Check out the companies that are making the headlines before the bell:
Home Depot (HD) – The hardware store beat quarterly estimates by 3 cents with earnings of $ 2.65 per share. Income was also above estimates. The comparable store sales rose by 24.5% in the fourth quarter and were thus above the consensus estimate of the analysts surveyed by FactSet of 19.2%. However, Home Depot is not offering guidelines for 2021 due to uncertainties related to pandemics. Shares fell 2.7% prior to going public.
Macy’s (M) – The retailer reported adjusted quarterly earnings of 80 cents per share, well above the consensus estimate of 12 cents, with sales also ahead of Wall Street projections. The like-for-like store sales fell by 17.1% owned + licensed and were thus below the decline of 21.3% expected by analysts surveyed by Refinitiv. Macy’s stock rose 2.2% before entering the market.
Tesla (TSLA) – Tesla stock fell more than 5% in premarket trading on Tuesday, after suffering its largest loss in a day in months on Monday. Wedbush analyst Dan Ives warns that Tesla’s share price is now directly linked to Bitcoin price after the electric vehicle maker invested in the 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 beating projections. Palo Alto posted a mostly weaker-than-expected earnings outlook for the current quarter, but noted the opportunities presented by the massive SolarWinds hack. Shares fell 3.7% prior to going public.
Churchill Capital IV (CCIV) – Lucid Motors will go public through a merger with the Blankoscheck company, valued at $ 24 billion. The deal would raise $ 4.4 billion for the California-based luxury electric vehicle maker. Churchill Capital shares fell 34.5% in premarket trading.
InterContinental Hotels Group (IHG) – IHG reported a 2020 operating loss of $ 153 million that was impacted by the Covid-19 pandemic and resulting lockdowns. However, the company said that its Holiday Inn Express brand had outperformed in key markets and that global travel was starting to recover. Shares rose 1.2% before going public.
Johnson & Johnson (JNJ) – J&J is providing $ 3.9 billion in talc-related litigation, according to an SEC filing. In November, the company announced it would allocate $ 2.1 billion on talc cases as it faces thousands of legal disputes alleging its talc products caused cancer.
Occidental Petroleum (OXY) – Occidental lost an adjusted 78 cents per share last quarter, more than analysts’ forecast loss of 59 cents. The sales forecasts were also missed. The miss came despite a recovery in oil and gas prices. Shares fell 2.2% prior to going public.
Shopify (SHOP) – Shopify has rated a stock offering of $ 1.18 million at a price of $ 1,315 per share. The e-commerce platform provider expects a profit of around $ 1.55 billion from the sale. Shopify plans to use the proceeds to strengthen its balance sheet. Shares fell 5.5% prior to going public.
Carnival (CCL) – The cruise company’s shares fell 3.4% prior to going public after an offering of approximately 40.45 million common shares was valued at $ 25.10 per share. The cruise company wanted to raise around $ 1 billion for general corporate purposes. The cruise industry was shut down during the pandemic.
The RealReal (REAL) – The RealReal lost an adjusted 49 cents per share in the last quarter and achieved sales that also fell short of analysts’ forecasts. The used luxury goods seller said 2020 was a challenging year as the pandemic “temporarily interrupted” its path to profitability. The stock fell 10.8% prior to going public.
ZoomInfo (ZI) – Pre-launch ZoomInfo was up 8.1% after beating estimates by 2 cents, with adjusted quarterly earnings of 12 cents per share. The sales of the marketing database provider also exceeded forecasts. ZoomInfo also provided an optimistic outlook for the current quarter and full year.
AMC Entertainment (AMC) – The theater operator’s shares rose 3.4% prior to entering the market after it was announced that New York City theaters will reopen on March 5 with limited capacity.
Wells Fargo (WFC) – The bank announced it would sell its 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 identify a potential successor to CEO Todd Vasos, according to people familiar with the matter who spoke to Reuters. According to the sources, Vasos had announced no intention of leaving the discounter when his contract expires in June, calling the process “good governance”.
– CNBC’s Sara Salinas contributed to this report.