A Dick’s Sporting Goods store stands in Staten Island on March 09, 2022 in New York City.
Spencer Platt | Getty Images
Check out the companies making headlines before the bell:
Fabrinet — Fabrinet experienced a remarkable 21% surge in their fiscal fourth-quarter results, surpassing the estimates of analysts. The company’s non-GAAP earnings per share were $1.86, beating the expected $1.80 per share. Additionally, their revenue reached $655.9 million, exceeding the consensus estimate of $641.4 million.
Dick’s Sporting Goods — The stock of Dick’s Sporting Goods witnessed a significant plunge of nearly 20% due to an earnings miss and a guidance cut for the year. The company’s fiscal second-quarter earnings per share came in at $2.82, falling short of the expected $3.81. Furthermore, their revenue also failed to meet expectations.
AppLovin — AppLovin shares rose by 4% in premarket trading after Jefferies upgraded the marketing stock from hold to buy. The upgrade was based on the expectation that the company will continue to gain market share and experience growth in its software segment.
Nordson — Nordson shares declined by 3% following their report of fiscal third-quarter revenue that fell short of analyst expectations. The adhesive dispensing equipment maker recorded revenue of $648.7 million, lower than the anticipated $664.9 million. They also lowered their fiscal year earnings guidance to a range of $8.90 to $9.05 per share, down from the prior guidance of $8.90 to $9.30.
Macy’s — Macy’s, the department store chain, experienced a decline of approximately 1.6% after reporting their second-quarter earnings. Although Macy’s surpassed estimates on both revenue and earnings per share, they provided weak guidance for the third quarter. The company reported per-share earnings of 26 cents, exceeding the consensus estimate of 14 cents, and recorded revenue of $5.13 billion, surpassing the $5.07 billion estimate. However, their third-quarter guidance for earnings per share and revenue fell short of analysts’ expectations.
Lowe’s — Lowe’s stock increased by around 2.4% as they surpassed expectations for second-quarter earnings. The home improvement company reported earnings per share of $4.56, beating the anticipated $4.47. However, their revenue slightly fell short of estimates at $24.96 billion instead of $24.97 billion. Lowe’s maintains their fiscal year revenue outlook of $87 billion to $89 billion, expressing confidence in the long-term growth of the home improvement industry.
Zoom Video Communications — Zoom Video Communications saw their shares increase by just over 1% after exceeding expectations in their second-quarter results. The company reported adjusted earnings per share of $1.34 on revenue of $1.14 billion, surpassing the expected $1.05 per share on $1.12 billion in revenue. Zoom also provided earnings guidance for the third quarter and full year that exceeded expectations.
Emerson Electric — Emerson Electric stock rose by 1.6% after JPMorgan upgraded the engineering company from neutral to overweight and raised its price target to $107 from $83, indicating a potential 13% upside from the previous close.
— Contributed by CNBC’s Michelle Fox, Alex Harring, and Jesse Pound
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