Check out the companies making headlines before the bell. VF Corp – Shares soared nearly 20% following the North Face and JanSport parent’s better-than-expected quarterly results. For the fiscal second quarter, the company posted adjusted earnings of 60 cents per share on $2.76 billion in revenue. Analysts surveyed by LSEG were looking for 37 cents per share and $2.71 billion in revenue. VF Corporation also declared a quarterly dividend of 9 cents per share. Ford Motors – Shares of the automaker slid 7% after Ford guided to the low end of its previously announced full-year earnings guidance, even as it slightly exceeded analysts’ third-quarter expectations. Ford said it now expects its adjusted EBIT of about $10 billion. Ford has been grappling with softening demand, rising inventory and worries about its ability to achieve cost cuts this year. Cadence Design Systems – The stock jumped more than 5% after the electronic design company’s third-quarter earnings beat Wall Street estimates. Cadence Design earned $1.64 per share, excluding items, on revenue of $1.22 billion, above the consensus estimate of $1.44 per share and $1.18 billion in revenue, according to LSEG. The company also raised the midpoint of its non-GAAP earnings per share outlook for 2024. F5 – The cloud services stock surged more than 10% on the heels of better-than-expected results. For the fourth fiscal quarter, F5 posted $3.67 in adjusted earnings per share on revenue of $747 million. Analysts had estimated $3.45 in earnings per share on $731 million in revenue for the period, per LSEG. BP – Shares slid more than 2% after the British oil major posted its weakest quarterly results in almost four years . The company reported third-quarter underlying replacement cost profit of $2.3 billion. While that’s better than the consensus estimate of $2.1 billion, according to LSEG, the figure is down from the $2.8 billion in net profit the company posted for the second quarter and from the $3.3 billion seen in the third quarter a year ago. McDonald’s – The fast food chain reported third-quarter earnings and revenue that beat analyst expectations, with the company reversing a same-store sales decline from the previous quarter. Still, shares dipped more than 2% in the premarket. Pfizer – Shares added 1.3% after the vaccine maker surpassed the Street’s estimates and lifted its guidance, citing sales upside from Covid-related products. Pfizer posted adjusted earnings of $1.06 per share on $17.7 billion in revenues. Trex – Shares rose 7% after the maker of composite deck materials beat the Street’s estimates. Trex posted adjusted earnings of 37 cents per share in the third quarter, above the 32 cents analysts polled by FactSet were expecting. Revenue also came in ahead of expectations at $233.7 million versus $225.4 million. Boot Barn – The western-wear retailer’s stock fell more than 7% after the company’s second-quarter earnings matched expectations of 95 cents a share, per LSEG. Meanwhile, revenue beat consensus estimates. Boot Barn also said CEO Jim Conroy is set to step down , effective Nov. 22, with digital chief John Hazen taking over as interim CEO. In December, Conroy will join Ross Stores as CEO-elect. Crypto stocks – Stocks tied to the price of bitcoin rose in premarket trading as the cryptocurrency topped $70,000 for the first time since June . Crypto exchange operator Coinbase advanced 3%. Bitcoin proxy MicroStrategy advanced 5%, after notching its highest closing level Monday since March 2000. JetBlue – Shares of the airline slid 7% after fourth quarter guidance called for shrinking revenue. JetBlue said it expects fourth quarter revenue down between 3% and 7% year over year, worse than the 1.4% decline projected by analysts, according to LSEG. JetBlue’s third quarter results did beat analyst estimates on the top and bottom lines. D.R. Horton – The stock sank 10% after the homebuilder reported disappointing fourth-quarter results. Earnings came in at $3.92 per share, below the $4.17 a share expected from analysts polled by LSEG. Revenue was $10 billion, less than the $10.22 billion consensus estimate. D.R. Horton said rate volatility may be keeping some buyers on the sidelines in the near term. Robinhood Markets – Shares rose more than 1% after Mizuho lifted its price target on the financial services platform ahead of the company’s third-quarter earnings results after market close on Wednesday. PayPal – Shares fell 3% after PayPal posted third-quarter revenue that missed expectations. Revenue of $7.85 billion was weaker than the $7.88 billion anticipated by analysts polled by FactSet. On the other hand, adjusted per-share earnings of $1.20 topped the $1.07 estimate. Xerox — The stock dropped more than 18% after the printer manufacturer reported much weaker-than-expected quarterly results. Xerox earned an adjusted 21 cents per share on revenue of $1.53 billion. Analysts polled by StreetAccount anticipated a profit of 51 cents per share on revenue of $1.63 billion. The company also cut its free cash flow guidance for the full year and now sees 2024 revenue declining 10%. Crocs – Shares tumbled around 12% despite the company’s third-quarter earnings beating estimates. Crocs earned $3.60 per share, excluding items, on revenue of $1.06 billion, above the consensus estimate of $3.10 per share on $1.05 billion in revenue, according to FactSet. Its outlook range for the fourth quarter, however, came in below analysts’ expectations. The company also narrowed its full-year forecast. — CNBC’s Lisa Kailai Han, Samantha Subin, Jesse Pound, Sarah Min, Pia Singh, Tanaya Macheel and Michelle Fox Theobald contributed reporting.
https://www.cnbc.com/2024/10/29/stocks-making-the-biggest-moves-premarket-vfc-mcd-pfe-pypl-and-more.html
