Stocks Making the Biggest Moves Premarket Today

Before the market opens, Wall Street is eagerly awaiting reports that will determine the day’s top stocks. Among the best-performing stocks are Deckers Outdoor (DECK), which rose 13.8% in premarket trading after topping its high and low-estimate for the latest quarter and earning $2.51 per share. Boeing (BA) has also seen shares increase in premarket trading after successfully launching its Starliner aircraft to the International Space Station.

Applied Materials

Applied Materials (NASDAQ:AMAT) is making some of the biggest moves premarket today, as analysts downgraded the company to neutral from buy. The downgrade comes on the heels of the company’s weak second-quarter results. Applied Materials is a leader in materials engineering, and its solutions are used to make virtually every new chip and advanced display in the world. This has resulted in a -14% drop in the stock price.

The company’s recent quarterly results missed top and bottom-line estimates, and it issued a weaker-than-expected outlook. The Covid-19 supply chain problems in China have intensified these problems. Other notable premarket moves include Ollie’s Bargain Outlet (OLLI), which was upgraded by Bank of America Securities to “buy” from “underperform” after reporting meaningful improvements in closeout items and lower consumer spending on durable goods.

Palo Alto Networks

In premarket trading Friday, the Nasdaq was up sharply, despite the recent turmoil in the retail industry. After reporting a downbeat first quarter, Ross Stores slid 27.4%, despite a downbeat forecast. The retailer cited inflationary pressures in Ukraine and warned of “uncertain macroeconomic conditions.” On the other hand, Palo Alto Networks rallied 12.1%. Analysts upgraded the company’s stock to “buy” from “hold” and raised its price target to $35 from $32.

Shares of Foot Locker advanced 1%, following its first-quarter earnings report. The company posted an adjusted quarterly profit of $1.60 a share, beating analyst expectations by 10 cents. Meanwhile, Deere lifted its profit outlook for the year. The news helped Foot Locker and Deere stock prices. But there were few other big moves premarket.

VF Corp.

VF Corp. (VF) is a publicly traded apparel company that announced it would split into two separate companies. One will keep the VF name, and the other will focus on its denim and outlet businesses. During the premarket, the company also announced that it would terminate Chief Financial Officer James Mikolaichik after it was found to be behaving inappropriately. However, despite the news, VF’s stock has rallied in premarket trading.

VF Corp. is a manufacturer, designer, and distributor of apparel. Its three main segments are Outdoor, Active, and Work. VF sells its products through wholesale channels and through its own website. The company’s stock has undergone multiple acquisitions over the years, and its growth has been largely fueled by these transactions. While the company reported better-than-expected results for its first quarter, its per-share profit was less than the previous year’s. While most of its supply chain is up to date, the company did face some isolated product delays.

Ross Stores

After reporting first-quarter earnings, Foot Locker shares rose 5% in early trading on May 20. Total sales rose 1% during the three months ended April 30 but comparable store sales dropped 2%. The company raised its full-year earnings forecast, basing it on the assumption there would be no more Covid-19 lockdowns and that inflation wouldn’t accelerate.

Deckers Outdoor (DECK) surged 13.8% in the premarket after beating bottom and top-line estimates for its latest quarter. The company earned $2.51 per share, beating analysts’ estimates of $1.32 per share. Meanwhile, Boeing increased 2% after successfully launching the Starliner aircraft to the International Space Station. The launch was delayed by several months, but a successful test flight has boosted the company’s stock price.

Also Read:Goldman Sachs Calculates Worst-Case Recession Forecast As Investors Dump Stocks

By Luciana Rojas

Luciana Rojas is a stock market expert. She has been entrepreneur since she was just 16 years old. She also shares her experience as well as Stock Market News worthy Pieces on Daily Reuters. Lately she has been working on NFTs so she really helps the Daily Reuters audience to learn about NFTs.

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