Farfetch, Deere, Applied Materials and more
Luxury fashion items are on display alongside tablet devices at the opening of Farfetch’s Store of the Future pop-up exhibition on Wednesday April 12, 2017 at the Design Museum in London, UK.
Luke MacGregor | Bloomberg | Getty Images
Check out the companies making headlines before the bell.
Foot Locker – Shares plunged more than 23% after the release of disappointing quarterly results after the market bell on Thursday. The shoe retailer fell short of analysts’ expectations in terms of both earnings and sales in the first quarter.
related investment news
Disney — The company’s shares fell 0.9% in premarket trading. On Friday, Macquarie Research downgraded Disney stock from “Outperform” to “Neutral” due to uncertainties surrounding the growth of its streaming services.
Nike — Shares fell more than 2% on news the company may face Fines totaling more than $530 million for misclassifying thousands of independent contractors, according to a Guardian report.
Bath and body works – Shares slipped 2.2% after rising 10.7% in the previous trading session. The longtime mall posted better-than-expected earnings in the fiscal first quarter and raised its full-year guidance in its earnings announcement on Thursday.
catalent – Shares of the drugmaker fell nearly 6% after the company delayed its third-quarter earnings announcement on Friday ahead of its IPO. Catalent lowered its full-year earnings and revenue guidance ahead of its business update request.
Applied Materials – Shares of the chipmaker are down more than 1% premarket despite the company posting earnings and sales in its most recent quarter that beat Wall Street expectations. The company also gave an upbeat forecast for the third quarter.
Farfetch – Shares of the luxury fashion platform rose 25.5% on Friday morning. The company’s first-quarter earnings of 43 cents per share missed analyst estimates by Refinitiv by 1 cent. However, sales of $556 million beat Wall Street’s expectations of $513 million.
DXC technology – Shares of the IT company fell 3.5% after the latest financial results. DXC reported revenue that came in below analysts’ expectations at FactSet and earnings that were about in line with expectations. Also, the departure of CFO Ken Sharp was announced later this year.
Blossom Energy — Shares of the clean energy stock are up 6.2% premarket after JPMorgan upgraded the stock to overweight from neutral, suggesting the stock offers a buying opportunity after a recent price decline.
deer – Shares of the tractor maker rose nearly 4% after it announced earnings and sales growth for the fiscal second quarter. Deere posted earnings per share of $9.65 and sales of $17.39 billion. Analysts polled by Refinitiv had expected earnings of $8.59 per share on revenue of $14.83 billion.
gene digital – Gen Digital rose 1.5% after Evercore ISI began coverage of the cybersecurity firm with an Outperform rating. Analyst Peter Levine said the company has become the “leading consumer cybersecurity platform.”
— CNBC’s Alex Harring, Sarah Min, Tanaya Macheel and Brian Evans contributed coverage
https://www.cnbc.com/2023/05/19/stocks-making-the-biggest-moves-premarket-farfetch-deere-applied-materials-and-more.html Farfetch, Deere, Applied Materials and more