Stocks making the biggest moves premarket: AMGN, BBY, ANF, STLA
Check out the companies making headlines before the bell. Abercrombie & Fitch — Shares slipped nearly 4% despite the apparel retailer’s earnings beat and strong holiday guidance . Abercrombie & Fitch reported third-quarter earnings of $2.50 per share, topping the $2.39 per share LSEG consensus estimate. Revenue was $1.21 billion, versus the $1.19 billion expected. The company also raised its full-year guidance. Best Buy — Shares slid 7.4% after Best Buy posted third-quarter results that missed analyst expectations and cut its full-year sales forecast. Adjusted earnings of $1.26 per share came in below the $1.29 per-share earnings expected by analysts polled by LSEG. Revenue of $9.45 billion missed the $9.63 billion consensus estimate. Kohl’s — Shares plummeted nearly 17% following the retailer’s weaker-than-expected third-quarter earnings. Kohl’s earned 20 cents per share on revenue of $3.51 billion for the period, while analysts surveyed by LSEG had penciled in 28 cents per share on $3.64 billion in revenue. Stellantis — Shares of European and Japanese automakers slid after President-elect Donald Trump said in a Truth Social post on Monday that he plans to raise tariffs on products from China, Mexico and Canada. Many carmakers have factories in Mexico. Stellantis, which is considering revising its plan to expand manufacturing into Mexico, saw shares dip more than 3.5% on the news. Automakers General Motors and Ford Motor also edged more than 4% and 2%, respectively. Dick’s Sporting Goods — Shares of the sporting goods retailer jumped 6.6% after the company’ s quarterly results beat expectations and indicated a strong holiday shopping season outlook. Dick’s raised its full-year guidance and said it now expects fiscal 2024 same-store sales to grow between 3.6% and 4.2%, up from a previous range of 2.5% to 3.5%. Zoom Video Communications — Shares slipped roughly 10.5% after the video software maker gave fiscal fourth-quarter adjusted earnings per share guidance that was roughly in line with estimates. Zoom exceeded Wall Street’s profit and revenue estimates for its fiscal third quarter, however. Amgen — Shares fell more than 3% after the company said its experimental weight loss drug helped patients lose up to 20% of their weight after a year. However, those trial results appeared to be on the low end of investor expectations. Rivian Automotive — Shares of the electric vehicle maker rose about 9% after the company said on received conditional approval for a government loan of up to $6.6 billion to support its production capacity, including the construction of its Georgia EV plant. Fluence Energy — The energy storage stock fell about 4% after the company’s fourth-quarter revenue missed expectations. Fluence reported $1.23 billion in revenue for the quarter, below the $1.28 billion expected by analysts, according to FactSet. Earnings per share of 34 cents was ahead of the 28 cents expected by analysts. Novo Nordisk , Eli Lilly — Shares of drugmakers Novo Nordisk and Eli Lilly rose more than 2.5% and 4.7%, respectively, after the Biden administration proposed a new rule that Medicare and Medicaid would cover costly weight-loss drugs for Americans with obesity . Novo Nordisk’s Wegovy and Eli Lilly’s Zepbound weekly injectables treat obesity. — CNBC’s Sarah Min, Sean Conlon, Fred Imbert, Jesse Pound, Michelle Fox Theobald contributed reporting.
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