Stocks making the biggest moves premarket: Coinbase, Palo Alto Networks, Toll Brothers and more
Check out the companies making headlines in the premarket:
Palo Alto Networks — The software company added 9.3% after posting adjusted earnings and revenue for the fiscal second quarter that topped Wall Street expectations. It was the third consecutive quarter of profitability after a decade of losses. Palo Alto Networks' forecast for fiscal third-quarter adjusted earnings also beat expectations.
Coinbase - Shares of the cryptocurrency exchange rose more than 1% after Coinbase reported a smaller-than-expected loss for the fourth quarter. Coinbase's loss was $2.46 per share on $629 million of revenue. Analysts surveyed by Refinitiv were expecting a loss of $2.55 per share on $590 million of revenue. Subscription and services revenue helped offset a quarter-over-quarter decline in trading volumes.
Keysight Technologies — The electronics company dropped 7.9% after issuing a weaker-than-expected outlook for the fiscal second quarter. Keysight expects earnings per share to be in the range of $1.91 and $1.97 with revenue in the range of $1.37 billion to $1.39 billion, which fall short of FactSet analysts' estimates of $1.94 and $1.4 billion, respectively.
Toll Brothers — Shares of the homebuilder rose more than 2% on the back of better-than-expected fiscal first-quarter results. Toll Brothers earned $1.70 per share, beating a Refinitiv consensus estimate of $1.41 per share. Home sales revenue of $1.75 billion also topped expectations of $1.73 billion.
Logitech — Logitech's U.S.-listed shares dipped about 1% after UBS downgraded the computer peripherals maker to neutral from buy. "The environment for Logitech is getting incrementally tougher," UBS said.
Alcoa — Shares of the aluminum maker climbed nearly 2% after Citi upgraded Alcoa to buy from neutral, citing optimism around China's economic reopening.
Intel — Intel shares fell about 1% after the chipmaker cut its quarterly dividend to 12.5 cents per share. "Prudent allocation of our owners' capital is important to enable our IDM 2.0 strategy and sustain our momentum as we rebuild our execution engine," CEO Pat Gelsinger said.
Stellantis — Shares of the auto group rose more than 2% after Stellantis reported full-year results that beat analyst expectations. The company also approved a 1.5 billion euro share repurchase program.
CoStar Group — The commercial real estate stock plummeted tumbled 15% in early morning trading after the company issued guidance for the current quarter that fell short of analysts' estimates, according to StreetAccount. The move also followed confirmation from News Corp. that the two companies are no longer engaged in discussions regarding a potential sale by CoStar of Realtor.com.
La-Z-Boy — The furniture stock gained 4.6% after its adjusted earnings per share for the fiscal third quarter came in at 91 cents, topping analysts' estimates of 66 cents, according to StreetAccount. Revenue was $572.7 million, versus the $529.6 million expected.
Garmin — The fitness tracker maker's stock gained 4.3% after the company posted fourth-quarter earnings that beat consensus estimates. The company reported consolidated revenue of $1.31 billion, a 6% decrease compared to the prior year quarter, and earnings per share of $1.35. Analysts served by StreetAccount had expected a $1.3 billion in revenue and earnings per share of $1.19.
— CNBC's Jesse Pound, Tanaya Macheel and Michelle Fox contributed reporting.