the fiscal fourth quarter.
Walmart — The big-box retailer rose 4.7% after announcing adjusted first-quarter earnings of 60 cents per share, which exceeded the 52 cents projected by LSEG analysts. Revenue was $161.5 billion, up from the consensus expectation of $159.5 billion. Walmart stated that it made significant advances in e-commerce and attracted more high-income customers.
Chubb — investment in the insurance business rose more than 8.1% before Thursday’s opening bell after Warren Buffett’s Berkshire Hathaway revealed that Chubb is the hidden investment the conglomerate has been buying.
Cisco Systems’ stock rose 3% after the company reported better-than-expected fiscal third-quarter results. Cisco Systems also raised its sales projection for 2024, estimating $53.7 billion at the midpoint of a range.
Meme stocks – Following the resurrection of the meme stock movement on Monday and Tuesday, AMC and GameStop’s shares fell further. On Thursday, AMC movie theatre chain stock plunged over 11%, while GameStop stock fell approximately 14%. However, AMC and GameStop’s shares have increased by more than 80% and 140%, respectively, this week.
Deere & Co — The agricultural equipment manufacturer fell nearly 6% after cutting its full-year forecast. Deere now expects net profits to be around $7 billion in 2024, up from $7.75 billion previously. Baidu – Following the release of first-quarter earnings, shares of the Chinese technology company rose by less than 1%.
GoodRx — Raymond James upgraded the healthcare stock to outperform early Thursday, sending it up almost 6%. Analyst John Ransom stated that he sees “the growth story here favourably with potential upside to numbers” and that the company’s full-year projection is quite cautious.
COUPANG — The Seattle-based e-commerce company gained 3.1%. UBS raised shares to buy from neutral, citing a “expanding portfolio and strong logistics network.
” Dell — Shares rose 2% after Evercore ISI boosted its price estimate, citing a growing artificial intelligence opportunity that might include Tesla as a customer.
Source (CNBC)
