The Walmart logo is seen near its store in Williston, Vermont, on June 19, 2023.
Image source: Jakub Porzycki | Nurphoto | Getty Images
Discover the top performers in premarket trading.
Walmart— Walmart’s stock rose by up to 1% following the company’s raised full-year forecast and impressive earnings and revenue beats. The adjusted earnings per share for the quarter was $1.84, beating the expected $1.17 predicted by Refinitv’s analysts. The revenue came in at $161.63 billion, surpassing the expected $160.27 billion.
Cisco Systems— The computer networking giant experienced a 2.2% increase in its stock price after beating earnings expectations in the post-market on Wednesday. The adjusted earnings per share for its fiscal fourth quarter stood at $1.14, surpassing the predicted $1.06 from Refinitiv’s analysts. The revenue for the quarter was $15.2 billion, exceeding the expected $15.05 billion.
Adobe— Following Bank of America’s upgrade of Adobe shares to “buy” from “neutral,” the software company experienced a 2% increase in its stock price. Bank of America stated that Adobe is on the brink of becoming a leader in artificial intelligence and also raised its price target for Adobe shares to $630 per share from $575, implying a potential upside of over 22% from the previous day’s closing price.
Hawaiian Electric— The utility company overseeing Maui Electric witnessed an 18% decrease in its stock price during premarket trading due to concerns about its potential liability in Maui’s wildfires. The Wall Street Journal reported that Hawaiian Electric is in talks with financial restructuring professionals. Furthermore, Bank of America reduced its price target on the stock for the second time in a week, lowering it from $11 to $10.
CVS— CVS shares saw a 7% decline in premarket trading after Blue Shield of California announced its move from CVS to Mark Cuban’s Cost Plus Drug Company and Amazon Pharmacy. Despite this change, Blue Shield of California will still utilize CVS Caremark for specialty drugs and prescriptions for patients with complex conditions.
Wolfspeed— Following the company’s earnings report released after Wednesday’s market close, Wolfspeed’s shares dropped by nearly 17%. The adjusted earnings-per-share loss for its fiscal fourth quarter came in at 42 cents, missing the expected loss per share of 20 cents, according to Refinitiv. However, the company’s revenue exceeded expectations.
Ball Corp.— The stock rose by 3% in premarket trading after BAE Systems announced its acquisition of Ball’s aerospace business for $5.55 billion in cash.
VinFast Auto— The shares of the electric vehicle startup dropped by nearly 5% in premarket trading as the stock searches for stability after its debut earlier in the week. Although the stock skyrocketed by over 250% in the first session following VinFast’s merger with a special purpose acquisition company, it retreated by nearly 19% the following day.
Contributors: Alex Harring, Jesse Pound, and Michael Bloom (CNBC)
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
