Discover the major movers in premarket trading:
Signage outside the headquarters of Palo Alto Networks in Santa Clara, California, U.S., on Thursday, May 13, 2021.
David Paul Morris | Bloomberg | Getty Images
Palo Alto Networks — The security software vendor soared 12.5% following an impressive earnings beat after the market closed on Friday. The company’s adjusted earnings per share for the fiscal fourth quarter exceeded analysts’ expectations at $1.44, compared to the anticipated $1.28 from Refinitiv. However, revenue fell short of projections.
Earthstone Energy, Permian Resources — Earthstone surged 7.5% in premarket trading after Permian Resources announced its acquisition of the oil and gas company in an all-stock deal worth approximately $4.5 billion, including debt. However, Permian Resources experienced a 3.4% decline.
Nvidia — The leading AI semiconductor manufacturer saw a 2.6% increase in premarket trading after HSBC reconfirmed its buy rating and raised the target price. The updated forecast by the bank suggests an over 80% potential upside from Friday’s closing price. Baird also identified Nvidia as a top pick, as the company is expected to benefit from higher demand due to the strong momentum in AI.
Napco Security Technologies — The shares of the school safety solutions provider plummeted by nearly 36% following the disclosure of financial statement errors from the fiscal quarters ending in September, December, and March. According to Napco, the overstatement of gross profit, operating income, and net income in each period was discovered during an audit conducted after the market closed on Friday.
XPeng — XPeng experienced a nearly 6% surge after Bank of America upgraded its shares from neutral to buy. The improved outlook for the Chinese electric vehicle maker is attributed to its partnership with Volkswagen and the enhancement of its cost structure.
Tesla — The electric vehicle manufacturer gained approximately 3% in premarket trading after experiencing an 11% decline last week due to price cuts on existing Model S and Model X inventories in China.
VMware — Shares of VMware rose by 5.2% in premarket trading on Monday after Broadcom confirmed the final transaction approval from the United Kingdom’s Competition and Markets Authority for its acquisition of the cloud computing company. Broadcom expects additional regulatory approvals before October 30. In premarket trading, Broadcom was 0.9% higher.
Farfetch — After plummeting by 45% on Friday, the shares of the e-commerce fashion platform increased by over 2% in premarket trading on Monday. The decline in second-quarter revenue and weaker-than-expected revenue guidance for the full year contributed to the initial drop in share price.
Contributors: CNBC’s Samantha Subin, Alex Harring, Hakyung Kim, and Pia Singh.
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