Stocks Making the Biggest Premarket Moves: Nvidia, Solaredge, Teladoc, Palo Alto Networks and More

Before the commencement of trading, several companies are garnering attention with noteworthy developments:

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Nvidia:The giant chipmaker experienced a nearly 2% decline as investors grapple with concerns over the stock's perceived overvaluation ahead of the much-anticipated fourth-quarter earnings release. Nvidia is scheduled to unveil its results after the market closes on Wednesday.

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SolarEdge Technologies:Shares of SolarEdge Technologies plummeted by more than 20% following the release of mixed quarterly results. Although the solar inverter maker reported a smaller-than-expected loss for the fourth quarter, the revenue guidance for the first quarter fell significantly below analysts' expectations.

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Teladoc:The shares of the online health-care company dropped by 20% after it posted revenue and guidance that were worse than expected. Teladoc's revenue of $661 million fell short of the $671 million forecast by analysts, and the company's loss per share was 17 cents, smaller than the anticipated 21 cents. Looking at the current quarter, Teladoc provided revenue guidance between $630 million and $645 million, below the estimated $673 million from analysts.

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Palo Alto Networks:The cybersecurity stock witnessed a decline of over 23% after revising down its full-year revenue and billings guidance. While Palo Alto Networks exceeded expectations for earnings and revenue in the recent quarter, it anticipates slower growth for the full year, estimating revenue growth between 15% and 16%, compared to the initial guidance of 18% to 19%.

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RingCentral:Shares of the cloud-based communications company slipped by 5% after providing mixed guidance for the current quarter and year. However, RingCentral exceeded analysts' expectations for both earnings and revenue in the fourth quarter.

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Toll Brothers:The homebuilder stock gained 2% after reporting fiscal first-quarter earnings of $2.25 per share, surpassing the expected $1.78. Additionally, the company's revenue of $1.93 billion exceeded the anticipated $1.86 billion.

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Wendy’s:The fast-food stock experienced a 1% dip following a downgrade to neutral from overweight by JPMorgan. JPMorgan noted in a client note that an increase in promotional activity at restaurants could hinder Wendy’s stock in the coming year.

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Norfolk Southern:The stock increased by nearly 1% after receiving an upgrade from Barclays to overweight from equal weight. Analyst Brandon Oglenski expressed optimism about the anticipated management changes at the railroad operator, including the potential ousting of CEO Alan Shaw.

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Amazon:Amazon's shares rose by 1% following the announcement that it would be added to the Dow Jones Industrial Average, replacing Walgreens Boots Alliance. This change is set to take effect before the market opens on Feb. 26.

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Walgreens Boots Alliance:The retail pharmacy stock slid 3% after the news that it would be replaced by Amazon in the 30-stock Dow Jones Industrial Average.

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HSBC:Shares of HSBC declined by 7% after the bank reported a full-year pretax profit for 2023 that missed analysts' expectations. Although HSBC's pretax profit climbed 78% to a record $30.3 billion, it fell short of the median estimate of $34.06 billion anticipated by analysts polled by LSEG. CEO Noel Quinn attributed the miss to a $3 billion "valuation adjustment" due to a 19% stake in a Chinese bank.

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Wingstop:Shares of Wingstop were down 3.9% ahead of the restaurant chain’s earnings report. Analysts expect Wingstop to report $120 million in revenue and earnings per share of 57 cents for the fourth quarter, with the stock having risen more than 26% year to date.

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Analog Devices:Shares of Analog Devices fell by 1.3% after the company issued weaker-than-expected second-quarter earnings guidance. However, the semiconductor company's first-quarter results surpassed expectations on both the top and bottom lines, according to analysts polled by FactSet. Analog Devices forecasts adjusted earnings of $1.26 per share, give or take 10 cents, below the FactSet consensus estimate of $1.56 per share.

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