Check out the companies that make headlines before the bell:
Home Depot (HD) – The home improvement retailer exceeded quarterly estimates by 3 cents, with earnings of $ 2.65 per share. Revenues also exceeded estimates. Comparable store sales increased 24.5% in the fourth quarter, more than the consensus estimate of 19.2% of analysts surveyed by FactSet. Home Depot does not offer guidance in 2021, however, due to the uncertainty surrounding the pandemic. Shares fell 2.7% premarket.
Macy’s (M) – The retailer reported an adjusted quarterly profit of 80 cents per share, well above the consensus estimate of 12 cents, with revenues exceeding Wall Street forecasts. Comparable sales in the store decreased by 17.1% based on a license held + licensed, less than the decrease of 21.3% anticipated by analysts surveyed by Refinitiv. Macy’s shares rose 2.2% in premarket stock.
Tesla (TSLA) – Tesla shares fell more than 5% in premarket trading on Tuesday, after suffering the biggest loss in a single day on Monday. Wedbush analyst Dan Ives warns that Tesla’s share price is now directly linked to the price of bitcoin after the investment of the electric vehicle manufacturer in cryptocurrency.
Palo Alto Networks (PANW) – Palo Alto Networks reported adjusted quarterly earnings of $ 1.55 per share, 12 cents above estimates, with the cybersecurity company’s revenue also exceeding forecasts. Palo Alto issued a generally weaker-than-expected quarterly earnings outlook, but noted the opportunities offered by the massive SolarWinds hack. Shares fell 3.7% premarket.
Churchill Capital IV (CCIV) – Lucid Motors will go public through a merger with the blank-check company in a transaction that values the combination at $ 24 billion. The deal would inject $ 4.4 billion into the California luxury electric vehicle maker. Churchill Capital shares fell 34.5% in premarket trading.
The InterContinental Hotels Group (IHG) – IHG reported an operating loss of $ 153 million by 2020, affected by the Covid-19 pandemic and the resulting blockages. However, the company said the Holiday Inn Express brand has outperformed key markets and that global travel is starting to recover. Shares rose 1.2% premarket.
Johnson & Johnson (JNJ) – J&J is allocating $ 3.9 billion in talc-related litigation, according to an SEC filing. In November, the company said it would allocate $ 2.1 billion to talc cases as it faces thousands of lawsuits claiming its talc products have caused cancer.
Occidental Petroleum (OXY) – Occidental lost 78 cents per share adjusted for the last quarter, higher than the loss of 59 cents that analysts anticipated. Revenues also lost forecasts. Miss came despite a rebound in oil and gas prices. Shares fell 2.2% premarket.
Shopify (SHOP) – Shopify has bid for $ 1.18 million for $ 1,315 a share, with e-commerce platform provider expecting to raise about $ 1.55 billion in sales. Shopify intends to use the proceeds to consolidate its balance sheet. Shares fell 5.5% in the premarket share.
Carnival (CCL) – The cruise line operator’s shares fell 3.4% premarket after pricing an offer of about 40.45 million common shares to $ 25.10 per share, with the cruise line operator aiming to raise about $ 1 billion to be used for general corporate purposes. The cruise industry was closed during the pandemic.
RealReal (REAL) – RealReal lost 49 cents a share adjusted for the last quarter and recorded revenue that also did not exceed analysts’ forecasts. The seller of used luxury goods said that 2020 was a challenging year, the pandemic “temporarily interrupting” the path to profitability. The stock decreased by 10.8% premarket.
ZoomInfo (ZI) – ZoomInfo rose 8.1% premarket after beating estimates by 2 cents, with adjusted quarterly earnings of 12 cents per share. The revenue of the marketing database provider also exceeds the forecasts. ZoomInfo also provided an optimistic outlook for the current quarter and year.
AMC Entertainment (AMC) – The shares of the cinema operator jumped 3.4% premarket after the news that the cinemas in New York will reopen with limited capacity on March 5.
Wells Fargo (WFC) – The bank announced an agreement to sell the Wells Fargo Asset Management unit to private equity firms GTCR and Reverence Capital for $ 2.1 billion. Wells Fargo will retain a 9.9% stake in the business.
Dollar General (DG) – Dollar General is taking steps to find a potential successor to CEO Todd Vasos, according to people familiar with the matter who spoke to Reuters. Sources say Vasos has not announced any intention to leave the retailer with discounts at the end of his contract in June, calling the process “good governance”.
—CaraB’s Sara Salinas contributed to this report.