Moderna, Kohl’s, Intuit, Analog Devices and more
People walk near the entrance of a Kohl’s department store in Doral, Florida on June 7, 2022.
Joe Raedle | Getty Images
Check out the companies making headlines in premarket trading on Wednesday
Moderna — The biotech rose 2.4% on renewed concerns about Covid-19 in China following a surge in infections.
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VF Corporation — Shares of the apparel and footwear maker gained 3.3% on better-than-expected fiscal fourth quarter results. The company earned 17 cents per share on an adjusted basis, beating Refinitiv’s guidance of 14 cents per share. Revenue was also slightly above expectations at $2.74 billion.
XPeng — The electric vehicle maker slipped after a 4.7% drop in earnings. XPeng also issued a weaker-than-expected second-quarter revenue guidance. Still, CEO He Xiaopeng said he is “confident in the coming quarters to lead our company into a virtuous cycle that will drive product sales growth, team morale, customer satisfaction and brand reputation.”
Palantir Technologies — Shares fell 2.2% in premarket trading, on course for their first decline in three sessions. Cathie Woods Ark Invest According to the company’s website, the company recently bought more than $4 million worth of Palantir stock.
analog devices – Analog Devices fell 5.3% in premarket trading on the back of weaker than expected forecast for the third quarter for the third fiscal quarter. According to consensus estimates on FactSet, Analog Devices expects third-quarter adjusted earnings per share to be approximately $2.52, compared to guidance of $2.65 per share. Revenue is expected to be around $3.10 billion, down from the $3.16 billion estimate. CEO Vincent Roche said in a statement: “Looking ahead to the second half of the year, we expect sales to weaken due to ongoing economic uncertainty and supply chain normalization.”
First Horizon – The regional bank was up 2.3% in premarket trading after Jefferies upgraded its stock from a ‘hold’ to a ‘buy’. The company said the bank has excellent capital strength and is at a discount to peers.
Palo Alto Networks — Shares of the cybersecurity company soared nearly 5% in premarket trading after Palo Alto Networks reported a third fiscal quarter that beat analyst estimates. The company reported adjusted earnings per share of $1.10 on sales of $1.72 billion. Analysts polled by Refinitiv had forecast earnings per share of 93 cents on sales of $1.71 billion. Palo Alto’s fourth-quarter earnings guidance was also higher than expected.
cabbage — The retailer surged more than 13% after reporting better-than-expected results and a surprise earnings for the most recent quarter. Kohl’s also reiterated previous guidance.
Intuitive – The tax and accounting technology maker fell 5% after the company missed revenue expectations for the fiscal third quarter, according to Refinitiv. That result was due in part to a drop in tax returns, Intuit reported.
— CNBC’s Jesse Pound, Samantha Subin, Alex Harring, Sarah Min and Tanaya Macheel contributed coverage
https://www.cnbc.com/2023/05/24/stocks-making-the-biggest-moves-premarket-moderna-kohls-intuit-analog-devices-more.html Moderna, Kohl’s, Intuit, Analog Devices and more