People walk near the entrance to Kohl’s department store in Doral, Fla., on June 7, 2022.
Joe Raeder | Getty Images
Check out the companies making headlines in premarket trading Wednesday.
modern — Shares of the biotech company rose 2.4% as concerns over Covid-19 in China escalated after infection rates rose.
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VF Corporation — Shares of the apparel and shoe maker rose 3.3% on the back of better-than-expected fiscal fourth-quarter results. The company earned 17 cents a share on an adjusted basis, above the 14 cents a share forecast by Refinitiv. Revenue of $2.74 billion was also slightly above expectations.
XPeng — The electric car maker fell 4.7% after a poor result. Xpeng Motors also issued lower-than-expected second-quarter revenue guidance. Still, CEO He Xiaopeng said he is “confident that our company will enter a virtuous cycle in the coming quarters, driving product sales growth, team morale, customer satisfaction and brand reputation.”
Palantir Technology — Shares fell 2.2 percent in premarket trading, their first drop in three sessions. Kathy Wood’s Ark Investments More than $4 million worth of Palantir stock was recently purchased, according to the company’s website.
analog device — Analog Devices fell 5.3% in premarket trading Q3 guidance weaker than expected third fiscal quarter. Analog Devices expects third-quarter adjusted earnings of about $2.52 per share, compared with expectations of $2.65 per share, according to the FactSet consensus estimate. It expected revenue of about $3.1 billion, missing estimates of $3.16 billion. “Looking ahead to the second half of the year, we expect slower revenues given ongoing economic uncertainty and supply chain normalization,” Chief Executive Vincent Roche said in a statement.
first horizon — The regional bank rose 2.3% in premarket trading Upgrade to Hold to Buy by Jefferies. The bank has top-notch capital strength and is below peers, the firm said.
Palo Alto Networks — Shares of the cybersecurity company rose nearly 5% in premarket trading after the company reported fiscal third-quarter results that topped analysts’ expectations. The company reported adjusted earnings per share of $1.10 on revenue of $1.72 billion. Analysts polled by Refinitiv expected earnings of 93 cents a share on revenue of $1.71 billion. Palo Alto’s fourth-quarter earnings guidance also came in above expectations.
Cole’s — Retailers up more than 13% After reporting better-than-expected results and a surprise profit in the most recent quarter. Kohl’s also reiterated its previous guidance.
intuition — Shares of the tax and accounting technology maker fell 5% after it missed revenue expectations in the fiscal third quarter, according to Refinitiv data. That result was partly due to a decline in tax returns, Intuit reported.
— CNBC’s Jesse Pound, Samantha Subin, Alex Harring, Sarah Min and Tanaya Macheel contributed reporting.