In the fast-paced world of pre-market trading, certain stocks are commanding attention. We delve into the notable movements shaping the market landscape before the opening bell.
Kroger’s Mixed Performance and Opioid Settlement
Kroger witnessed a 2.8% decline after unveiling a mixed second-quarter report. While the supermarket chain exceeded earnings expectations with an EPS ex-tems of 96 cents, it fell short on revenue, reporting $33.85 billion compared to the anticipated $34.13 billion. Furthermore, Kroger announced plans to allocate up to $1.2 billion to resolve a significant portion of opioid-related claims.
Planet Labs Stumbles on Q2 Performance
Planet Labs, a satellite imagery stock, faced a 2.6% premarket dip following a disappointing quarterly report. In Q2, the company reported a loss of 14 cents per share and revenue of $53.8 million. This performance fell below analyst predictions of an 8-cent loss per share and revenue of $54.1 million. Additionally, Planet Labs provided guidance for the current quarter and full year that failed to meet Wall Street estimates.
DocuSign’s Stellar Earnings Report
DocuSign, the electronic signature company, surged 2.4% premarket after delivering a robust quarterly report. DocuSign posted adjusted earnings per share of 72 cents on $688 million in revenue, surpassing analyst forecasts of 66 cents per share and revenue of $678 million.
Snowflake’s Promising Outlook
Snowflake, a cloud data provider, experienced a nearly 2% premarket boost as DA Davidson initiated research coverage with a buy rating. This Wall Street firm highlighted Snowflake’s strong growth rates and its potential to benefit from the growing demand for artificial intelligence applications.
First Solar’s Upgrade and Positive Outlook
First Solar witnessed an early trading gain of 2.8% following an upgrade from Deutsche Bank, elevating the stock to a buy rating from hold. The bank cited First Solar’s compelling growth narrative shared during its investor day and raised its price target to $235 per share, indicating a 30% potential upside.
Adobe’s Positive Momentum
Adobe, known for its Photoshop software, registered an almost 2% premarket increase after Mizuho upgraded it from neutral to buy. Mizuho pointed to the accelerating web traffic as a reason for growing optimism regarding Adobe. The company is scheduled to report its next quarterly results on September 14.
Gilead Sciences Upgraded by Bank of America
Gilead Sciences, a pharmaceutical company specializing in antiviral drugs, saw a 1.6% premarket rise. Bank of America upgraded Gilead to buy from neutral, emphasizing the underappreciated potential of its expanding pipeline. The bank also raised its price target to $95 from $88, reflecting over 25% upside from the previous day’s closing price.
RH Faces Headwinds in Luxury Housing Market
RH, a retailer specializing in home goods, experienced a significant premarket decline of 7.3% due to third-quarter guidance falling short of analyst estimates. CEO Gary Friedman attributed this outlook to the challenges in the luxury housing market and the broader economy. High mortgage rates, expected to persist until the second quarter of 2024, pose additional hurdles.
