Walmart shopping bags in Krakow, Poland, February 9, 2024.
Jakub Bolzycki | Noor Photos | Getty Images
Check out the companies making headlines in pre-market trading.
Under Armor — The sportswear maker’s Class A shares fell 11% and its Class C shares fell 9% after it issued lower-than-expected full-year profit guidance. Under Armor now expects profits between 18 cents and 21 cents, while analysts polled by FactSet had forecast 59 cents.
Canadian goose — The outerwear maker’s fiscal fourth-quarter sales and profit beat Wall Street forecasts, sending its shares up more than 12%. Canada Goose said a key profit margin metric “will expand approximately 100 basis points this year compared to fiscal 2024.”
Walmart — The big-box retailer reported adjusted first-quarter earnings of 60 cents a share, above the 52 cents expected by analysts polled by LSEG, sending its shares up 4.7%. Revenue was $161.5 billion, beating consensus estimates of $159.5 billion. Walmart says it’s making huge strides in e-commerce and winning over more high-income shoppers.
Chubb — Shares of the insurance company rose more than 8.1% before the open on Thursday after Warren Buffett’s Berkshire Hathaway revealed that Chubb was a secret stock the group had been accumulating. According to a regulatory filing, Berkshire Hathaway purchased nearly 26 million shares for about $6.7 billion, becoming Chubb’s second-largest shareholder.
Cisco Systems – Networking equipment stocks rose 3% after reporting stronger-than-expected fiscal third-quarter results. Cisco Systems also raised its 2024 revenue guidance, saying it now expects revenue of $53.7 billion, at the midpoint of the range.
Meme Stocks — Stocks aviation medical center and game station The losses extended after meme stocks recovered on Monday and Tuesday. On Thursday, shares of movie theater chain AMC fell nearly 11%, while GameStop’s shares fell about 14%. However, shares of AMC and GameStop surged more than 80% and 140% respectively this week.
Deere & Company — Shares of the farm equipment maker fell nearly 6% after slashing its full-year forecast. Deere now forecasts 2024 net profit of about $7 billion, compared with a previous estimate of $7.75 billion.
Baidu — Shares of the Chinese technology company rose less than 1% after releasing first-quarter results. Baidu reported revenue of 31.51 billion yuan ($4.7 billion), exceeding analysts’ expectations of 31.34 billion yuan, according to StreetAccount.
Good RX — Healthcare stocks rose about 6% after Raymond James upgraded the stock to outperform earlier Thursday. Analyst John Ransom noted that he sees “potential numbers upside to the growth story here,” and that the company’s full-year guidance is relatively conservative.
Cupang — The Seattle-based e-commerce company gained 3.1%. UBS upgraded the stock to “buy” from “neutral”, citing its “expanding portfolio and strong logistics network.”
Dell — Evercore ISI shares rose 2% after the company raised its price target and said Tesla could become a customer as opportunities in artificial intelligence expand.
meta platform — Shares down 0.5% after EU open detection Enter Meta, the issue surrounding child safety on social media platforms Facebook and Instagram.
—CNBC’s Michelle Fox, Hakyung Kim, Sarah Min, Samantha Subin and Jesse Pound contributed reporting
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