Check out the companies that make the headlines before the bell rings:
Home Depot (HD)-The home improvement retailer exceeded quarterly expectations by 3 cents, with earnings per share of $2.65. Revenue is also higher than expected. Comparable store sales increased by 24.5% in the fourth quarter, higher than the 19.2% average expected by analysts surveyed by FactSet. However, due to uncertainties related to the pandemic, Home Depot did not provide guidance for 2021
Macy’s (M)-The retailer reported an adjusted quarterly profit of 80 cents per share, well above the consensus consensus of 12 cents, and revenue was also higher than Wall Street expectations. Comparable store sales fell by 17.1% on the basis of ownership + authorization, which was less than the 21.3% drop expected by analysts surveyed by Refinitiv. Macy’s shares rose 2.2% in premarket trading.
Tesla (TSLA)-Tesla shares fell more than 5% in premarket trading on Tuesday after suffering their biggest one-day drop in months on Monday. Wedbush analyst Dan Ives warned that after electric car manufacturers invested in cryptocurrencies, Tesla’s stock price is now directly linked to the price of Bitcoin.
Palo Alto Networks (PANW)-Palo Alto Networks reported adjusted quarterly earnings per share of $1.55, which was 12 cents higher than expected, and the revenue of network security companies also exceeded expectations. Palo Alto announced its earnings outlook for the current quarter, most of which were lower than expected, but it did notice the opportunities offered by the massive SolarWinds hacker. The stock fell 3.7% before the market.
Churchill Capital IV (CCIV)-Lucid Motors will go public through a merger with a blank check company, with a total transaction value of US$24 billion. The deal will inject $4.4 billion into the California-based luxury electric car manufacturer. Churchill Capital’s stock fell 34.5% in premarket trading.
InterContinental Hotels Group (IHG)-IHG reported that due to the Covid-19 pandemic and the ensuing lockdown, its 2020 operating loss was US$153 million. However, the company said that its Holiday Inn Express brand outperformed the market in major markets, and global travel is beginning to recover. The stock rose 1.2% before the market.
Johnson & Johnson (JNJ)-According to the U.S. Securities and Exchange Commission (SEC), Johnson & Johnson will allocate $3.9 billion in litigation related to talc. In November last year, the company stated that it would allocate $2.1 billion for talc powder cases because it faces thousands of lawsuits alleging that its talc powder products are carcinogenic.
Occidental Petroleum Corporation (OXY)-Occidental Petroleum’s most recent quarterly adjusted loss of 78 cents per share exceeded analysts’ expectations of a loss of 59 cents per share. Revenue is also lower than expected. Despite the rebound in oil and gas prices, the target has not yet been achieved. The stock price fell 2.2% before the market.
Shopify (SHOP)-Shopify issued 1.18 million shares, priced at $1,315 per share, and the e-commerce platform provider expects to raise approximately $1.55 billion from the sale. Shopify plans to use the proceeds to strengthen its balance sheet. In pre-market trading, the stock fell 5.5%.
Carnival (CCL) – The cruise operator’s share price fell 3.4% before the market, after the company issued approximately 40.45 million common shares at a price of $25.10 per share, and the cruise operator sought to raise approximately $1 billion for general corporate purposes . During the pandemic, the cruise industry has been closed.
RealReal (REAL)-RealReal lost an adjusted 49 cents per share last quarter, and its revenue was also below analyst expectations. Sellers of second-hand luxury goods claim that 2020 is a challenging year, and the pandemic “temporarily interrupted” their profitability. The stock fell 10.8% pre-market.
ZoomInfo (ZI)-ZoomInfo rose 8.1% before the market, after it exceeded market expectations by 2 cents, and adjusted quarterly earnings per share of 12 cents. The revenue of the marketing database provider also exceeded expectations. ZoomInfo also provides an optimistic outlook for the current quarter and full year.
AMC Entertainment (AMC)-The movie theater operator’s stock rose 3.4% before the market, after news that New York City movie theaters will reopen on March 5 with limited capacity.
Wells Fargo Bank (WFC)-The bank announced a deal to sell its Wells Fargo Bank Asset Management Division to private equity firms GTCR and Reverence Capital for $2.1 billion. Wells Fargo will retain a 9.9% stake in the business.
In an interview with Reuters, a person familiar with the matter said that Dollar General (DG)-According to a person familiar with the matter, Dollar General is taking steps to find a potential successor to CEO Todd Vasos. The source said that Vasos did not convey any intention to leave the discount retailer when the contract expires in June, calling this process “good governance.”
— Sara Salinas of CNBC contributed to this report.