Stocks making the biggest moves premarket: Walgreens Boots Alliance, Estee Lauder, RH and more
Get the scoop on the firms grabbing the spotlight before market opens.
— The company’s shares experienced a mild 1.6% decrease following the release of its fiscal second quarter report. Despite surpassing the LSEG forecast with a revenue of $37.05 billion for the quarter, Walgreens had to fine-tune its full-year adjusted earnings guidance primarily due to a “challenging retail environment.”
— Thanks to a Bank of America upgrade from neutral to buy, the company’s shares went up by over 3%. The upgrade was attributed to ongoing profitability recovery initiatives, the introduction of new products, and an increasing market share in the prestige beauty sector.
— Following an upgrade from hold to buy by HSBC, the insurance company’s stock rose by 0.9%. Allstate’s “resolute management actions” and a more lenient regulatory environment were highlighted by analyst Vikram Gandhi.
— Shares witnessed a premarket surge of over 9%. Although the company did not meet top and bottom-line expectations for the fourth quarter, it forecasts a higher-than-anticipated revenue growth in 2024, driven by rising demand trends. Management expects an 8% – 10% fall in full-year revenue growth compared to the 6.4% prediction by FactSet analysts.
—Following the launch of a secondary public offering of 9 million common shares currently owned by Apollo Global Management, shares slipped by 4.7%. Concurrently, the IT company sanctioned the repurchase of 500,000 shares within its existing share purchase program.
— The shares fell drastically by over 8% as the chemicals company announced its cooperation with the Securities and Exchange Commission and the U.S. Attorney’s Office related to an internal financial audit. The review revealed that the executives had manipulated cash flows to meet bonus-related targets.
— Shares increased by 1.2%, aided by an upgrade by Morgan Stanley from underweight to equal weight. The Wall Street firm pointed to the upward trend in New York leasing and occupancy activities, where Vornado has more exposure compared to the West Coast or Sun Belt.
