Stocks making the biggest moves premarket: Deere, Gap, Nordstrom, VMware, HP & more
Check out the companies making headlines before the bell:
Deere & Co. (DE) – The farm equipment maker reported quarterly earnings of $4.12 per share, beating the consensus estimate of $3.90, although revenue came in slightly below analyst forecasts. Deere said solid demand for its products helped cushion the impact of a month-long workers strike. Deere rallied 3.7% in the premarket.
Nordstrom (JWN) – Nordstrom plummeted 25% in premarket trading after it reported earnings of 39 cents per share for its latest quarter, shy of the 56 cent consensus estimate. The retailer was hurt by rising labor costs and inventory issues and said inventories were especially short in women’s apparel and shoes, where demand rebounded more strongly than it had expected.
Gap (GPS) – Gap reported adjusted quarterly profit of 27 cents per share, well short of the 50 cents analysts had been anticipating, and also cut its full-year forecast. The apparel retailer has been hit by higher costs for shipping, as well as extended factory closures in Vietnam where it sources about 30% of its products. Gap plunged 20% in premarket trading.
Booking Holdings (BKNG) – The parent of Priceline and other online travel services is buying Swedish travel agency Etraveli from private equity firm CVC Capital for $1.83 billion.
VMware (VMW) – VMware beat forecasts by 18 cents with adjusted quarterly earnings of $1.72 per share. The software company also gave an upbeat current-quarter forecast amid growing global demand for cloud computing services. Nonetheless, the stock slid 2.6% in premarket action.
HP Inc. (HPQ) – HP Inc. came in 6 cents above consensus with adjusted quarterly profit of 94 cents per share, with the computer maker also issuing a strong outlook as consumer and business demand for personal computers and printers remains robust. HP jumped 5.6% in premarket trading.
Dell Technologies (DELL) – Dell reported adjusted quarterly earnings of $2.37 per share, beating the $2.18 consensus estimate, with Dell seeing strong demand for its personal computers and servers. Dell also issued a stronger than expected current-quarter forecast. Dell added about 2% in the premarket.
Pure Storage (PSTG) – Pure Storage surged 11.1% in premarket trading after beat estimates by 10 cents with adjusted quarterly profit of 22 cents per share. The maker of flash-based storage systems also issued a better-than-expected current-quarter revenue outlook.
Chevron (CVX) – The energy producer was upgraded to “outperform” from “sector perform” at RBC Capital Markets, which said Chevron has a relatively stable portfolio compared to its industry peers.
Jack In The Box (JACK) – The restaurant chain’s stock was downgraded to “hold” from “buy” at Stifel Financial, which points to a number of factors including weak comparable restaurant sales. Jack In The Box slid 3% in the premarket.