Stocks making the biggest moves premarket: Amgen, Best Buy, Abercrombie & Fitch, Stellantis and more
Take a look at the key players that gained attention ahead of the bell.
Shares of Abercrombie & Fitch dipped nearly 4%, notwithstanding the clothing company’s better-than-expected earnings and favorable holiday season forecasts. Third-quarter earnings stood at $2.50 per share, outpacing the $2.39 LSEG consensus forecast with revenues hitting $1.21 billion, higher than the projected $1.19 billion.
Best Buy saw a 7.4% decline in shares following the release of Q3 results that fell short of market expectations, leading to a decrease in its yearly sales prediction. Adjusted earnings stood at $1.26 per share which was lower than the anticipated $1.29 LSEG consensus estimate and a revenue of $9.45 billion which was short of $9.63 billion consensus estimate.
Kohl’s shares experienced a nearly 17% drop after revealing its Q3 earnings that didn’t meet expectations. The company reported earnings of 20 cents per share on revenue of $3.51 billion, while LSEG analysts had forecasted 28 cents per share on revenues of $3.64 billion.
Shares of Stellantis and other European and Japanese carmakers dipped following President-elect Donald Trump’s announcement on Truth Social about his plans to impose higher tariffs on Chinese, Mexican, and Canadian products.
Dick’s Sporting Goods shares surged by 6.6% after outperforming quarterly estimates and anticipating a robust holiday season. The company increased its full-year forecast and expects same-store sales to rise between 3.6% and 4.2%.
Shares of Zoom Video Communications fell around 10.5% despite providing Q4 adjusted earnings per share guidance in line with predictions. The company surpassed Wall Street’s Q3 profit and revenue estimates.
Shares of biopharmaceutical company Amgen dipped more than 3% after revealing that its experimental weight loss drug helped patients shed up to 20% of their weight in one year, which didn’t meet investor expectations.
Rivian Automotive saw a 9% increase in share value upon receiving conditional approval for a government loan of up to $6.6 billion to expand its production capacity.
Shares of Fluence Energy slipped about 4% after underperforming Q4 revenue expectations at $1.23 billion, less than the analysts’ projection of $1.28 billion, according to FactSet.
Pharmaceutical companies Novo Nordisk and Eli Lilly saw an increase in share value by over 2.5% and 4.7%, respectively, after the Biden administration suggested a new ruling that would cover the cost of expensive weight-loss drugs for Americans suffering from obesity under Medicare and Medicaid.
