C3.Ai, Zscaler, ChargePoint, And More Make Big Premarket Moves

‍C3.ai

C3.ai's shares surged 17% after it reported third-quarter results that exceeded expectations. There was a narrower-than-expected loss for the enterprise artificial intelligence company last quarter, according to Refinitiv, in comparison to estimates for a 22-cent loss per share. A total of $66.7 million was also reported as revenue for the quarter, exceeding the $64.2 million that had been expected.

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Hewlett Packard Enterprise

Hewlett Packard Enterprise's latest quarterly earnings topped Wall Street estimates, adding nearly 3% to the stock. Revenue of $7.81 billion was reported by the company last quarter, and adjusted earnings per share were 63 cents. Refinitiv's analysts polled predicted earnings of 54 cents a share on revenue of $7.43 billion based on earnings per share of 54 cents.

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ChargePoint Holdings

ChargePoint Holdings shares plunged 11% after the company reported a revenue miss during the quarter. The electric vehicle infrastructure company reported fourth-quarter revenue of $152.8 million, which is less than the projected $164.6 million, according to FactSet's consensus estimates for the quarter. Additionally, the company provided a lackluster outlook for the future.

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Zscaler

Zscaler shares fell 11% in premarket trading despite Zscaler beating expectations on both the top line and bottom line for the fourth quarter, despite the company beating expectations on both fronts. There were adjusted earnings per share of 37 cents for the company, which was higher than the 29 cents expected by analysts, according to Refinitiv. As a result, several analysts have pointed to the billings guidance as a sign of weakness, with Stifel analyst Adam Borg writing to clients that the guidance was "muted" in a note.

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First Solar

UBS upgraded First Solar to buy from neutral, and raised its price target on the stock to $270, saying tax credits will help the stock gain more than 20% over the next few years.

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Marvell Technology

Marvell Technology's stock plummeted by 8% after the company reported mixed fourth-quarter earnings. Refinitiv reported that the semiconductor company reported adjusted earnings of 46 cents per share, just one cent below analysts' estimates, according to a report by the company. During the quarter, the company generated revenue of $1.42 billion, beating the consensus estimate of $1.40 billion.

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Apple

There was a gain of 1% in Apple shares after Morgan Stanley reiterated its overweight rating on the company, saying that investors should look beyond Apple's near-term challenges in order to find powerful catalysts. Compared to Thursday's closing price, his $180 price target implies a 20% gain.

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Procter & Gamble

JPMorgan upgraded the consumer staples company to overweight from neutral in the premarket. Procter & Gamble is becoming one of the leading earnings compounders in the second half of the year, according to the Wall Street firm which said the consumer is resilient.

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Broadcom

As a result of Broadcom beating Wall Street estimates on the top and bottom lines, the company's shares rose 1.5%. The semiconductor manufacturing company reported first-quarter earnings of $10.33 per share, net of items, on revenues of $8.92 billion. Among the analysts polled by Refinitiv, earnings per share were expected to be $10.10 on revenues of $8.90 billion on a per-share basis.

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Nordstrom

Nordstrom shares jumped 0.6% after the retailer reported a beating of consensus earnings per share estimates from Refinitiv for its fourth quarter. The revenue, however, fell short of expectations.

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Costco Wholesale

Shares of Costco Wholesale fell 2.6% after the company reported a revenue miss in its fiscal second-quarter earnings report. In terms of revenue, the wholesale retailer reported a $55.27 billion figure, less than the $55.54 billion consensus estimate, according to Refinitiv. However, Costco's earnings per share surpassed expectations on the whole.

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Dell Technologies

There was a drop of more than 3% in Dell Technologies stock even after the company reported quarterly earnings of $1.80 per share ex-items on revenue of $25.04 billion resulting in a loss of more than 3% for the quarter. Wall Street expected per-share earnings of $1.63 on revenue of $23.39 billion.

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Victoria’s Secret 

Victoria's Secret shares fell 3% after the company reported mixed earnings for the fourth quarter. During the third quarter of the year, the lingerie retailer posted earnings per share of $2.47 ex-items on revenues of $2.02 billion. The consensus estimate of analysts polled by Refinitiv was that the company would earn $2.34 per share on revenue of $2.02 billion.