Stocks making the biggest premarket moves: Walmart, Adobe, Cisco, Hawaiian Electric
Walmart — Shares increased by as much as 1 percent after the big-box retailer raised its full-year outlook and reported earnings and revenue that exceeded expectations. Adjusted earnings per share for the quarter were $1.84, exceeding the $1.17 predicted by Refinitv-polled analysts. Compared to the expected $160.27 billion, revenue came in at $161.63 billion.
Cisco Systems — The computer networking behemoth gained 2.2% after its earnings beat on Wednesday after the market close. Adjusted earnings per share for its fiscal fourth quarter were $1.14, exceeding the $1.06 that Refinitiv-polled analysts had predicted. The revenue was $15.2 billion, compared to the expected $15.05 billion.
Adobe – The software company’s shares increased by approximately 2% after Bank of America upgraded them from neutral to buy. The bank reported that Adobe was on the verge of becoming an artificial intelligence industry leader. Bank of America also increased its price target from $575 to $630 per share, implying an upside of more than 22% from Wednesday’s close.
Hawaii Electric Company — Concerns regarding its potential liability in Maui’s conflagration caused the utility company that oversees Maui Electric to decline by nearly 18% in premarket trading. The Wall Street Journal reported on Wednesday that Hawaiian Electric is in talks with restructuring firms. For the second time this week, Bank of America lowered its price target on the stock on Thursday, from $11 to $10.
CVS — Shares fell approximately 7% in premarket trading following the announcement that Blue Shield of California is switching from CVS to Mark Cuban’s Cost Plus Drug Company and Amazon Pharmacy. Blue Shield of California will continue to use CVS Caremark for specialty medications and complex prescriptions for patients.
— Wolfspeed Wednesday following the release of the company’s earnings report, shares fell nearly 17%. Refinitiv projected a loss per share of 20 cents for Wolfspeed’s fiscal fourth quarter, but the company reported an adjusted loss per share of 42 cents. Nevertheless, the company’s revenue exceeds projections.
— Ball Corp. Following the announcement that BAE Systems would acquire Ball’s aerospace division for $5.55 billion in cash, the stock jumped 3% in premarket trading.
VinFast Auto — Shares of the electric vehicle startup dropped nearly 5% in premarket trading as VinFast’s stock searches for its level following its debut earlier this week. The stock increased by more than 250% in the first trading session following VinFast’s merger with a special purpose acquisition company, but shares declined by nearly 19% the following day.