Walmart shopping bag is seen in Krakow, Poland on February 9, 2024.
Jakub Porzycki | Nurphoto | Getty Images
Check out the companies making headlines in premarket trading.
Under Armour — The sportswear maker’s Class A shares slumped 11% and its Class C stock fell 9% after it issued lower-than-expected full-year earnings guidance. Under Armour now expects earnings in the range of 18 cents to 21 cents while analysts polled by FactSet had forecast 59 cents.
Canada Goose — The coat maker jumped more than 12% after beating Wall Street estimates for sales and earnings in its fiscal fourth quarter. Canada Goose said one key profit margin metric “will expand by approximately 100 basis points compared to fiscal 2024” this year.
Walmart — The big-box retailer popped 4.7% after reporting adjusted first-quarter earnings of 60 cents per sharer, topping the 52 cents expected from analysts polled by LSEG. Revenue was $161.5 billion, beating the $159.5 billion consensus estimate. Walmart said it made big gains in e-commerce and won over more high-income shoppers.
Chubb — Stock in the insurance company climbed more than 8.1% before Thursday’s opening bell after Warren Buffett’s Berkshire Hathaway revealed Chubb is the secret stock the conglomerate has been accumulating. Berkshire bought nearly 26 million shares for about $6.7 billion making it the second-largest holder in Chubb, according to a regulatory filing.
Cisco Systems – The networking equipment stock gained 3% after posting stronger-than-expected fiscal third-quarter results. Cisco Systems also hiked its 2024 revenue guidance, saying it now expects revenue of $53.7 billion at the midpoint of a range.
Meme stocks — Shares of AMC and GameStop extended losses following the revival of the meme stock movement on Monday and Tuesday. Stock in movie theater chain AMC fell nearly 11% on Thursday, while GameStop pulled back roughly 14%. For the week, however, shares of AMC and GameStop have soared more than 80% and 140%, respectively.
Deere & Company — The agricultural equipment maker slipped nearly 6% after slashing its full-year outlook. Deere now forecasts net income of about $7 billion in 2024, compared to a previous estimate that called for $7.75 billion.
Baidu — Shares of the Chinese tech company were up less than 1% after releasing first-quarter results. Baidu reported CNY 31.51 billion ($4.7 billion) of revenue, topping the CNY 31.34 billion expected by analysts, according to StreetAccount.
GoodRX — The healthcare stock climbed about 6% following an upgrade to outperform from Raymond James early Thursday. Analyst John Ransom noted that he views “the growth story here favorably with potential upside to numbers” and that the company’s full-year guidance is relatively conservative.
Coupang — The Seattle-based e-commerce company rose 3.1%. UBS upgraded shares to buy from neutral, citing its “expanding portfolio and strong logistics network.”
Dell — Shares ticked up 2% after Evercore ISI raised its price target thanks to what the firm said is a broadening artificial intelligence opportunity that could include Tesla as a customer.
Meta Platforms — Shares fell 0.5% after the European Union opened a probe into Meta, centering around child safety concerns on social media platforms Facebook and Instagram.
— CNBC’s Michelle Fox, Hakyung Kim, Sarah Min, Samantha Subin and Jesse Pound contributed reporting
https://www.cnbc.com/2024/05/16/stocks-making-the-biggest-moves-premarket-uaa-wmt-gme-goos-and-more.html
