Stocks making the biggest moves premarket: Amazon, Intel, Enphase Energy and more
The Amazon logo is seen at the company’s logistics centre in Boves, France, February 11, 2022.Pascal Rossignol | Reuters
Check out the companies making headlines before the bell.
Amazon — Amazon’s stock surged 7% after the e-commerce giant reported strong third-quarter results and showed a 13% jump in revenue for the period. Earnings per share came in at 94 cents for the period, 36 cents above expectations, per LSEG.
Intel — The chip stock popped 7% after posting third-quarter results Thursday that topped Wall Street’s expectations and offered strong guidance for the current period. Intel’s CEO Pat Gelsinger also said the company plans to cut costs by roughly $3 billion this year.
Enphase Energy — The solar stock sank nearly 20% on disappointing fourth-quarter guidance and mixed results for the third quarter. For the current quarter, the company said it expects revenue to ranges between $300 and $350 million, falling short of the $584 million expected by analysts polled by LSEG. Earnings per share for the third quarter came in slightly ahead of expectations while revenues came up short of the $566 million expected.
Ford Motor — The automobile stock lost about 3.6%. Ford reported third-quarter results that fell short of expectations and pulled its previously announced guidance as it regroups after the nearly six-week long UAW strike. The company posted adjusted earnings of 39 cents per share on $41.18 billion in revenue.
Chipotle Mexican Grill — Shares of the restaurant chain rose more than 3% in premarket trading after the company’s third-quarter earnings topped expectations. Chipotle reported $11.36 in adjusted earnings per share. Analysts surveyed by LSEG were expecting $10.55 per share. The company’s restaurant level operating margin rose year over year.
Exxon Mobil — The oil and gas company reported third-quarter earnings that came in at $2.27 per share, excluding items, slightly below the LSEG estimate of $2.37 per share. Analysts flagged a decline in North American activity as oil and gas prices moved lower from last year’s highs. Shares dipped less than 1% premarket.
Dexcom — Dexcom shares skyrocketed more than 17% after the medical device maker posted stronger-than-expected quarterly results and lifted its full-year revenue forecast.
Chevron — Chevron shares dipped 2% before the bell after the oil company fell short of earnings expectations, and profits slumped on a year-over-year basis. Chevron posted adjusted earnings of $3.05 per share on $54.08 billion in revenues. Revenues topped Wall Street’s expectations.
Deckers Outdoor — The maker of Hoka sneakers soared nearly 11% on stronger-than-expected fiscal second-quarter results and full-year guidance. For the year, Deckers Outdoor said it expects earnings per share to range between $22.90 and $23.25 on revenue of $4.025 billion. That topped the earnings per share of $22.64 and $4.015 billion in revenue expected by analysts polled by LSEG.
Stanley Black & Decker — The industrial tool maker popped 3.5% in premarket trading. Stanley Black & Decker beat third-quarter earnings expectations, citing “strong momentum” with its cost reduction program. The company posted per-share earnings of $1.05, topping the 83 cent per share consensus estimate from FactSet. It also issued full-year earnings guidance in the range of $1.10 to $1.40 per share, greater than prior guidance of 70 cents to $1.30 per share and the consensus estimate. Third-quarter revenue came in below expectations.
Capital One — Capital One shares gained 5.3% before the bell on better-than-expected third-quarter results. The financial services company posted earnings of $4.45 per share and net interest income totaling $9.37 billion.
Colgate-Palmolive — The consumer product company added about 1% before the bell. Colgate-Palmolive topped third-quarter earnings expectations on the top and bottom lines and hiked its organic sales growth outlook.
Sanofi — U.S.-listed shares of the French pharmaceutical company sank nearly 18% before the bell. Sanofi also said it expects heightened research and development spending to weigh on profit in 2024. Earnings for the third quarter also fell short of expectations on the top and bottom lines.
Newell Brands — The consumer goods stock shed 9% on mixed third-quarter results. Newell Brands posted adjusted earnings of 39 cents a share on $2.05 billion in revenue. Analysts polled by LSEG had called for earnings of 23 cents per share on revenues totaling $2.12 billion.
Charter Communications — Shares of Charter Communications slumped more than 5% after the cable company reported a loss in 320,000 video customers during the third quarter amid its carriage dispute with Disney. Charter Communications posted an earnings beat for the period, but revenues came in at $13.58 billion, falling short of the $13.63 billion expected by analysts polled by LSEG.
Hasbro — Hasbro shares slipped 1.3% after Bank of America downgraded the toymaker to a neutral rating, citing issues within its consumer products division that supersede the strength of its Wizards of the Coast” brand.
Rivian Automotive — The electric vehicle company gained 2% after Cantor Fitzgerald upgraded Rivian Automotive to an overweight rating, citing a strong demand setup.
Merck — Shares of the pharmaceutical company gained 0.9% after BMO Capital Markets upgraded Merck to outperform from market perform, and also raised its price target by $10 to $132 per share. The new rating comes a day after Merck reported better-than-expected third-quarter earnings and revenue.
— CNBC’s Jesse Pound, Tanaya Macheel, Pia Singh, Sarah Min contributed reporting