Stocks making the biggest moves premarket: VF Corp, McDonald’s, Pfizer, PayPal and more

Here’s a rundown of the companies grabbing headlines in the early hours:

VF Corp – The parent company of North Face and JanSport saw their shares skyrocket by almost 20% following impressive quarterly results that exceeded expectations. VF Corp reported adjusted earnings of 60 cents per share on $2.76 billion revenue, outperforming LSEG predictions.

Ford Motors – Even though the car manufacturing giant’s Q3 results exceeded analysts’ expectations, its shares dropped 7%. Ford is currently dealing with dwindling demand, a rising stockpile, and concerns about meeting this year’s cost-cutting target.

Cadence Design Systems – This electronic design firm’s shares leapt by over 5% as Q3 earnings surpassed Wall Street’s estimate. The company also upped the midpoint of its non-GAAP earnings per share outlook for 2024.

F5 – This cloud services stock experienced a more than 10% surge due to exceeding market expectations in their Q4 results.

BP – The British oil giant experienced more than a 2% slide in its shares after announcing its weakest quarterly results in nearly four years.

McDonald’s – Despite reversing a same-store sales decline from the previous quarter and posting Q3 earnings and revenue that outdid analyst estimates, shares fell over 2% in premarket.

Pfizer – The pharmaceutical giant’s shares increased by 1.3% after beating Street’s estimates and raising guidance, largely attributed to sales of Covid-related products.

Trex – The composite deck materials manufacturer’s shares lifted by 7% after surpassing the Street’s estimates in Q3 results.

Boot Barn – The retailer’s stock dipped over 7% even though its Q2 earnings matched expectations and revenue surpassed consensus estimates.

Stocks related to the value of bitcoin experienced a rise in the premarket trading arena as bitcoin amazingly peaked at $70,000, a record high unseen since June. Key players such as Coinbase, a cryptocurrency exchange company, notably increased by 3%. The bitcoin-related MicroStrategy made significant strides forward as it improved by 5%, marking its most considerable closure point on Monday since the dawn of the new millennium.

JetBlue – Despite outperforming analyst estimates in Q3, the airline’s shares slipped 7% after forecasting a decrease in Q4 revenue.

D.R. Horton – The homebuilder’s stock plunged 10% post poor Q4 results.

Robinhood Markets – Shares experienced more than 1% increase after Mizuho raised its price target on the finance platform ahead of the company’s Q3 earnings report.

PayPal – Although Q3 per-share earnings outpaced expectations, shares dipped 3% after coming up short on revenue.

Xerox – Shares of the printer manufacturing company fell over 18% after posting Q3 results that lagged significantly behind expectations. The company also reduced its free cash flow projection for the year.

Crocs – Shares took a roughly 12% hit despite third-quarter earnings beating estimates. Its Q4 forecast, however, came in under analysts’ expectations.