A Walmart shopping bag in Krakow, Poland, February 9, 2024.
Jakub Pozycki | Nurphoto | Getty Images
Check out the companies making headlines in pre-market trading.
Under armor — The sportswear maker’s Class A shares fell 11% and its Class C shares fell 9% after the company posted full-year profit forecasts below expectations. Under Armor now expects earnings in the range of 18 to 21 cents, while analysts polled by FactSet had forecast 59 cents.
Canada goose — Shares of the coat maker jumped more than 12% after the company beat Wall Street forecasts for fiscal fourth-quarter sales and profit. Canada Goose said one of its key profitability metrics this year “will increase approximately 100 basis points compared to fiscal 2024.”
Walmart — Shares of the major retailer jumped 4.7% after reporting first-quarter adjusted earnings of 60 cents per share, topping the 52 cents expected by analysts polled by LSEG. Revenue was $161.5 billion, beating the consensus estimate of $159.5 billion. Walmart said it has made great strides in e-commerce and attracted more high-income shoppers.
Chubb — Shares of the insurance company rose more than 8.1% before the open Thursday after Warren Buffett’s Berkshire Hathaway revealed that Chubb was a secret stock the conglomerate had been accumulating. Berkshire bought nearly 26 million shares for about $6.7 billion, making it the second-largest holder of Chubb shares, according to a regulatory filing.
Cisco Systems – Network equipment inventories rose 3% after reporting stronger-than-expected fiscal third-quarter results. Cisco Systems also raised its 2024 revenue forecast, saying it now expects revenue of $53.7 billion at the midpoint of the range.
Meme promotions – Promotions AMC And GameStop Losses extended as meme stocks resumed their moves on Monday and Tuesday. Shares of movie theater chain AMC fell nearly 11% on Thursday, while shares of GameStop fell about 14%. However, over the week, shares of AMC and GameStop are up more than 80% and 140%, respectively.
Deere and company — Shares of the farm equipment maker fell nearly 6% after it downgraded its full-year outlook. Deere now projects net income of about $7 billion in 2024, up from its previous estimate of $7.75 billion.
Baidu — Shares of the Chinese technology company rose less than 1% after reporting first-quarter results. Baidu reported revenue of 31.51 billion yuan ($4.7 billion), beating analysts’ expectations of 31.34 billion yuan, according to StreetAccount.
GoodRX — Health care stocks rose about 6% after an upgrade beat Raymond James’ forecast early Thursday. Analyst John Ransom noted that he views the “growth story here as positive, with upside to the numbers” and that the company’s full-year guidance is relatively conservative.
Kupang — Shares of the Seattle-based e-commerce company rose 3.1%. UBS upgraded the stock to neutral, citing its “expanding portfolio and strong logistics network.”
Dell — Shares rose 2% after Evercore ISI raised its price target on what the firm said were expanding artificial intelligence capabilities that could include Tesla as a client.
Meta platforms — Shares fell 0.5% after the European Union opened probe in Meta, dedicated to the problems of child safety on the social networks Facebook and Instagram.
— CNBC’s Michelle Fox, Hakyung Kim, Sarah Min, Samantha Soobin and Jesse Pound contributed reporting.