Several companies were making headlines in premarket trading, with fluctuations in their stock prices impacting investors. Under Armour’s shares saw a significant drop of 11% and 9% for its Class A and Class C stocks respectively after issuing lower-than-expected full-year earnings guidance. Canada Goose, on the other hand, experienced a surge of over 12% after surpassing Wall Street estimates for sales and earnings in its fiscal fourth quarter. Walmart also saw a 4.7% increase after reporting better-than-expected adjusted first-quarter earnings and revenue, with notable gains in e-commerce and attracting high-income shoppers.
Chubb’s stock price climbed over 8.1% following news that Warren Buffett’s Berkshire Hathaway had accumulated a substantial amount of shares in the insurance company. Cisco Systems also experienced a 3% increase in its stock price after posting stronger-than-expected fiscal third-quarter results and raising its revenue guidance for 2024. However, meme stocks like AMC and GameStop faced losses as the meme stock movement saw a revival earlier in the week, with AMC falling nearly 11% on Thursday and GameStop dropping around 14%. Despite this, both companies had seen significant gains for the week prior.
Deere & Company, a major agricultural equipment maker, faced a nearly 6% decline after reducing its full-year outlook. Baidu, a Chinese tech company, saw a less than 1% increase in its stock price after reporting better-than-expected first-quarter results. GoodRX, a healthcare stock, climbed about 6% following an upgrade to outperform from Raymond James, with analysts noting potential upside to numbers and conservative full-year guidance. Coupang, an e-commerce company based in Seattle, rose 3.1% as UBS upgraded its shares to buy from neutral, citing an expanding portfolio and strong logistics network.
Dell’s shares ticked up 2% after Evercore ISI raised its price target, highlighting a broadening artificial intelligence opportunity that could potentially include Tesla as a customer. Meta Platforms, however, saw a 0.5% decrease in its shares after the European Union launched an investigation into child safety concerns on social media platforms Facebook and Instagram. Overall, the premarket trading activity shows a mix of positive and negative movements in various company stocks, influenced by earnings reports, analyst upgrades, and regulatory investigations. Investors will be closely monitoring these developments to make informed decisions regarding their investment strategies.
