From CNBC: 2024-05-16 08:12:51

Walmart reported adjusted first-quarter earnings of 60 cents per share, beating analyst expectations. Revenue was $161.5 billion, higher than the $159.5 billion consensus estimate, with gains in e-commerce. Shares rose 4.7% in premarket trading.

Canada Goose surged over 12% after exceeding sales and earnings estimates in its fiscal fourth quarter. Profit margins are expected to expand by 100 basis points in the current year.

Under Armour’s Class A shares dropped 11%, and Class C stock fell 9% after issuing lower-than-expected full-year earnings guidance, with 18-21 cents expected versus the forecasted 59 cents per share.

Chubb’s stock climbed over 8% as Warren Buffett’s Berkshire Hathaway revealed it accumulated nearly 26 million shares of Chubb, making it the second-largest holder in the insurance company.

Cisco Systems rose 3% after posting better-than-expected fiscal third-quarter results and increasing its 2024 revenue guidance to $53.7 billion.

Meme stocks like AMC and GameStop experienced losses following a revival in the meme stock movement earlier in the week. AMC fell nearly 11%, while GameStop declined around 14%.

Deere & Company decreased nearly 6% after reducing its full-year outlook, forecasting net income of about $7 billion compared to the previous estimate of $7.75 billion.

Baidu saw a modest increase after reporting first-quarter revenue of CNY 31.51 billion, surpassing analyst expectations of CNY 31.34 billion.

GoodRX shares climbed 6% following an upgrade to outperform by Raymond James, citing potential upside to numbers and conservative full-year guidance.

Coupang, a Seattle-based e-commerce company, rose 3.1% after UBS upgraded its shares to buy from neutral, emphasizing its expanding portfolio and strong logistics network.

Dell’s shares rose 2% after Evercore ISI raised its price target, highlighting a growing artificial intelligence opportunity that could include Tesla as a customer.

Meta Platforms shares declined 0.5% as the European Union opened a probe into child safety concerns on social media platforms Facebook and Instagram.

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