Several companies were making headlines in premarket trading, with notable movements in their stock prices. Under Armour saw a significant decline in its Class A and Class C stock after issuing lower-than-expected full-year earnings guidance. The sportswear maker now expects earnings to be in the range of 18 cents to 21 cents, a sharp drop from analyst forecasts of 59 cents. On the other hand, Canada Goose’s stock surged over 12% following strong fiscal fourth-quarter results, beating Wall Street estimates for sales and earnings. The company also announced that one key profit margin metric would see significant expansion compared to the previous year.
Walmart, the big-box retailer, saw its stock rise by 4.7% after reporting better-than-expected adjusted first-quarter earnings of 60 cents per share. Revenue also surpassed analyst estimates, coming in at $161.5 billion compared to the consensus of $159.5 billion. Walmart credited its gains to improvements in e-commerce and attracting more high-income shoppers. Insurance company Chubb experienced an 8.1% increase in its stock price after Warren Buffett’s Berkshire Hathaway disclosed its significant investment in Chubb. The conglomerate purchased nearly 26 million shares of Chubb, making it the second-largest holder in the company.
Networking equipment giant Cisco Systems enjoyed a 3% increase in its stock price after posting strong fiscal third-quarter results and raising its revenue guidance for 2024. Meme stocks like AMC and GameStop continued to experience volatility, with shares of both companies falling following the revival of the meme stock movement earlier in the week. For the week, however, both AMC and GameStop had seen significant gains. Deere & Company, an agricultural equipment maker, saw a 6% decline in its stock after revising its full-year outlook downwards, citing a decrease in net income expectations.
Chinese tech company Baidu’s stock rose slightly after releasing first-quarter results that beat analyst expectations. The company reported revenue of CNY 31.51 billion, slightly higher than the CNY 31.34 billion expected. Healthcare stock GoodRX also saw a 6% increase after receiving an upgrade to outperform from Raymond James, with the analyst noting potential upside to the company’s growth story. E-commerce company Coupang experienced a 3.1% increase in its stock price after UBS upgraded its shares to buy from neutral, citing its expanding portfolio and strong logistics network.
In the tech sector, Dell’s stock rose 2% after Evercore ISI raised its price target based on the broadening artificial intelligence opportunities, which may include Tesla as a customer. However, Meta Platforms, formerly known as Facebook, saw its shares fall 0.5% after the European Union opened a probe into the company concerning child safety concerns on its social media platforms. These companies are among several in various sectors that are experiencing shifts in their stock prices and investor sentiment, reflecting the dynamic nature of the financial markets.
