People walk near the entrance to a Kohl’s store on June 07, 2022 in Doral, Florida.
Joe Riddle | Getty Images
Check out which companies are making headlines in pre-market trading on Wednesday
Moderna – The biotech company added 2.4% amid renewed concern about Covid-19 in China after a surge in infections.
VF Corporation – Shares in the apparel and shoemaker rose 3.3% on better-than-expected fourth-quarter financial results. The company earned an adjusted 17 cents per share, beating Refinitiv’s forecast of 14 cents per share. Revenue of $2.74 billion was also slightly above expectations.
XPeng – Shares of the electric car maker fell 4.7% after losing earnings. XPeng also issued weaker-than-expected revenue guidance for the second quarter. However, CEO He Xiaoping said he was “confident in moving our company into a virtuous cycle driving the growth of product sales, team morale, customer satisfaction, and brand reputation over the next few quarters.”
Palantir Technologies – Shares fell 2.2% in pre-market trading, marking their first drop in three sessions. Arc Invest by Cathy Wood The company’s website showed that he recently bought more than $4 million worth of Palantir stock.
Analog Devices – Analog devices were down 5.3% in pre-market trading on the back of Weaker than expected guidance for the third quarter for the third quarter of the fiscal year. Analog Devices expects adjusted earnings of approximately $2.52 per share in the third quarter, compared to forecasts of $2.65 per share, according to consensus estimates on FactSet. It expects revenue of about $3.10 billion, down from an estimate of $3.16 billion. In a statement, CEO Vincent Roche said, “Looking into the second half, we expect revenue to moderate given continued economic uncertainty and the normalization of supply chains.”
First Horizon – The regional bank added 2.3% in pre-market trading after an upgrade to buy from Jefferies. The company said the bank enjoys tier one capital strength and is at a discount to its peers.
Palo Alto Networks — Cybersecurity stocks rose nearly 5% in premarket trading after Palo Alto Networks reported a third fiscal quarter that beat analyst estimates. The company reported $1.10 in adjusted earnings per share on $1.72 billion in revenue. Analysts surveyed by Refinitiv put 93 cents of earnings per share on $1.71 billion in revenue. Palo Alto’s fourth-quarter earnings guidance was also higher than expected.
Kohl’s — The retailer emerged more than 13% after it reported better-than-expected results and surprising earnings for the most recent quarter. Cole also repeated the previous directive.
Intuit — The tax and accounting technology maker suffered a 5 percent drop after the company missed revenue forecasts, according to Refinitiv, in its fiscal third quarter. Intuit reports that this result was partly thanks to lower tax returns.
— CNBC’s Jesse Pound, Samantha Sobin, Alex Haring, Sarah Main and Tanaya Machell contributed to reporting
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