Check out the companies making headlines in premarket trading Wednesday
Moderna — The biotech company added 2.4% amid renewed Covid-19 concern in China after an uptick in infections.
V.F. Corporation — Shares in the clothing and shoemaker added 3.3% on the back of better-than-expected fiscal fourth-quarter results. The company earned an adjusted 17 cents per share, topping a Refinitiv forecast of 14 cents per share. Revenue of $2.74 billion was also slightly above expectations.
XPeng — The electric vehicle maker slipped 4.7% after an earnings miss. XPeng also issued weaker-than-expected revenue guidance for the second quarter. Still, CEO He Xiaopeng said he is “confident in taking our Company into a virtuous cycle driving product sales growth, team morale, customer satisfaction and brand reputation over the next few quarters.”
Palantir Technologies — Shares were 2.2% lower in premarket trading, on pace for their first decline in three sessions. Cathie Wood’s Ark Invest recently bought more than $4 million worth of Palantir shares, the firm’s website showed.
Analog Devices — Analog Devices dropped 5.3% in premarket trading on the back of weaker-than-expected third-quarter guidance for the fiscal third quarter. Analog Devices expects adjusted earnings of about $2.52 per share in the third quarter, compared to forecasts for $2.65 per share, according to consensus estimates on FactSet. It expects revenue of around $3.10 billion, less than the $3.16 billion estimate. In a statement, CEO Vincent Roche said, “Looking to the second half, we expect revenue to moderate given the continued economic uncertainty and normalizing supply chains.”
First Horizon — The regional bank added 2.3% in premarket trading following an upgrade to buy from hold by Jefferies. The firm said the bank has top-tier capital strength and is at a discount to peers.
Palo Alto Networks — Shares of the cybersecurity rose nearly 5% in premarket trading after Palo Alto Networks reported a fiscal third quarter that topped analyst estimates. The company reported $1.10 in adjusted earnings per share on $1.72 billion of revenue. Analysts surveyed by Refinitiv had penciled in 93 cents of earnings per share on $1.71 billion of revenue. Palo Alto’s fourth-quarter earnings guidance was also higher than expected.
Intuit – The tax and accounting technology maker suffered a 5% drop after the company missed revenue expectations, according to Refinitiv, for its fiscal third quarter. That result was thanks in part to a decline in tax returns, Intuit reported.
— CNBC’s Jesse Pound, Samantha Subin, Alex Harring, Sarah Min and Tanaya Macheel contributed reporting