Stocks making the biggest moves premarket: Farfetch, Deere, Applied Materials and more

May 19, 2023 by admin 0 Comments

Luxury fashion items sit on display beside tablet devices at the launch of the Farfetch “Store of the Future” pop-up exhibition, at the Design Museum in London, U.K., on Wednesday, April 12, 2017.

Luke MacGregor | Bloomberg | Getty Images

Check out the companies making headlines before the bell.

16 hours ago

Disney — The company’s stock fell 0.9% in premarket trading. Earlier on Friday, Macquarie Research downgraded Disney stock to neutral from outperform over uncertainties surrounding the growth of its streaming services.

Nike — Shares fell by more than 2% on news that the company may face more than $530 million in fines for misclassifying thousands of independent contractors, according to a report from The Guardian.

Bath & Body Works — Shares drew back by 2.2% after surging 10.7% during the previous trading session. The longtime mall shop posted better-than-expected earnings for the fiscal first-quarter and raised its full-year guidance in its earnings announcement on Thursday.

Catalent — The drug maker’s shares fell by almost 6% after delaying its fiscal third-quarter earnings announcement Friday before the bell. Catalent lowered its full-year earnings and revenue guidance ahead of its business update call.

Applied Materials – Shares of the chip maker slipped more than 1% premarket despite the company posting earnings and revenue for the most recent quarter that beat expectations on Wall Street. It also issued upbeat guidance for the third quarter.

Farfetch — The luxury fashion platform’s stock soared 25.5% Friday morning. The company’s first-quarter earnings of 43 cents per share missed analysts’ estimates from Refinitiv by 1 cent. However, its revenue of $556 million was higher than Wall Street’s expectations of $513 million.

DXC Technology – The IT company saw its shares fall 3.5% following its latest financial results. DXC posted revenue that came in below analysts’ expectations from FactSet and earnings that were about in line with expectations. It also announced the departure of CFO Ken Sharp later this year.

Bloom Energy — Shares of the clean energy stock jumped 6.2% in the premarket on the back of an upgrade to overweight from neutral by JPMorgan, which said there’s a buying opportunity in the stock after a recent slide.

Deere — The tractor maker’s shares rose almost 4% after it announced an earnings and revenue beat for its fiscal second-quarter. Deere posted $9.65 earnings per share and $17.39 billion in revenue. Analysts surveyed by Refinitiv had expected $8.59 per-share earnings and $14.83 billion in revenue.

Gen Digital — Gen Digital climbed 1.5% after Evercore ISI initiated coverage of the cybersecurity company with an outperform rating. Analyst Peter Levine said the company has become the “leading consumer cybersecurity platform.”

— CNBC’s Alex Harring, Sarah Min, Tanaya Macheel and Brian Evans contributed reporting

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