Today's Pre-Market Stock Movers: META, FDX, MRK, TSLA and More
Gapping up
$Meta Platforms(META.US$ +19% ( The company posted better-than-expected revenue and announced a $40 billion stock buyback when it reported its quarterly results Wednesday evening. Bank of America upgraded Meta Thursday, saying the company's new efficiency mentality positions stock for more than 40% upside. )
$Align Technology(ALGN.US$ +14% (The company's quarterly earnings and revenue beat analyst expectations. Align also said it will repurchase up to $1 billion of its common stock over the next three years.)
$FedEx(FDX.US$ +3% (both Citi and Bank of America upgraded the stock. Citi said it sees "increasing signs of cost control following its missteps in 2022." On Wednesday, the company announced it will lay off 10% of its officers and directors amid cooling demand.)
$Tesla(TSLA.US$ +1.8% (A report says that the company will raise output at its Shanghai factory to almost 20,000 vehicles per week for February and March. This would be in response to higher demand after the company cut price.
$e.l.f. Beauty(ELF.US$ +1.67% (Its fiscal third quarter revenue topped analysts' estimates. The company announced adjusted earnings of 48 cents per share on revenue of $146.5 million. Refinitiv analysts had previously called for per-share earnings of 23 cents on revenue of $121.8 million. The beauty brand also raised its full-year outlook.)
Gapping down
$Merck & Co(MRK.US$ -1% (Merck beating estimates on the top and bottom lines for the previous quarter. The company reported $1.62 in adjusted earnings per share on $13.83 billion in revenue. Analysts surveyed by Refinitiv had penciled in $1.54 per share on $13.67 billion of revenue. Merck did project sales and adjusted earnings to decline in 2023.)
$Honeywell(HON.US$ -5% (Honeywell's revenue for the fourth quarter came in short of expectations. The company generated $9.19 billion of revenue, while analysts surveyed by Refinitiv were looking for $9.25 billion. The safety and productivity solutions segment saw sales decline 5% year over year. Honeywell's adjusted earnings per share came in at $2.52, 1 cent above estimates.)
$C.H. Robinson Worldwide(CHRW.US$ -1.7% (Its earnings and revenue fell short of expectations, according to analysts polled by Refinitiv. C.H. Robinson earned $1.03 per share on revenue of $5.07 billion. Analysts expected earnings of $1.38 per share on revenue of $5.68 billion.)
$Qorvo(QRVO.US$ -3% (Qorvo reported a fiscal third quarter loss of $15.9 million and earnings of 16 cents per share. Analysts polled by StreetAccount had anticipated per-share earnings of 62 cents on revenue of $725.9 million.)
$Corteva(CTVA.US$ -1.8% (Corteva topped operating earnings expectations for the most recent quarter, according to StreetAccount, but fell short of revenue estimates. Guidance for operating earnings and revenue was weaker than expected.)
Source: CNBC
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