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HD, WMT, INTC, ARM and more
Check out which companies are making headlines during pre-market trading. Home Depot – Shares fell about 2.5% after the retailer beat its fourth-quarter financial estimates at the top and bottom, but issued lower-than-expected guidance. The company expected full-year revenue growth of 1%, while analysts polled by FactSet expected growth of 1.6%. Net income and sales also declined throughout the quarter. Super Micro Computer – The IT company's stock rose more than 2% after Rosenblatt nearly doubled its price target, calling for a 62% upside going forward. Rosenblatt's price target is now the highest forecast for the stock on Wall Street. Walmart — Shares added about 3% after the retail giant reported fourth-quarter adjusted earnings of $1.80 per share, beating the $1.65 expected from analysts surveyed by LSEG, formerly known as Refinitiv. Revenues also exceeded expectations. Additionally, Walmart announced it will acquire TV maker Vizio for $2.3 billion. Caterpillar – Shares fell 2% after a downgrade from Evercore ISI, which cited concern about the longer-than-expected outlook for earnings growth. Medtronic – Shares rose about 4% after the medical device company beat Wall Street's top and bottom expectations in the third quarter. The company issued higher-than-expected earnings guidance for the full year, with Medtronic now expecting a range of $5.19 to $5.21 per share. Analysts polled by FactSet expected $5.16. US Foods – Shares rose 1.4% after Piper Sandler upgraded the food company to overweight from neutral, saying it sees a “relatively clear path” for the stock to reach the upper $50s or lower $60s. Analyst Brian Mullan raised his price target on US Foods to $59 from $45, or a roughly 19% upside from Friday's closing price of $49.58. Intel – Shares of the chipmaker rose 3.3% on news that the Biden administration is in talks to give it more than $10 billion in CHIP Act relief in the coming weeks. The money will come from a combination of a $39 billion grant and a $75 billion loan pool, according to a Bloomberg report. Capital One, Discover Financial Services – Discover shares rose more than 14% on news that the company will be acquired by peer credit card and banking company Capital One in an all-stock deal valued at $35.3 billion. Capital One stock fell more than 4%. Arm Holdings – The chipmaker's stock fell nearly 4% as investors backed off their bets on the stock after its massive rise. Arm shares are up nearly 81% in February alone. — CNBC's Pia Singh, Sarah Main, Michelle Fox and Jesse Pound contributed reporting.
“Web maven. Infuriatingly humble beer geek. Bacon fanatic. Typical creator. Music expert.”
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