Toll Brothers, Palo Alto Networks, Coinbase, And More Are Making Big Moves Premarket

‍Here are the companies making headlines in the premarket:

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Palo Alto Networks

During the fiscal second quarter, the software company posted adjusted earnings and revenue that exceeded Wall Street expectations. After a decade of losses, it was the third consecutive quarter of profitability. A positive forecast for Palo Alto Networks' fiscal third-quarter adjusted earnings was also provided by the company.

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Coinbase

After Coinbase reported a smaller loss for the fourth quarter than expected, shares of the cryptocurrency exchange surged more than 1% in after-hours trading. With a revenue of $629 million and a loss per share of $2.46, Coinbase lost $2.46 per share. Analysts surveyed by Refinitiv expected a loss of $2.55 per share on revenue of $590 million. As a result of subscriptions and services revenue, trading volumes declined quarter-over-quarter.

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Keysight Technologies

As a result of weaker-than-expected earnings forecasts for the second quarter of the company's fiscal year, the electronics company's stock fell 7.9%. In terms of earnings per share, Keysight expects earnings per share to be in the range of $1.91 and $1.97, while revenues will range from $1.37 billion to $1.39 billion, which fall below FactSet analysts' estimates of $1.94 and $1.4 billion, respectively.

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Toll Brothers

Homebuilder shares surged more than 2% after better-than-expected fiscal first-quarter results. Toll Brothers earned $1.70 per share, beating the Refinitiv consensus estimate of $1.41. The company sold $1.75 billion of homes, beating expectations of $1.73 billion.

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Logitech

The shares of Logitech Inc., which is traded on the New York Stock Exchange, fell about 1% after UBS downgraded the company from a buy rating to a neutral rating. “It is becoming increasingly difficult for Logitech to succeed in its current environment, according to UBS.

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Alcoa

After Citi upgraded Alcoa from neutral to buy, citing optimism regarding China's economic reforms, shares of the aluminum maker climbed nearly 2%.

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Intel

Shares of Intel fell by about 1% after the chipmaker cut its quarterly dividend from 15 cents per share to 12.5 cents per share. “In order to be able to achieve our IDM 2.0 strategy and sustain our momentum as we rebuild our execution engine, we need to allocate our owner's capital in a prudent manner,” CEO Pat Gelsinger said.

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Stellantis

Stellantis topped analyst expectations with its full-year results, sending its shares up more than 2%. A share repurchase program worth 1.5 billion euros was also approved by the company.

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CoStar Group

The price of the commercial real estate stock plummeted 15% in early morning trading after the company issued guidance for the current quarter that fell short of analysts' expectations, according to StreetAccount. News Corp. also confirmed that the two companies are no longer engaging in discussions regarding a potential sale by CoStar of Realtor.com as a result of the move by CoStar.

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La-Z-Boy

StreetAccount reported that the furniture company's adjusted earnings per share for its fiscal third quarter surpassed analysts' estimates by 91 cents. Compared to the expected $529.6 million, revenue was $572.7 million.

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Garmin

There was a 4.3% gain in the stock price of the fitness tracker maker after the company reported earnings for the fourth quarter that exceeded the consensus expectations. Based on the company's quarterly report, the company reported consolidated revenue of $1.31 billion, a 6% decline from the prior year's quarter, and earnings per share of $1.35. As for StreetAccount's analysts, they were expecting revenue of $1.3 billion and earnings per share of $1.19 per share.

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