Check out the companies making the biggest moves in premarket trading:
Experienced a substantial 14% surge in shares following the retail giant's surpassing of earnings and revenue expectations in the third quarter. Elevated purchases in high-frequency categories such as food and beauty played a crucial role in offsetting weaker customer spending. Target exceeded anticipated earnings per share at $2.10 compared to the expected $1.48, and its revenue of $25.4 billion exceeded estimates of $25.24 billion.
Despite reporting earnings and revenue that beat projections, the retailer witnessed a 2.4% decline in shares. Third-quarter earnings per share reached $1.03, surpassing the expected 99 cents according to analysts polled by LSEG. Revenue also exceeded estimates at $13.27 billion compared to the anticipated $13.09 billion.
Experienced an 8.6% increase in shares after billionaire investor Warren Buffet disclosed his acquisition of 9.7 million shares of Sirius XM in the third quarter, according to regulatory findings.
Witnessed a 3.5% rise in stock value following an upgrade to neutral from underperform by Bank of America. The bank noted a reduced perception of lingering risks into the next year compared to previous expectations.
Advance Auto Parts
Shares declined by 1.8% as the car parts retailer reported a third-quarter earnings-per-share loss of 82 cents. Additionally, the company lowered its earnings per share guidance for the year from $4.50-$5.10 to $1.40-$1.80. Advance Auto Parts also initiated the potential divestiture of two of its businesses.
The Chinese e-commerce company observed a more than 4% increase in shares after surpassing both top and bottom-line expectations for the third quarter. The company reported a net profit of $1.09 billion, marking a 33% year-over-year increase, attributing its success to price competitiveness and supply-chain advantages.
Experienced a nearly 4% decline in stock value a day after a 7.4% gain on an earnings beat. JPMorgan downgraded Energizer to underweight from neutral, citing the company’s weaker-than-expected guidance for its fiscal first quarter and the full year.
Shares surged by 10.4% after being upgraded to buy from hold by Jeffries. The firm noted that the automotive afterproducts company's stock is trading at a significant discount to historical averages.
The apparel stock gained 3.9% in premarket trading after JPMorgan upgraded shares to neutral from underweight. The upgrade was based on an improved risk/reward profile for the company, which owns The North Face and Vans brands, despite a 43% decrease in stock value throughout the year.
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