Stocks making the biggest moves premarket: Walmart, Cisco, Palo Alto Networks and more
Check out the companies making headlines in premarket trading. Walmart — The big box retailer fell 4.7% after reporting adjusted earnings-per-share guidance for the year of $6.40 to $6.48, lighter than analysts expected. However, Walmart's adjusted earnings of $1.53 per share topped the $1.52 expected from analysts polled by LSEG. Revenue was $160.8 billion, versus estimates of $159.72 billion. Cisco Systems — Shares tumbled nearly 11% during premarket trading on the back of the company's earnings guidance for the current quarter, which fell below analyst estimates. Cisco blamed the outlook on a slowdown in new product orders. The company also reduced its full-year forecast for revenue. Palo Alto Networks — Shares slid more than 6% after Palo Alto Networks issued a weaker-than-expected billings forecast for the current quarter and full year. Plug Power — Shares of the green hydrogen company dropped 4.6% after Citi downgraded them to neutral from buy. The bank cited near-term issues, including sub-par execution and liquidity challenges, as headwinds for the stock. Tencent Music Entertainment — Shares climbed slipped 1.4% in premarket trading following quarterly earnings that missed the mark. Still, JPMorgan upgraded Tencent to overweight from neutral on Thursday and said the company could notch double-digit earnings growth moving forward thanks to the expanding music industry. Goodyear Tire & Rubber — Shares gained nearly 2% following an upgrade by Deutsche to buy from hold. Goodyear has strong turnaround potential thanks to its new leadership and operational turnaround plans, said Deutsche. StoneCo — The fintech company added 1.2% during premarket trading after Bank of America upgraded shares to buy from neutral. Analyst Mario Pierry said StoneCo's new management team and increased cost urgency should help the company gain market share and increase monetization. Advance Auto Parts — The auto parts retailer declined more than 4% after Bank of America downgraded the stock to underperform from neutral. The bank said ongoing challenges in the medium-term will put pressure on free cash flow for at least the next 12 months. — CNBC's Michelle Fox, Brian Evans and Sarah Min contributed reporting. Correction: A previous headline misstated the time of day the stock moves took place.