Stocks making the biggest moves premarket: Foot Locker, Deere, DoorDash and others
Check out the companies making headlines before the bell:
Foot Locker (FL) – The athletic footwear and apparel retailer reported an adjusted quarterly profit of $1.60 per share, 5 cents above estimates. Revenue was slightly below forecasts, and same-store sales fell by less than half of what was anticipated by analysts. Foot Locker shares added 1% in the premarket.
Deere (DE) – The heavy equipment maker’s stock fell 4.4% in premarket trading after quarterly revenue missed Street forecasts. Deere beat earnings estimates by 10 cents, reporting $6.81 per share, as a jump in worldwide crop prices helped spur demand. The company also raised its annual profit outlook.
DoorDash (DASH) – Door Dash announced the authorization of a $400 million stock buyback program. The food delivery company said the move will offset dilution stemming from its employee stock compensation program. The stock added 2.2% in premarket action.
VF Corp. (VFC) – VF shares added 2.6% in premarket trading despite slight misses on the top and bottom lines for the latest quarter. The company behind apparel brands, such as North Face, Vans and Timberland, raised its full-year earnings forecast, based on expectations that there will be no additional Covid-19 lockdowns that impact production and that inflation will not worsen.
Deckers Outdoor (DECK) – Deckers surged 13.8% in the premarket after the footwear company beat top and bottom-line estimates for its latest quarter. Deckers earned $2.51 per share, compared with a consensus estimate of $1.32, as net income more than doubled from a year earlier.
Boeing (BA) – Boeing rose 2% in premarket action following the successful launch of its Starliner aircraft, which is now heading toward the International Space Station. The uncrewed flight came after months of delays.
Ross Stores (ROST) – Ross Stores slumped 27.4% in the premarket after the discount retailer posted top and bottom-line misses for its latest quarter and gave a downbeat forecast. Ross Stores said inflationary pressures have been exacerbated by the Ukraine conflict and that it is issuing conservative guidance due to uncertain macroeconomic conditions.
Palo Alto Networks (PANW) – Palo Alto Networks rallied 12.1% in premarket trading after the cybersecurity company reported better-than-expected profit and revenue for its latest quarter. It also raised its full-year guidance for the third time.
Applied Materials (AMAT) – Shares of the semiconductor manufacturing equipment maker fell 1.2% in the premarket after missing top and bottom-line estimates for its latest quarter. The company also issued a weaker-than-expected forecast. Supply chain issues for Applied Materials have been amplified by the Covid-19 lockdowns in China.
Ollie’s Bargain Outlet (OLLI) – The discount retailer’s shares jumped 6.4% in premarket trading after Bank of America Securities double-upgraded the stock to “buy” from “underperform.” BofA based its recommendation on a meaningful improvement in the supply of closeout items, due to over-ordering by retailers and a drop-off in consumer spending on durable goods.
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