Walmart shopping bag is seen on February 9, 2024 in Krakow, Poland.
Jakub Porzycki | Photo only | Getty Images
Check out the companies making headlines in premarket trading.
Under Armour – The sportswear maker’s Class A shares fell 11% and its Class C shares fell 9% after the company gave full-year profit guidance that fell short of expectations. Under Armor now expects earnings in the range of 18 cents to 21 cents, while analysts surveyed by FactSet had forecast 59 cents.
Canada goose – The coat maker rose more than 12% after beating Wall Street’s sales and profit estimates in its fiscal fourth quarter. Canada Goose said a key profit margin metric this year “will increase approximately 100 basis points compared to fiscal 2024.”
Walmart – The major retailer rose 4.7% after reporting adjusted first-quarter profit of 60 cents per share, beating the 52 cents expected by LSEG analysts. Revenue came in at $161.5 billion, beating the consensus estimate of $159.5 billion. Walmart said it has made great strides in e-commerce, winning over more high-income shoppers.
Chubb — Shares of the insurance company rose more than 8.1% before the opening bell on Thursday after Warren Buffett’s Berkshire Hathaway announced that Chubb is the secret stock the conglomerate has been accumulating. Berkshire bought nearly 26 million shares for about $6.7 billion, making it Chubb’s second-largest holder, according to a regulatory filing.
Cisco systems – Networking Equipment shares rose 3% after better-than-expected fiscal third-quarter results. Cisco Systems also raised its 2024 revenue forecast and now expects revenue of $53.7 billion in the middle of a range.
Meme stocks – stocks of AMC And GameStop extended losses after the revival of the meme stock movement on Monday and Tuesday. Shares of movie theater chain AMC fell nearly 11% on Thursday, while GameStop fell about 14%. However, over the week, shares of AMC and GameStop are up more than 80% and 140%, respectively.
Deere & Company – The farm equipment maker slumped nearly 6% after cutting its full-year outlook. Deere now forecasts net income of about $7 billion in 2024, compared with a previous estimate that had predicted $7.75 billion.
Baidu – Shares of the Chinese technology company rose less than 1% after reporting first-quarter results. According to StreetAccount, Baidu reported revenue of CNY31.51 billion ($4.7 billion), beating analysts’ expectations of CNY31.34 billion.
GoodRX – The healthcare stock rose about 6% after Raymond James upgraded to Outperform early Thursday. Analyst John Ransom noted that he sees “the growth story here as positive with potential upside to the numbers” and that the company’s full-year guidance is relatively conservative.
Coupang — The Seattle-based e-commerce company rose 3.1%. UBS upgraded the stock to “buy” from “neutral,” citing its “expanding portfolio and strong logistics network.”
Dell – Shares rose 2% after Evercore ISI raised its price target thanks to what the company said was an expanded artificial intelligence capability that could include Tesla as a customer.
Metaplatforms – Shares fell 0.5% after the European Union opened an investigation into Meta, which focused on concerns about child safety on social media platforms Facebook and Instagram.
— CNBC’s Michelle Fox, Hakyung Kim, Sarah Min, Samantha Subin and Jesse Pound contributed reporting
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2024-05-16 12:12:51
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