Stocks making the biggest moves in the premarket: VF Corp, McDonald's, Pfizer, PayPal and more
Check out the companies that made headlines before the bell. Shares of VF Corp. – North Face and JanSport's parent rose nearly 20% after better-than-expected quarterly results. For the fiscal second quarter, the company posted adjusted earnings of 60 cents per share on revenue of $2.76 billion. Analysts polled by LSEG were looking for 37 cents per share and revenue of $2.71 billion. VF Corporation also declared a quarterly dividend of 9 cents per share. Ford Motors – The automaker's shares fell 7% after Ford indicated on the lower end of its previously announced full-year earnings guidance, though it slightly beat analysts' third-quarter expectations. Ford said it now expects its adjusted EBIT to be around $10 billion. Ford is struggling this year with rising demand, rising inventories and concerns about its ability to cut costs. Cadence Design Systems – The electronic design company's stock rose more than 5% after its third-quarter earnings beat Wall Street estimates. According to LSEG, Cadence Design earned $1.64 per share, excluding items, on revenue of $1.22 billion, up from $1.44 per share and on revenue of $1.18 billion. The company also raised the midpoint of its non-GAAP earnings per share for 2024. F5 – The cloud services stock rose more than 10% on better-than-expected results. For the fourth fiscal quarter, F5 posted adjusted earnings per share of $3.67 on revenue of $747 million. Analysts had expected earnings of $3.45 per share on $731 million in revenue, per LSEG. BP – Shares fell more than 2% after the British oil major posted its weakest quarterly results in nearly four years. The company reported a third-quarter underlying replacement cost profit of $2.3 billion. While that was better than the consensus estimate of $2.1 billion, the number was down from the company's net profit of $2.8 billion in the second quarter and the $3.3 billion seen in the third quarter a year earlier, according to LSEG. McDonald's – The fast food chain reported third-quarter earnings and revenue that beat analysts' expectations, as the company reversed a decline in same-store sales from the previous quarter. Still, shares fell more than 2% in the premarket. Pfizer – Shares added 1.3% after the vaccine maker beat Street estimates and lifted its guidance citing sales of Covid-related products. Pfizer posted adjusted earnings per share of $1.06 on revenue of $17.7 billion. Shares of Trex — the maker of composite deck materials — rose 7% after beating Street estimates. Trex posted adjusted earnings of 37 cents per share in the third quarter, the 32 cents analysts surveyed by FactSet were expecting. Revenue also came in at $233.7 million versus $225.4 million ahead of expectations. BOOT BURNT – The western apparel retailer's stock fell more than 7% after the company's second-quarter earnings matched LSEG expectations of 95 cents per share. Meanwhile, revenue beat consensus estimates. Boot Burn also said that CEO Jim Conroy is set to step down effective November 22, with digital chief John Hazen taking over as interim CEO. In December, Conroy Ross will join the store as CEO-elect. Crypto Stocks – Stocks tied to the price of Bitcoin rose in premarket trading as the cryptocurrency topped $70,000 for the first time since June. Crypto exchange operator Coinbase advanced 3%. Bitcoin proxy MicroStrategy advanced 5%, after marking its highest closing level since March 2000 on Monday. JetBlue – The airline's shares fell 7% after fourth-quarter guidance called for revenue to shrink. JetBlue said it expects fourth-quarter revenue to fall between 3% and 7% year-over-year, worse than the 1.4% decline estimated by analysts, according to LSEG. JetBlue's third-quarter results beat analysts' estimates on both the top and bottom lines. DR Horton – The stock sank 10% after the homebuilder reported disappointing fourth-quarter results. Earnings came in at $3.92 per share, below the $4.17 a share expected by analysts polled by LSEG. Revenue was $10 billion, below the $10.22 billion consensus estimate. DR Horton said rate volatility could keep some buyers on the sidelines in the near term. Robinhood Markets – Shares rose more than 1% after the market closed Wednesday after lifting its price target on Mizuho Financial Services Platform ahead of the company's third-quarter earnings results. PayPal – Shares fell 3% after PayPal posted third-quarter revenue that missed expectations. Revenue was weaker than the $7.85 billion expected by analysts polled by FactSet. On the other hand, adjusted earnings per share of $1.20 topped estimates of $1.07. Xerox — The stock fell more than 18% after the printer maker reported weaker-than-expected quarterly results. Xerox earned an adjusted 21 cents per share on revenue of $1.53 billion. Analysts polled by StreetAccount had expected a profit of 51 cents per share on revenue of $1.63 billion. The company also lowered its free cash flow guidance for the full year and now expects 2024 earnings to decline by 10%. Crocs – Shares fell nearly 12% despite the company missing third-quarter earnings estimates. Crocs earned $3.60 per share on revenue of $1.06 billion, excluding items, to the consensus estimate of $3.10 per share on revenue of $1.05 billion, according to FactSet. Its outlook range for the fourth quarter, however, came in below analysts' expectations. The company also narrowed its full-year forecast. — CNBC's Lisa Kailai Han, Samantha Subin, Jesse Pound, Sarah Min, Pia Singh, Tanaya Machel and Michelle Fox Theobald contributed reporting.
