Farfetch, Deere, Applied Materials and more
Luxury fashion items are displayed next to tablets at the launch of the Farfetch “Store of the Future”[ads1]; pop-up exhibition at the Design Museum in London, Britain, Wednesday, April 12, 2017.
Luke MacGregor | Bloomberg | Getty Images
Check out the companies making headlines before the bell.
Foot Locker — Shares fell more than 23% after a disappointing quarterly earnings report Thursday after the bell. The shoe retailer missed analysts’ expectations for both earnings and turnover in the first quarter.
Disney — The company’s stock fell 0.9% in premarket trading. Earlier on Friday, Macquarie Research downgraded Disney shares to neutral from outpacing uncertainty surrounding the growth of the streaming services.
Nike — Shares fell more than 2% on news that the company could face more than $530 million in fines for misclassifying thousands of independent contractors, according to a report from The Guardian.
Bath & Body Works — Shares retreated 2.2% after rising 10.7% in previous trade. The longtime mall retailer delivered better-than-expected earnings for its fiscal first quarter and raised its full-year guidance in its earnings announcement Thursday.
Catalent — The drugmaker’s shares fell nearly 6% after delaying its fiscal third-quarter earnings announcement Friday before the bell. Catalent cut its full-year revenue and revenue guidance ahead of the business update.
Applied Materials – Shares of the chipmaker fell more than 1% premarket despite the company posting earnings and revenue for the latest quarter that beat Wall Street expectations. It also gave positive guidance for the third quarter.
Farfetch — Shares of the luxury fashion platform rose 25.5% on Friday morning. The company’s first quarter profit of 43 cents per share missed analyst estimates from Refinitiv by 1 cent. However, revenue of $556 million was higher than Wall Street’s expectations of $513 million.
DXC Technology – The IT company saw its shares fall 3.5% following its latest financial results. DXC posted revenue that came in below analysts’ expectations from FactSet and earnings that were roughly in line with expectations. It also announced the departure of chief financial officer Ken Sharp later this year.
Bloom Energy — Shares of the clean energy stock jumped 6.2% in premarket trading on the back of an upgrade to overweight from neutral by JPMorgan, which said there is a buying opportunity in the stock after a recent drop.
Deere — Shares of the tractor maker rose nearly 4% after it announced an earnings and revenue pace for its fiscal second quarter. Deere delivered $9.65 in earnings per share and $17.39 billion in revenue. Analysts surveyed by Refinitiv had expected earnings of $8.59 per share and $14.83 billion in revenue.
Gen Digital — Gen Digital climbed 1.5% after Evercore ISI initiated coverage of the cybersecurity company with an outperform rating. Analyst Peter Levine said the company has become the “leading consumer cybersecurity platform.”
— CNBC’s Alex Harring, Sarah Min, Tanaya Macheel and Brian Evans contributed reporting