Editor
Before the bell, have a look at the businesses generating news:
FL – Foot Locker The athletic footwear and clothing company had an adjusted quarterly profit of $1.60 per share, which was 5 cents more than analysts’ expectations. Revenue was somewhat lower than expected, while same-store sales decreased by less than half of what experts predicted. Foot Locker stock rose 1% in premarket trading.
Deere (DE) – The shares of the heavy equipment manufacturer plummeted 4.4 percent in premarket trade after quarterly sales fell short of expectations. Deere reported profits of $6.81 per share, above projections by 10 cents, as a rise in global agricultural prices boosted demand. The corporation has boosted its earnings forecast for the year.
DoorDash (DASH) — Door Dash has authorized a $400 million stock repurchase program. The move, according to the meal delivery firm, will counter dilution caused by its employee equity reward scheme. In premarket trading, the shares rose 2.2 percent.
VF Corp. (VFC) — Despite small shortfalls on the top and bottom lines for the current quarter, VF shares rose 2.6 percent in premarket trade. The parent company of North Face, Vans, and Timberland has boosted its full-year profits prediction, based on the assumption that there would be no further Covid-19 production lockdowns and that inflation will not rise.
Outdoor Deckers (DECK) – In the premarket, Deckers jumped 13.8 percent as the footwear business topped top and bottom-line projections for the previous quarter. Deckers’ net income more than quadrupled from a year ago, to $2.51 per share, compared to a consensus forecast of $1.32.
BAE Systems (BAE) – Following the successful launch of its Starliner airplane, which is currently on route to the International Space Station, Boeing gained 2% in premarket trading. After months of delays, the uncrewed flight finally took off.
ROST (Ross Stores) – Ross Stores fell 27.4% in premarket trading after the discount retailer missed top and bottom lines in its most recent quarter and issued a dismal outlook. The Ukraine war has worsened inflationary pressures, according to Ross Stores, which is offering cautious caution owing to uncertain macroeconomic circumstances.
Palo Alto Networks (PANW) – Palo Alto Networks (PANW) is up 12.1 percent in premarket trade after reporting better-than-expected earnings and sales for the current quarter. For the third time, it boosted its full-year guidance.
Applied Materials (AMAT) – The semiconductor manufacturing equipment maker’s stock slid 1.2 percent in premarket trading after the company missed top and bottom-line projections for the most recent quarter. In addition, the corporation gave a lower-than-expected outlook. The Covid-19 lockdowns in China have exacerbated Applied Materials’ supply chain concerns.
Ollie’s Bargain Outlet (OLLI) – The bargain retailer’s shares rose 6.4 percent in premarket trade after Bank of America Securities double-upgraded the company to “buy” from “underperform.” BofA based its advice on a considerable improvement in the supply of closeout products, owing to over-ordering by retailers and a drop-off in consumer expenditure on durable goods.
