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 rose 4.7% after reporting first-quarter adjusted earnings of 60 cents per share, beating 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 potential” 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.