Friday, December 1, 2023
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Stocks Moving Most Quickly Before Market Opening

Before the bell, look at the firms generating news:

Fabrinet—Fabrinet increased 21% as its fiscal fourth-quarter results late Monday above analysts’ expectations. The advanced manufacturing services provider reported non-GAAP earnings of $1.86 per share, exceeding the $1.80 per share forecast by FactSet’s poll of analysts. Instead of the average estimate of $641.4 million, actual revenue was $655.9 million.

Duck’s Sporting Goods — After the store disclosed an earnings loss and lowered its year-end guidance, partly as a result of a rise in retail theft, its shares fell nearly 20%. In contrast to the $3.81 that experts surveyed by Refinitiv had predicted, the company’s fiscal second quarter earnings per share came in at $2.82. Also falling short was revenue.

AppLovin— As a result of Jefferies upgrading the marketing stock to buy from hold, shares increased 4% in premarket trade. According to Jefferies, the business should keep expanding its software division and gaining market share.

Shares of Nordson—Dorson decreased its fiscal year earnings guidance and announced third-quarter sales that fell short of analysts’ estimates, which caused a 3% decline in the stock price.

Macy’s – After announcing second-quarter earnings, the department store chain fell 1.6%. On both the top and bottom lines, Macy’s exceeded expectations, but its third-quarter outlook was inadequate. The company’s earnings per share of 26 cents were higher than the FactSet average forecast of 14 cents. Overshooting the $5.07 billion forecast, revenue came in at $5.13 billion. Macy’s provided third-quarter forecast that was much lower than FactSet’s estimate of 27 cents per share, ranging from a 3-cent loss per share to a 2-cent profit per share. It gave a sales guidance range of $4.75 billion to $4.85 billion, which was less than the $4.86 billion analysts had predicted.

Source (CNBC)

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