Check out the companies making headlines before the bell:
Foot Locker (FL) – The athletic footwear and apparel retailer reported adjusted quarterly earnings of $1.60 a share, 5 cents above estimates. Sales were slightly below forecasts and same-store sales fell less than half of what analysts had expected. Foot Locker shares added 1% in the premarket.
Deere (DE) – Shares of the heavy equipment manufacturer fell 4.4% in premarket trading after quarterly sales fell short of Street forecasts. Deere beat earnings estimates by 10 cents, reporting $6.81 a share, as a jump in global crop prices helped fuel demand. The company also raised its annual earnings outlook.
DoorDash (DASH) – Door Dash announced the approval of a $400 million share repurchase program. The food delivery company said the move will offset the dilution caused by its employee stock compensation program. The stock added 2.2% in premarket action.
VF Corp. (VFC) – VF shares were up 2.6% in premarket trading despite slight misses on the top and bottom lines for the last quarter. The company behind clothing brands, such as North Face, Vans and Timberland, raised its full-year profit forecast, based on the expectation that there will be no additional Covid-19 lockdowns affecting production and that inflation will not worsen.
Deckers Outdoor (DECK) – Deckers rose 13.8% in the premarket after the footwear company beat its highest and lowest estimates for the last quarter. Deckers earned $2.51 a share, compared to a consensus estimate of $1.32 as net income more than doubled from a year earlier.
Boeing (BA) – Boeing rose 2% in premarket action after the successful launch of its Starliner aircraft, now en route to the International Space Station. The unmanned flight came after months of delay.
Ross Stores (ROST) – Ross Stores plunged 27.4% in the pre-market after the discount retailer booked top and bottom-line misses for the last quarter and issued a dismal forecast. Ross Stores said inflationary pressures have been exacerbated by the conflict in Ukraine and that it is providing conservative guidance amid uncertain macroeconomic conditions.
Palo Alto Networks (PANW) – Palo Alto Networks rose 12.1% in premarket trading after the cybersecurity firm reported better-than-expected earnings and revenue for its last quarter. It also raised its full-year expectations for the third time.
Applied Materials (AMAT) – Shares of the semiconductor manufacturing equipment manufacturer fell 1.2% in the premarket after missing top- and bottom-line estimates for the last quarter. The company also came out with a worse-than-expected forecast. Supply chain issues for Applied Materials have been exacerbated by the Covid-19 lockdowns in China.
Ollie’s Bargain Outlet (OLLI) – Shares of the discount retailer rose 6.4% in premarket trading after Bank of America Securities gave its shares a double upgrade to “buy” from “underperform.” BofA based its recommendation on a significant improvement in in-store supply, due to overordering by retailers and a decline in consumer spending on durable goods.
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