Stocks making the biggest moves premarket: Marvell Technology, Affirm, Hawaiian Electric and more
Marvell Technology Group
Check out the companies making headlines before the bell.
Marvell Technology — Shares fell more than 3% before the bell despite the company topping Wall Street’s expectations for the recent quarter. Marvell posted earnings of 33 cents per share, excluding items, on $1.34 billion in revenue. Analysts surveyed by Refinitiv had forecasted 32 cents per share and $1.33 billion. Revenue and EPS expectations for the current period were roughly in line with expectations.
Affirm — The online payment firm saw its stock popped nearly 7% before the bell after reporting stronger-than-expected fiscal fourth-quarter results and fiscal first-quarter revenue guidance. For the recent period, Affirm posted a smaller-than-expected loss of 69 cents per share on revenues of $446 million. Analysts polled by Refinitiv had expected a loss of 85 cents per share on $406 million in revenue.
Hawaiian Electric — Shares tumbled 20% following news late Thursday that Maui County is suing the utility company for damages over the island’s wildfires. The county said Hawaiian Electric left its powerlines energized despite warnings of high winds. Hawaiian Electric told NBC News it was disappointed that Maui County “chose this litigious path while the investigation is still unfolding,”
Nordstrom — The department store retailer lost 3.6% before the bell. Nordstrom topped Wall Street’s quarterly earnings and revenue expectations but stuck by its previously issued full-year forecast calling for a 4% to 6% revenue decline. The company reported earnings of 84 cents per share on revenues totaling $3.77 billion.
Workday — Shares of the enterprise software company rose 3% in premarket trading after Workday reported stronger-than-expected results for the second quarter. Workday said it generated $1.43 in adjusted earnings per share on $1.79 billion of revenue during the quarter. Analysts surveyed by Refinitiv were looking for $1.26 per share on $1.77 billion of revenue. The company did say it expected subscription revenue growth to slow in the third quarter but it has a total subscription revenue backlog of nearly $18 billion.
Intuit — Intuit’s stock fell 1.2% before the bell after the software company topped quarterly expectations but offered a mixed outlook. Fiscal fourth-quarter adjusted earnings came in at $1.65 per share, versus the $1.44 expected by analysts polled by Refinitiv. Intuit posted $2.71 billion in revenue, ahead of the $2.64 billion expected. The company shared stronger-than-expected full-year guidance
Ulta Beauty — The stock rose nearly 1% after the beauty retailer reported second-quarter results that topped analyst expectations, posting earnings of $6.02 per share on $2.53 billion in revenue. Analysts polled by Refinitiv had anticipated earnings of $5.85 per share on $2.51 billion in revenue, according to Refinitiv. Ulta also reported stronger-than-expected same-store sales growth and raised its full-year forecast.
Gap — Gap shares gained 1.8% after the retailer posted mixed quarterly results. Adjusted earnings per share came in at 34 cents, ahead of the 9 cents expected by analysts polled by Refinitiv. The retailer reported $3.55 billion in revenue, shy of the $3.57 billion estimated. Sales dropped on a year-over-year basis and Gap said it anticipates a low double-digit decline in net sales for the fiscal third quarter.
Netflix — Netflix rose 0.7% after Loop Capital upgraded the streaming giant to buy from hold. Analyst Alan Gould hiked his price target to imply upside of more than 20%, and said the stock is at an attractive price after a recent pullback amid the ongoing Hollywood strikes.
— CNBC’s Jesse Pound, Sarah Min and Michelle Fox contributed reporting