Here are the stocks moving noticeably on Tuesday, February 14 before the opening bell.
Palantir — Following Palantir’s announcement that it generated a profit in the fourth quarter, marking the first GAAP profit in the company’s history, shares of the software company jumped 18% in extended trading. Palantir’s revenue also performed better than anticipated.
Coca-Cola — The Atlanta-based soft drink manufacturer increased by over 1% after posting fourth-quarter revenue of $10.13 billion, exceeding the $10.02 billion projected by Wall Street analysts, per Refinitiv. The adjusted earnings per share were 45 cents, which was in line with expectations.
After beating expectations on both the top and bottom lines for the fourth quarter, Marriott — the hotel stock increased by almost 2% in premarket trade. On $5.92 billion in revenue, Marriott reported adjusted earnings per share of $1.96. Refinitiv’s survey of analysts revealed that they projected $1.83 per share on $5.47 billion in revenue.
Brands of restaurants Shares of the company that owns Burger King fell 3% after it reported fourth-quarter earnings per share of 72 cents, two cents below Wall Street expectations, according to FactSet. Joshua Kobza, who currently serves as CEO of Restaurant Brands, will take over as CEO on March 1.
Occidental Petroleum had a more than 1% increase in premarket trading after Goldman Sachs upgraded it from neutral to buy. The Wall Street company said that the upgrade was made in response to the stock’s recent underperformance and added that the current valuation is challenging to reconcile with the caliber of the underlying assets and cash flow capacity across a full economic cycle.
Fidelity National Information Services: The fintech company’s stock increased more than 1% before the market opened as a result of Morgan Stanley upgrading FIS from equal weight to overweight. Based on “a bigger M&A focus, probably derisked figures, enticing pricing, and a more favorable [venture capital] background,” analyst James Faucette predicted a rebound in shares.
the Palo Alto Networks After Goldman Sachs started covering it with a buy rating, the cybersecurity stock increased 1% before the market opened. In a note to customers, the investment firm stated that Palo Alto was superior to its competitors in crucial areas and that its stock might increase by more than 20%.
Technologies by SolarEdge Despite SolarEdge surpassing expectations on the top and bottom lines for the fourth quarter, the shares of the solar energy company fell more than 4% before the market opened, according to StreetAccount. According to a transcript of the earnings call, the CEO of the company did issue a warning about possible “softness” in the first half of 2023.
First Solar: After receiving a downgrade from Evercore ISI, the solar stock fell more than 2% in the premarket. According to the investing business, First Solar’s excellent news may have already been factored into the price.
Electronics design company Cadence Design Systems’ shares increased 5% before the market opened as the company beat expectations for its top and bottom lines in the fourth quarter, according to StreetAccount. The company exceeded expectations with its guidance for both the first quarter and the entire year 2023.
Amkor Technology — According to StreetAccount, the semiconductor company’s fourth quarter profits per share of 67 cents, or three cents less than expected, caused the stock to drop roughly 3% before the market opened. Amkor provided revenue and earnings guidance that fell short of expectations.
Shares of the animal pharmaceutical company Zoetis increased by nearly 2% after the company posted adjusted earnings per share of $1.15, which was in line with analyst expectations, according to StreetAccount. The revenue was a little bit higher than anticipated. Given the current state of the economy, Piper Sandler deemed the quarter a “win for now.”