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Stocks Making Biggest Moves Premarket: Under Armour, Walmart, AMC, Gamestop, Canada Goose and More

May 16, 2024
minute read

Here's an overview of the companies making headlines in premarket trading:

Under Armour - The sportswear company experienced a significant drop, with its Class A shares declining by 11% and its Class C shares falling by 9%. This came after the company issued earnings guidance for the full year that fell short of expectations. Under Armour now predicts earnings will be between 18 and 21 cents per share, considerably lower than the 59 cents anticipated by analysts surveyed by FactSet.

Canada Goose - Shares of the coat manufacturer surged over 12% following the release of its fiscal fourth-quarter results, which surpassed Wall Street's projections for both sales and earnings. Canada Goose also noted an anticipated expansion of a key profit margin metric by approximately 100 basis points compared to fiscal 2024.

Walmart - The retail giant saw its stock rise by 4.7% after reporting adjusted first-quarter earnings of 60 cents per share, exceeding the 52 cents expected by analysts polled by LSEG. Additionally, Walmart's revenue came in at $161.5 billion, above the consensus estimate of $159.5 billion. The company highlighted significant growth in e-commerce and an increase in high-income shoppers.

Chubb - Shares in the insurance firm jumped more than 8.1% in premarket trading following a revelation that Warren Buffett's Berkshire Hathaway has been secretly amassing Chubb stock. According to a regulatory filing, Berkshire purchased nearly 26 million shares for about $6.7 billion, making it Chubb's second-largest shareholder.

Cisco Systems - The networking equipment company's stock increased by 3% after reporting better-than-expected results for its fiscal third quarter. Cisco also raised its revenue guidance for 2024, now expecting to achieve $53.7 billion at the midpoint of its range.

Meme Stocks - Shares of AMC and GameStop continued their decline after the resurgence of the meme stock phenomenon earlier in the week. AMC's stock dropped nearly 11%, while GameStop fell approximately 14%. Despite these losses, AMC and GameStop shares have seen substantial gains of over 80% and 140% respectively for the week.

Deere & Company - The agricultural machinery maker saw its shares fall nearly 6% after revising its full-year outlook downward. Deere now expects net income of around $7 billion for 2024, down from a previous estimate of $7.75 billion.

Baidu - The Chinese technology company's shares edged up less than 1% after reporting first-quarter results that beat expectations. Baidu posted revenue of CNY 31.51 billion ($4.7 billion), surpassing the CNY 31.34 billion forecasted by analysts polled by StreetAccount.

GoodRX - The healthcare company's stock climbed approximately 6% following an upgrade to "outperform" by Raymond James. Analyst John Ransom noted a positive outlook on GoodRX's growth potential and indicated that the company's full-year guidance might be conservative.

Coupang - The e-commerce company based in Seattle saw a 3.1% rise in its stock. UBS upgraded Coupang's shares from "neutral" to "buy," citing the company's expanding portfolio and strong logistics network as key factors.

Dell - Shares of the technology company rose by 2% after Evercore ISI increased its price target. The firm highlighted Dell's expanding opportunities in artificial intelligence, which could potentially include partnerships with companies like Tesla.

Meta Platforms - The social media giant's shares fell by 0.5% after the European Union launched an investigation into Meta regarding child safety concerns on its platforms, Facebook and Instagram.

These market movements reflect a variety of factors, including earnings reports, analyst upgrades and downgrades, and broader industry trends, which collectively shape investor sentiment and stock performance.

Editorial Board
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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