Stocks making the biggest moves premarket: Walmart, Cisco, Palo Alto Networks and more

by | Nov 16, 2023 | Financial

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 …

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