Stocks making the biggest moves premarket: Home Depot, Palo Alto Networks, Shopify, AMC & more

1 week ago

Check out the companies making headlines before the bell:

Home Depot (HD) – The home improvement retailer beat quarterly estimates by 3 cents with earnings of $2.65 per share. Revenue came in above estimates as well. Comparable store sales jumped 24.5% during the fourth quarter, more than the 19.2% consensus estimate of analysts polled by FactSet. Home Depot is not providing 2021 guidance, however, due to pandemic-related uncertaint. Shares fell 2.7% premarket.

Macy's (M) – The retailer reported an adjusted quarterly profit of 80 cents per share, well above the 12 cent consensus estimate, with revenue also coming in above Wall Street forecasts. Comparable store sales fell 17.1% on an owned + licensed basis, smaller than the 21.3% drop anticipated by analysts surveyed by Refinitiv. Macy's stock rose 2.2% in premarket action.

Tesla (TSLA) — Tesla shares fell more than 5% in premarket trading on Tuesday, after suffering its biggest single-day loss in months on Monday. Wedbush analyst Dan Ives warns Tesla's share price is now directly linked to the price of bitcoin after the electric vehicle maker's investment in the cryptocurrency.

Palo Alto Networks (PANW) – Palo Alto Networks reported adjusted quarterly earnings of $1.55 per share, 12 cents above estimates, with the cybersecurity company's revenue also beating forecasts. Palo Alto issued a mostly weaker-than-expected current quarter earnings outlook, but did note the opportunities provided by the massive SolarWinds hack. Shares were down 3.7% premarket.

Churchill Capital IV (CCIV) - Lucid Motors will go public through a merger with the blank-check company in a deal that values the combination at $24 billion. The deal would inject $4.4 billion into the California-based luxury electric vehicle maker. Churchill Capital shares tumbled 34.5% in premarket trading.

InterContinental Hotels Group (IHG) – IHG reported a $153 million operating loss for 2020, hurt by the Covid-19 pandemic and resulting lockdowns. However, the company said its Holiday Inn Express brand outperformed in key markets and that global travel is beginning to recover. Shares rose 1.2% premarket.

Johnson & Johnson (JNJ) – J&J is setting aside $3.9 billion in connection with talc-related litigation, according to an SEC filing. In November, the company said it would set aside $2.1 billion for talc cases, as it faces thousands of lawsuits claiming its talc products caused cancer.

Occidental Petroleum (OXY) – Occidental lost an adjusted 78 cents per share for its latest quarter, wider than the 59-cent loss that analysts were anticipating. Revenue missed forecasts as well. The miss came despite a rebound in oil and gas prices. Shares fell 2.2% premarket.

Shopify (SHOP) – Shopify priced a 1.18 million share offering at $1,315 per share, with the e-commerce platform provider expecting to raise about $1.55 billion from the sale. Shopify plans to use the proceeds to strengthen its balance sheet. Shares fell 5.5% in premarket action.

Carnival (CCL) – The cruise line operator's shares fell 3.4% premarket after it priced an offering of about 40.45 million common shares at $25.10 per share, with the cruise line operator seeking to raise about $1 billion to be used for general corporate purposes. The cruise industry has been shut down during the pandemic.

The RealReal (REAL) – The RealReal lost an adjusted 49 cents per share for its latest quarter and posted revenue that also fell short of analyst forecasts. The secondhand luxury goods seller's said 2020 was a challenging year, with the pandemic "temporarily disrupting" its path to profitability. The stock dropped 10.8% premarket.

ZoomInfo (ZI) – ZoomInfo rose 8.1% premarket after it beat estimates by 2 cents with adjusted quarterly earnings of 12 cents per share. The marketing database provider's revenue beat forecasts as well.  ZoomInfo also provided an upbeat outlook for the current quarter and full year.

AMC Entertainment (AMC) – The movie theater operator's shares jumped 3.4% premarket following news that New York City movie theaters will reopen with limited capacity on March 5.

Wells Fargo (WFC) – The bank announced a deal to sell its Wells Fargo Asset Management unit to private equity firms GTCR and Reverence Capital for $2.1 billion. Wells Fargo will retain a 9.9% stake in the business.

Dollar General (DG) – Dollar General is taking steps to find a potential successor to CEO Todd Vasos, according to people familiar with the matter who spoke to Reuters. The sources say Vasos had not communicated any intention to leave the discount retailer when his contract expires in June, calling the process "good governance."

—CNBC's Sara Salinas contributed to this report.

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