Stocks Making the Biggest Premarket Moves: Palo Alto Networks, Earthstone Energy, Nvidia, Vmware and More

Check out the companies making the biggest moves in premarket trading:

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Palo Alto Networks— The security software provider demonstrated a notable surge of 12.5% subsequent to reporting an earnings beat post the market close on Friday. The fiscal fourth-quarter adjusted earnings per share outperformed analysts' estimates at $1.44, exceeding the Refinitiv consensus of $1.28. It is noteworthy, however, that the company fell short of anticipated revenue figures.

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Earthstone Energy, Permian Resources— Earthstone experienced a premarket ascent of 7.5% in response to an all-stock acquisition agreement with Permian Resources, valued at approximately $4.5 billion, inclusive of debt. Conversely, Permian Resources encountered a decline of 3.4%.

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Nvidia— The eminent AI semiconductor leader observed a premarket increase of 2.6% subsequent to HSBC reaffirming its buy rating and elevating its target price. The revised forecast from the bank suggests an upward potential of over 80% from Friday's closing price. Baird also designated Nvidia as a top pick over the weekend, emphasizing the sustained momentum in AI and the consequent favorable impact on Nvidia's demand.

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Napco Security Technologies— Shares encountered a substantial downturn of nearly 36% following the company's postmarket announcement on Friday regarding an audit that unveiled errors in financial statements for fiscal quarters ending in September, December, and March. Napco disclosed that gross profit, operating income, and net income were overstated in each respective period.

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XPeng— XPeng registered an approximate 6% increase as Bank of America upgraded the company's shares from neutral to buy. This strategic shift in outlook is attributed to the enhanced prospects for the Chinese electric vehicle manufacturer, stemming from its collaboration with Volkswagen and improvements in cost structure.

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Tesla— The electric vehicle manufacturer exhibited a gain of about 3%, a recovery from the decline of over 11% experienced in the preceding week. This dip was triggered by news of price reductions in existing Model S and Model X inventories in China.

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VMware— Shares showcased a climb of 5.2% in premarket trading, propelled by Broadcom's announcement of receiving final transaction approval from the United Kingdom's Competition and Markets Authority for the proposed acquisition of the cloud computing entity. Broadcom anticipates securing additional regulatory approvals by October 30. In the premarket, Broadcom witnessed a 0.9% increase.

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Farfetch— The e-commerce fashion platform displayed an ascent of more than 2% in premarket trading on Monday, in response to a notable 45% decline witnessed on Friday. This plunge in shares occurred subsequent to the second-quarter revenue falling below expectations. The company's guidance for full-year revenue also proved weaker than analysts' estimates.

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