Stocks making the biggest moves premarket: Nvidia, SolarEdge, Teladoc, Palo Alto Networks and more

Here is the latest news about some of the top-tier companies before the trading bell.

Nvidia, the semiconductor heavyweight, saw its shares dip close to 2% amid apprehensions that the stock may be overpriced, just before the company is due to release its fourth-quarter earnings report.

SolarEdge Technologies had a 20% drop in its shares following the announcement of its quarterly results, showing a smaller loss than expected for Q4, yet the first quarter revenue guidance fell short of analysts’ predictions.

Teladoc experienced a 20% nosedive in its share price after declaring a disappointing revenue and future guidance. Even though the company posted a less-than-expected loss per share, it underperformed on revenue.

Palo Alto Networks faced over a 23% fall in its shares following the reduction of its full-year revenue and billing forecast, despite exceeding earnings and revenue estimates for the most recent quarter.

RingCentral shares declined by 5% after the company revealed a mixed guidance for the current quarter and year, even though it surpassed analyst expectations for both earnings and revenue in Q4.

On the brighter side, Toll Brothers, the homebuilder stock, climbed 2% after the company reported higher-than-expected earnings for the fiscal first quarter per share and revenue.

Wendy’s shares slid by 1% after JPMorgan downgraded it to neutral from overweight, suggesting increased promotional activities could impact the company’s stock.

Norfolk Southern’s stock rose by 1% after an upgrade to overweight from equal weight by Barclays due to anticipated management changes.

Amazon’s shares rose 1% on the announcement that it would join the Dow Jones Industrial Average, replacing Walgreens Boots Alliance.

Meanwhile, Walgreens Boots Alliance saw a 3% decrease in its shares following the news of being replaced by Amazon in the Dow Jones Industrial Average.

HSBC shares dropped 7% after it reported a full-year pre-tax profit for 2023 that fell short of expectations, despite a 78% year-on-year increase.

Ahead of its earnings report, Wingstop faced a 3.9% fall in its shares with market watchers expecting $120 million in revenue and a 57-cent EPS for Q4.

Lastly, Analog Devices’ share price decreased by 1.3% after announcing Q2 guidance that was weaker than analysts’ predictions, despite Q1 results beating estimates.