Several stocks are making premarket headlines for various reasons:
• Snap: The social media giant fell 32.2% after reporting lower-than-expected revenue and offering weak guidance. Snap cited challenges from the ongoing Israel-Hamas conflict.
• Alibaba: The Chinese e-commerce company saw a 5% rise in premarket trading after posting quarterly revenue that missed consensus estimates, although the company announced a $25 billion hike in its share buyback program.
• Yum Brands: Shares of the parent company of KFC, Taco Bell, and Pizza Hut fell 1.3% amid fourth-quarter earnings and revenue that missed expectations. Yum’s adjusted EPS was $1.26, below the LSEG consensus of $1.40, while its revenue was $2.04 billion versus the expected $2.11 billion.
• CVS: The pharmacy chain’s stock added 1.8% after beating Wall Street expectations for the fourth quarter and citing strength in its health services business. However, CVS revised its full-year outlook downward due to higher medical costs.
• Uber: Despite impressive earnings, Uber’s shares fell 1.8% as the rideshare giant earned 66 cents per share and saw $9.94 billion in revenue, missing the analysts’ polled consensus of 17 cents and $9.76 billion.
• Chipotle Mexican Grill: The fast-casual chain’s shares rose 2.5% after reporting better-than-expected earnings and over 7% growth in restaurant traffic.
• Ford: The automaker’s shares surged 6% after exceeding analysts’ expectations for both its fourth-quarter earnings and its guidance for 2024. Adjusted earnings per share were 29 cents on $43.2 billion in revenue, compared to the expected 14 cents and $40.12 billion. The company also announced a special dividend of 18 cents per share on top of its regular Q1 dividend of 15 cents per share.
• Enphase Energy: The solar stock saw a 13.2% gain despite a worse-than-expected fiscal Q1 earnings report and a conservative revenue outlook. Enphase earned 54 cents per share (excluding items) on revenue of $303 million, while the FactSet consensus was for 55 cents and $328 million.
• Sonos: The audio device manufacturer’s stock rose 10.1% after an earnings report that exceeded expectations and maintained guidance. The company’s earnings per share of 64 cents and revenue of $613 million were both higher than LSEG consensus estimates of 40 cents and $587 million, respectively.
• Fortinet: The cybersecurity company’s stock rallied 9.3% following a Q4 earnings report that was better than expected, thus stealing attention away from the company’s weak earnings guidance. Fortinet beat consensus estimates on both revenue and EPS for the quarter.
Source (CNBC)
