Stocks with the biggest gains before the market: SEDG, TDOC, PANW | Private Equity Weekly
Check out the companies making headlines before the market opens. Nvidia — Shares of the chipmaker giant fell nearly 2% as investors worried the stock was overvalued ahead of its widely anticipated fourth-quarter earnings report. Nvidia is scheduled to report results after the market close on Wednesday. SolarEdge Technologies — Shares fell more than 20% after the company reported mixed quarterly results. The solar inverter maker reported a smaller-than-expected fourth-quarter loss. However, first-quarter revenue guidance was well below analysts’ expectations. Teladoc — The online healthcare company reported weaker-than-expected revenue and guidance, sending its shares down 20% in the morning. Teladoc’s revenue was $661 million, below the $671 million forecast by analysts polled by LSEG. The company reported a loss of 17 cents per share, below the 21 cents expected by analysts polled. For the current quarter, Teladoc expects revenue in the range of $630 million to $645 million, below the $673 million forecast by LSEG analysts. Palo Alto Networks — The cybersecurity stock fell more than 23% after lowering its full-year revenue and billing guidance. Palo Alto Networks beat profit and revenue estimates in its latest quarter but said it expects full-year growth to slow. The company expects revenue growth this year to be between 15% and 16%, compared with initial guidance of 18% to 19%. RingCentral — Shares of RingCentral fell 5% after the cloud-based communications company issued mixed guidance for the current quarter and year. RingCentral, on the other hand, reported fourth-quarter results that beat analysts’ earnings and revenue estimates. Toll Brothers — Shares of Toll Brothers rose 2% after the homebuilder reported fiscal first-quarter earnings of $2.25 per share, beating LSEG analysts’ expectations of $1.78. The company’s revenue of $1.93 billion also beat estimates of $1.86 billion. Wendy’s — The fast-food stock fell 1% on Wednesday after JPMorgan downgraded the company to neutral from overweight. JPMorgan said in a note to clients that an increase in restaurant promotions could affect Wendy’s stock price in the coming year. Norfolk Southern — Shares of Norfolk Southern rose nearly 1% after Barclays upgraded the rail operator to overweight from equal. Analyst Brandon Oglenski wrote that he is bullish on the company’s expected management changes, including the ouster of future CEO Alan Shaw. Amazon – Shares of the e-commerce giant rose 1% on news that Amazon will join the Dow Jones Industrial Average, replacing Walgreens Boots Alliance. This change will officially take effect before the market opens on February 26. Walgreens Boots Alliance — Shares fell 3% after news that the retail pharmacy stock will be replaced by Amazon in the 30-stock Dow Jones Industrial Average. HSBC — Shares fell 7% after the bank reported full-year 2023 pre-tax profit that missed analysts’ expectations. HSBC’s pre-tax profit rose 78% last year to a record $30.3 billion, but was still below the $34.06 billion median forecast of analysts surveyed by London Stock Exchange Group (LSEG). Chief Executive Noel Quinn said the bank had been hit by a $3 billion “valuation adjustment” due to its 19% stake in a Chinese bank. Wingstop — Shares of Wingstop fell 3.9% ahead of the restaurant chain’s earnings report. Wall Street analysts polled by FactSet expected Wingstop to post fourth-quarter revenue of $120 million and earnings of 57 cents per share. The stock has gained more than 26% so far this year. Analog Devices — Shares of Analog Devices fell 1.3% after the company issued weaker-than-expected second-quarter earnings guidance, even though the semiconductor company’s first-quarter results beat expectations on both revenue and profit, according to analysts polled by FactSet. . Analog Devices forecast adjusted earnings of $1.26 per share, plus or minus 10 cents, below the FactSet consensus of $1.56 per share. —CNBC’s Michelle Fox, Alexander Harring, Fred Imbert, Sarah Min, Jesse Pound and Samantha Subin contributed reporting.
