Check out the companies making headlines before the market opens. VF Corp – Shares of VF Corp soared nearly 20% after the parent company of North Face and JanSport reported better-than-expected quarterly results. In the second fiscal quarter, the company’s adjusted earnings per share were 60 cents on revenue of $2.76 billion. Analysts polled by London Stock Exchange Group (LSEG) expected earnings of 37 cents per share on revenue of $2.71 billion. VF Corporation also announced a quarterly dividend of 9 cents per share. FORD MOTOR CO. — Shares of the automaker fell 7% after Ford cut its full-year profit guidance to the lower end of its previously reported guidance, even though it was slightly above analysts’ third-quarter expectations. Ford said it now expects adjusted earnings before interest and taxes to be about $10 billion. Ford has been grappling with weak demand, rising inventories and concerns about its ability to cut costs this year. Cadence Design Systems — Shares of Cadence Design Systems rose more than 5% after the electronics design company’s third-quarter profit beat Wall Street expectations. Cadence Design earned $1.64 per share, excluding items, on revenue of $1.22 billion, according to LSEG, beating consensus estimates of $1.44 per share and revenue of $1.18 billion. The company also raised the midpoint of its 2024 non-GAAP earnings per share forecast. In the fourth fiscal quarter, F5’s adjusted earnings per share were US$3.67 on revenue of US$747 million. Analysts expected earnings of $3.45 per share in the period on revenue of $731 million, according to LSEG. BP (BP) – Shares of BP fell more than 2% after the BP oil major reported its weakest quarterly results in nearly four years. The company reported third-quarter underlying replacement cost profit of $2.3 billion. While that was better than consensus estimates of $2.1 billion, the figure was below the $2.8 billion in net profit the company reported in the second quarter and the $3.3 billion in last year’s third quarter, according to London Stock Exchange Group (LSEG). McDonald’s – The fast-food chain reported third-quarter profit and revenue that beat analysts’ expectations, as the company reversed a decline in same-store sales last quarter. Still, shares fell more than 2% in pre-market trading. Pfizer — Shares of Pfizer rose 1.3% after the vaccine maker beat Wall Street expectations and raised guidance, citing growth in sales of coronavirus-related products. Pfizer reported adjusted earnings of $1.06 per share on revenue of $17.7 billion. Trex – Shares of Trex rose 7% after the maker of composite decking materials beat Wall Street expectations. Trex reported third-quarter adjusted earnings of 37 cents per share, above the 32 cents expected by analysts polled by FactSet. Revenue also beat expectations, coming in at $233.7 million versus expectations of $225.4 million. Boot Barn – The suit retailer’s second-quarter profit met expectations of 95 cents a share, sending its shares down more than 7%, according to LSEG. Meanwhile, revenue beat consensus estimates. Boot Barn also said that CEO Jim Conroy will resign on November 22, and digital business chief John Hazen will take over as interim CEO. In December, Conroy will join Ross Stores as CEO-designate. Crypto Stocks – Stocks tied to the price of Bitcoin rose in premarket trading, with the cryptocurrency topping $70,000 for the first time since June. Cryptocurrency exchange operator Coinbase rose 3%. Bitcoin agency MicroStrategy rose 5%, hitting its highest closing level since March 2000 on Monday. London Stock Exchange Group (LSEG) said JetBlue Airways said it expected fourth-quarter revenue to fall 3% to 7% annually, below analysts’ forecasts of a 1.4% decline. JetBlue’s third-quarter revenue and profit did beat analysts’ expectations. DR Horton – Shares of DR Horton fell 10% after the homebuilder reported disappointing fourth-quarter results. Earnings per share were $3.92, below the $4.17 per share expected by analysts polled by LSEG. Revenue was $10 billion, missing consensus estimates of $10.22 billion. Dr Horton said interest rate fluctuations could keep some buyers on the sidelines in the short term. Robinhood Markets – Mizuho shares rose more than 1% after the bank raised its price target on the financial services platform ahead of third-quarter earnings results after the close on Wednesday. PayPal – Shares of PayPal fell 3% after reporting third-quarter revenue that missed expectations. Revenue of $7.85 billion was below the $7.88 billion expected by analysts polled by FactSet. On the other hand, adjusted earnings per share came in at $1.20, beating estimates of $1.07. Xerox — The printer maker reported quarterly results that fell well short of expectations, sending its shares down more than 18%. Xerox reported adjusted earnings of 21 cents per share on revenue of $1.53 billion. Analysts polled by StreetAccount expected profit of 51 cents per share on revenue of $1.63 billion. The company also lowered its full-year free cash flow guidance and now expects revenue to decline 10% in 2024. Crocs – Shares of Crocs fell about 12% despite the company beating third-quarter profit estimates. Crocs earned $3.60 per share, excluding other items, on revenue of $1.06 billion, according to FactSet, beating consensus estimates of $3.10 per share on revenue of $1.05 billion. However, its fourth-quarter outlook range was lower than analysts expected. 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.
