Stocks making the biggest moves premarket: Estee Lauder, Nvidia, McDonald’s, Caterpillar and more
Make sure to keep an eye on these companies making waves in the pre-market:
— Estee Lauder shares have soared 15% after the beauty brand smashed its forecasted results. The company reported an impressive 88 cents per share in its Q2 results, surpassing the 54 cents per share predicted by FactSet. The company also achieved revenues of $4.28 billion, beating the $4.19 billion predicted by analysts.
— Shares of Catalent surged over 12% after Novo Holdings agreed to acquire the pharmaceutical contract manufacturer for $63.50 per share in an all-cash agreement. This deal solidifies Catalent’s enterprise value at a hefty $16.5 billion and is expected to finish by the end of 2024.
— Shares of this industrial equipment manufacturer shot up over 4% after the company reported an adjusted earnings per share of $5.23 for Q4. Revenue was reported at $17.07 billion, slightly below the $17.06 billion consensus estimate but with strong sales performance particularly in North America.
— Shares took a 9% hit after the company reported lower than expected Q1 results. The industrial gas supplier reported adjusted earnings of $2.82 per share, underperforming the $3.00 per share predicted by analysts. Reported revenue of $3.00 billion also fell short of the consensus prediction of $3.20 billion.
— Shares dipped by 2% following a downgrade by JPMorgan from overweight to neutral, as manufacturing activity shows signs of weakening.
— The chipmaker saw a 3% increase in shares ahead of the market opening after Goldman Sachs raised its price target to $800, suggesting a potential 21% increase. The firm expressed optimism ahead of the quarterly results on Feb. 21, citing sustained demand strength for accelerated computing.
— Stellantis shares dipped 1.7% following speculation that a merger with Renault is being considered by the French government, as per Italian daily Il Messaggero. The French government has stakes in both companies.
— Shares fell slightly after the fast-food giant reported mixed quarterly results with earnings of $2.95 per share on $6.41 billion in revenue, not quite hitting the forecasted $2.82 per share on $6.45 billion in revenue. The company’s revenue was impacted by the ongoing Middle East conflict.
— Elanco shares boosted 7% after Merck Animal Health declared intentions to acquire Elanco’s fish business in a $1.3 billion cash deal.
— Shares for the toy manufacturer fell 2.9% after JPMorgan downgraded the stock from overweight to neutral. The firm cited overhyped expectations from the soon-to-be-released Warner Bros. Discovery film “Barbie”, disappointing 2023 holiday sales forecasts, and increasing freight costs as potential hindrances on the stock’s progress.
