Stocks Making the Biggest Premarket Moves: Dick’s Sporting Goods, Fabrinet, Macy’s, Applovin and More

Check out the companies making headlines before the bell:

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Fabrinet:Fabrinet has witnessed a substantial surge of 21% in response to its fiscal fourth-quarter results, which surpassed the projections of industry analysts. The company specializing in advanced manufacturing services reported non-GAAP earnings of $1.86 per share, exceeding the anticipated earnings of $1.80 per share according to analysts surveyed by FactSet. Moreover, Fabrinet achieved a revenue of $655.9 million, outperforming the consensus estimate of $641.4 million.

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Dick’s Sporting Goods:Regrettably, shares of Dick’s Sporting Goods experienced a significant decline of nearly 20% subsequent to the company's release of its fiscal second-quarter earnings report, which fell short of expectations. The earnings per share for this period, totaling $2.82, was notably below the forecasted figure of $3.81 from analysts polled by Refinitiv. This setback was attributed in part to an increase in retail theft, contributing to a downward adjustment in the company's guidance for the fiscal year. Additionally, the company failed to meet revenue projections.

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AppLovin:In premarket trading, shares of AppLovin exhibited a 4% increase following an upgrade of the marketing stock by Jefferies, from "hold" to "buy." This upgrade stems from Jefferies' assessment that AppLovin is well-positioned to continue expanding its market share, particularly within its software segment.

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Nordson:Conversely, Nordson encountered a 3% decrease in its share value subsequent to the release of its fiscal third-quarter revenue results, which failed to align with analysts' expectations. The manufacturer of adhesive dispensing equipment reported revenue of $648.7 million, falling short of the projected $664.9 million as determined by analysts surveyed by FactSet. The company's fiscal year earnings guidance was also revised downward, with the updated range of $8.90 to $9.05 per share, a reduction from the previous guidance of $8.90 to $9.30. This new outlook is likewise lower than the $9.06 per share consensus estimate according to Trade Algo.

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Macy’s:The department store chain Macy's saw a modest decline of approximately 1.6% in its share value subsequent to the release of its second-quarter earnings report. Macy's managed to surpass expectations in terms of both revenue and earnings, with per-share earnings totaling 26 cents, significantly exceeding the consensus estimate of 14 cents earnings per share from FactSet. However, despite this positive performance, the company issued a less favorable third-quarter guidance, projecting a range between a 3 cents loss per share and 2 cents earnings per share. This forecast is notably below the FactSet estimate of 27 cents earnings per share. Additionally, Macy's projected revenue for the third quarter within the range of $4.75 billion to $4.85 billion, falling short of the anticipated $4.86 billion from analysts.

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Lowe's:Conversely, Lowe's, a prominent player in the home improvement sector, observed a gain of approximately 2.4% in its stock value following the announcement of its second-quarter earnings. The company reported earnings per share of $4.56, surpassing the estimate of $4.47 by analysts surveyed by FactSet. Although revenue slightly missed projections at $24.96 billion, compared to the anticipated $24.97 billion, Lowe's affirmed its fiscal year revenue expectations, forecasting a range of $87 billion to $89 billion. This reaffirmation was in line with or slightly below the anticipated $87.98 billion according to Trade Algo. Marvin Ellison, CEO of Lowe's, expressed confidence in the future outlook of the home improvement industry.

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Zoom Video Communications:Share value for video conferencing company Zoom Video Communications rose by just over 1% following the release of its second-quarter results, which surpassed expectations. The company reported adjusted earnings per share of $1.34 on a revenue of $1.14 billion. These figures exceeded analysts' predictions of $1.05 per share in earnings and $1.12 billion in revenue as per Refinitiv. Furthermore, Zoom's earnings guidance for both the third quarter and the full year exceeded analyst expectations.

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Emerson Electric:Emerson Electric observed a 1.6% rise in its stock value as a result of JPMorgan's recent upgrade of the engineering company's status from "neutral" to "overweight." Alongside this upgrade, JPMorgan raised its price target for Emerson Electric to $107 from the previous $83, indicating a potential upside of approximately 13% from the close of trading on the preceding day.

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