Take a look at the companies making headlines in premarket trading today.
– Home Depot: Shares dipped approximately 2.5% after exceeding fiscal fourth-quarter estimates in both revenue and earnings, but offering lower-than-expected guidance. The company predicted a 1% increase in full-year revenue, falling short of the 1.6% expected by analysts. Net income and sales also declined throughout the quarter.
– Super Micro Computer: Stock in this information technology company rose over 2% after Rosenblatt doubled its price target, projecting a 62% potential upside moving forward. This new price target from Rosenblatt is currently the highest forecast for the stock on Wall Street.
– Walmart: Shares surged around 3% after the retail giant reported fourth-quarter adjusted earnings of $1.80 per share, surpassing the $1.65 expected by analysts. Revenue also exceeded expectations. Additionally, Walmart announced the acquisition of TV maker Vizio for $2.3 billion.
– Caterpillar: Shares declined 2% following a downgrade to “in line” from Evercore ISI, expressing concerns about the outlook for earnings growth taking longer than expected.
– Medtronic: Shares climbed 4% after the medical device company outperformed Wall Street expectations in the third quarter. The company provided higher-than-anticipated full-year earnings guidance, with projected earnings ranging from $5.19 to $5.21 per share, exceeding the $5.16 anticipated by analysts.
– US Foods: Shares rose 1.4% after Piper Sandler upgraded the food company to “overweight” from “neutral,” foreseeing a promising path for the stock to reach the high $50s or low $60s. Analyst Brian Mullan raised his price target on US Foods to $59 from $45, indicating a potential 19% increase from Friday’s closing price of $49.58.
– Intel: Shares of the chipmaker increased by 3.3% following reports that the Biden administration is in discussions to award it more than $10 billion in Chips Act subsidies in the coming weeks. The funding will reportedly consist of a $39 billion grant and a $75 billion loan pool as outlined in a Bloomberg report.
– Capital One, Discover Financial Services: Discover’s shares surged over 14% after news broke that the company would be acquired by fellow credit card and banking firm Capital One in an all-stock transaction valued at $35.3 billion. Conversely, Capital One’s stock saw a slight decline of over 4% in response to the news.
Source (CNBC)
