Before the bell Friday, check out the companies making headlines. Palo Alto Networks' stock dipped 1.8% in premarket trading, with its fiscal fourth-quarter earnings due out Friday afternoon. Analysts surveyed by FactSet's StreetAccount have predicted $1.96 billion in revenue and earnings per share of $1.29. In contrast, Ross Stores' shares increased nearly 5% after their postmarket earnings report topped the consensus estimate of $1.16 per share with $1.32, and revenue of $4.93 billion versus the expected $4.75 billion. However, some Chinese corporations such as Alibaba, JD.com, PDD, and Nio saw their stocks decrease in premarket trading, with investors concerned about China's real estate issues which could adversely affect economic activity. XPeng shares were down 7% following their earnings results Friday, which revealed a wider-than-expected net loss of 2.8 billion yuan in the second quarter despite their revenue matching the expectations of 5.06 billion Chinese yuan. Applied Materials rose by about 2% after exceeding analysts' expectations in their fiscal third-quarter results with adjusted earnings of $1.90 per share and revenue of $6.43 billion. On the other hand, Estee Lauder's stock plummeted 4% after beating on earnings and revenue in their fiscal fourth quarter, but providing weak guidance for their first quarter and decreasing their full-year guidance. Also, Keysight Technologies' shares dropped 12.3% after giving a dismal outlook for their fiscal fourth quarter. Farfetch experienced a 41% drop in early morning trading after their second quarter revenue of $572 million was significantly lower than the Refinitiv estimate of $649 million, while they also lowered their gross merchandise value outlook. In stark contrast, Bloomin' Brands' stock rose 6% in premarket trading after Jeffery Smith's Starboard Value purchased more than 5% of the Outback Steakhouse parent company. Michelle Fox Theobald and Jesse Pound of CNBC contributed to the report.
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