Moderna, Kohl’s, Intuit, Analog Devices and more
People walk near the entrance to a Kohl’s department store on June 7, 2022 in Doral, Florida.
Joe Raedle | Getty Images
Check out the companies making headlines in pre-market trade Wednesday
Modern — The biotech company added 2.4% amid renewed concern over Covid-19 in China after an uptick in infections.
V.F. Corporation — Shares of the apparel and footwear maker rose 3.3% on better-than-expected fiscal fourth-quarter results. The company earned 17 cents per share adjusted, beating Refinitiv’s guidance of 14 cents per share. Revenue of $2.74 billion was also slightly above expectations.
XPeng — The electric vehicle maker fell 4.7% after a shortfall. XPeng also released weaker-than-expected revenue guidance for the second quarter. Still, CEO He Xiaopeng said he was “confident to usher our company into a virtuous cycle that will drive product sales growth, team morale, customer satisfaction and brand reputation in the future.” over the coming quarters.
Palantir Technologies — The shares were down 2.2% in premarket trading, on pace with their first decline in three sessions. Cathie Wood’s Ark Invest recently bought more than $4 million worth of Palantir stock, the company’s website showed.
Analog devices – Analog Devices fell 5.3% in premarket trading due to weaker-than-expected Q3 guidance for the fiscal third quarter. Analog Devices expects adjusted earnings of about $2.52 per share in the third quarter, versus guidance of $2.65 per share, according to consensus estimates on FactSet. He expects revenue of around $3.10 billion, lower than the $3.16 billion estimate. In a statement, CEO Vincent Roche said: “Looking at the second half of the year, we expect revenue to decline given the continued economic uncertainty and the normalization of supply chains.”
First Horizon – The regional bank added 2.3% in premarket trading following an upgrade to buy pending by Jefferies. The company said the bank has industry-leading capital strength and is priced below its peers.
Palo Alto Networks – Cybersecurity shares rose nearly 5% in premarket trading after Palo Alto Networks reported a fiscal third quarter that beat analysts’ estimates. The company reported $1.10 of adjusted earnings per share on $1.72 billion in revenue. Analysts polled by Refinitiv had forecast 93 cents of earnings per share on $1.71 billion in revenue. Palo Alto’s fourth-quarter earnings forecast was also higher than expected.
Kohls — The retailer jumped more than 13% after announcing better-than-expected results and a surprise profit for the last quarter. Kohl also reiterated previous advice.
Intuitive – The tax and accounting technology maker suffered a 5% drop after the company missed revenue expectations, according to Refinitiv, for its fiscal third quarter. This result was due in part to a drop in tax returns, Intuit reported.
– CNBC’s Jesse Pound, Samantha Subin, Alex Harring, Sarah Min and Tanaya Macheel contributed reporting