Check out the latest developments in the stock market before the opening bell.
– Walgreens Boots Alliance saw a 1.6% decline in its shares following the release of its fiscal second quarter report. Despite surpassing revenue expectations with $37.05 billion in earnings, the company adjusted its full-year earnings guidance downwards due to a challenging retail environment.
– Estee Lauder experienced a 3% surge in its shares after receiving a buy rating from Bank of America, up from neutral. The company’s profitability recovery efforts, introduction of new products, and increased market share in the prestige beauty sector were cited as reasons for the upgrade.
– Allstate’s stock rose by 0.9% following an upgrade from HSBC to a buy rating from hold. Analyst Vikram Gandhi highlighted the company’s decisive management actions and a more favorable regulatory environment as contributing factors.
– RH’s stock witnessed a premarket surge of over 9% despite missing revenue and earnings expectations in the fourth quarter. The company expects better-than-anticipated revenue growth in 2024, attributed to improving demand trends. Management is anticipating a full-year revenue growth rate of 8% to 10%, surpassing analysts’ predictions of 6.4%.
– TD Synnex’s shares dropped by 4.7% after the company announced a secondary public offering of 9 million common shares held by Apollo Global Management. Additionally, the IT company authorized the repurchase of 500,000 shares as part of its existing share purchase program.
– Chemours experienced a sharp decline of over 8% in its shares after disclosing cooperation with the Securities and Exchange Commission and the U.S. Attorney’s Office in an internal audit investigation of financial practices. An internal review revealed that company executives had manipulated cash flows to achieve targets linked to their bonuses.
Source (CNBC)
