The Deer & Co. John Deere 8R fully autonomous tractor is displayed ahead of the Consumer Electronics Show (CES) on January 4, 2022 in Las Vegas, Nevada.
Check out the companies making headlines before the bell:
Deere (DE) – Deere slid 5.2% in premarket trading after the heavy equipment maker missed quarterly earnings estimates despite higher-than-expected sales. Deere earned $6.16 per share, below the consensus estimate of $6.69, as it successfully implemented price hikes but also faced higher costs. The company also cut its full-year forecast.
Foot Locker (FL) – Foot Locker surged 17.4% in the premarket after the athletic footwear and apparel retailer's quarterly earnings beat analyst forecasts, and the company also announced a CEO transition. Former Ulta Beauty (ULTA) CEO Mary Dillon will replace Richard Johnson as CEO on Sept. 1.
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Bed Bath & Beyond (BBBY) – Bed Bath & Beyond plunged 42.7% in premarket trading following news that investor Ryan Cohen had sold his entire stake in the housewares retailer, garnering a profit of more than $58 million.
Ross Stores (ROST) – Ross Stores reported better-than-expected earnings for its latest quarter, but its revenue was below Wall Street forecasts, and the company issued a weaker than expected full-year outlook. The company said its results were impacted by higher costs as well as increased promotional activity. The stock fell 1% in premarket action.
Applied Materials (AMAT) – Applied Materials beat estimates by 15 cents with adjusted quarterly profit of $1.94 per share, and the maker of semiconductor manufacturing equipment saw revenue top forecasts as well. It also gave an upbeat current quarter revenue forecast as chipmakers increase production.
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Coinbase (COIN) – The crypto exchange operator's stock slid 8.6% in premarket trading, falling in sympathy with the sudden overnight drop in bitcoin prices. Microstrategy (MSTR), the business analytics company with extensive bitcoin holdings, saw its stock fall 9.3%.
Home Depot (HD) – Home Depot announced a new $15 billion share repurchase program, replacing a prior authorization. The home improvement retailer also announced that CEO Ted Decker will replace former CEO Craig Menear as chairman, effective October 1.
Madison Square Garden Entertainment (MSGE) – Madison Square Garden Entertainment rallied 7.3% in the premarket following news that its board is mulling a spin-off that would contain the company's live entertainment and MSG Networks businesses.
Bill.com (BILL) – Bill.com surged 18.5% in premarket trading after the financial back-office software provider reported better-than-expected quarterly results and issued upbeat guidance.
