Check out the companies making headlines before the bell:
Capri Holdings (CPRI) – The company behind Michael Kors and other luxury brands reported better-than-expected earnings for its latest quarter and raised its profit forecast as demand for handbags and apparel remained strong. Capri earned an adjusted $2.22 per share for the quarter, beating the consensus estimate of $1.69, and the stock jumped 10.8% premarket.
Boston Scientific (BSX) – The medical device maker’s stock fell 4.4% in premarket trading after the company announced a weaker-than-expected outlook. Boston Scientific beat both upper and lower estimates for its latest quarter, earning an adjusted 45 cents per share versus a consensus estimate of 44 cents.
Waste Management (WM) – Waste Management shares rose 2.4% in the pre-market, after announcing an expected dividend increase and projecting full-year revenue above current Wall Street forecasts. For its latest quarter, Waste Management reported adjusted earnings of $1.26 per share, in line with estimates.
Brinker International (EAT) – The parent company of Chili’s and other restaurant chains saw its shares rise 8% in the pre-market after reporting a bottom line for its latest quarter. Brinker earned an adjusted 71 cents per share, 20 cents above estimates, although revenue was slightly lower than expected.
DR Horton (DHI) – The homebuilder’s stock rebounded 4% in premarket trading after rising sales and earnings amid robust housing market conditions. DR Horton earned $3.17 per share for its latest quarter, versus a consensus estimate of $2.79.
Alphabet (GOOGL) – Alphabet jumped 10.6% pre-market following a blowout earnings report as well as the announcement of a 20-for-1 stock split. Alphabet gained 30, $69 per share in the fourth quarter, versus a consensus estimate of $27.34, while revenue also beat expectations as digital ad sales increased.
General Motors (GM) – GM beat estimates by 16 cents with adjusted quarterly earnings of $1.35 per share, although the automaker’s revenue fell short of Wall Street projections. GM released an optimistic forecast for 2022 and said it would accelerate its efforts to produce and market electric vehicles. GM rose 3.3% in premarket action.
Starbucks (SBUX) – Starbucks fell 8 cents from estimates, posting adjusted quarterly earnings of 72 cents per share, although revenue beat estimates. The coffee chain said its financial results have been hit by rising raw material and labor costs, a situation it says will persist in the coming months. Starbucks slipped 2.8% in premarket.
PayPal (PYPL) – PayPal plunged 16.8% in premarket after missing earnings guidance and issuing a weaker-than-expected outlook for the current quarter. PayPal missed consensus forecasts by a dime with adjusted quarterly earnings of $1.11 per share, although revenue from the payment service beat estimates. PayPal’s results are impacted by former parent eBay’s ongoing transition to other payment methods. Rival Block (SQ), the company formerly known as Square, fell 6.9% following PayPal’s report.
Advanced Micro Devices (AMD) – AMD beat estimates by 16 cents with adjusted quarterly earnings of 92 cents per share, while the chipmaker’s revenue also beat forecasts. AMD is also forecasting better-than-expected annual revenue thanks to continued strong demand for its data center chips. AMD shares jumped 12.4% in premarket trading.
Match Group (MTCH) – Match Group is under pressure after the operator of Tinder and other dating services released a weaker-than-expected full-year revenue forecast in hopes that Covid-19 will continue to hinder dating activity. Match Group beat estimates by 10 cents for its latest quarter, announcing adjusted quarterly earnings of 63 cents per share. Match Group fell 3.7% in premarket stock.
Gilead Sciences (GILD) – Shares of the drugmaker fell 3% in premarket after reporting quarterly profit below expectations amid falling sales of its Covid-19 treatment remdesivir. Separately, Gilead has agreed to pay GlaxoSmithKline (GSK) $1.25 billion to settle a patent dispute involving HIV treatments.