Check out the companies that are making headlines before the bell:
Home Depot (HD) – The building materials retailer exceeded quarterly estimates by 3 cents, with a profit of $ 2.65 per share. Revenue was also above estimates. Comparable store sales increased 24.5% during the fourth quarter, more than the consensus estimate of 19.2% of analysts surveyed by FactSet. Home Depot is not providing guidance for 2021, however, due to uncertainty related to the pandemic. The shares fell 2.7% in the pre-market.
Macy’s (M) – The retailer reported an adjusted quarterly earnings of 80 cents per share, well above the consensus estimate of 12 cents, with revenue also staying above Wall Street forecasts. Comparable store sales fell 17.1% on own + licensed basis, less than the 21.3% drop anticipated by analysts surveyed by Refinitiv. Macy’s shares were up 2.2% in pre-market stocks.
Tesla (TSLA) – Tesla’s shares fell more than 5% in the premarket on Tuesday after suffering its biggest single-day loss in months on Monday. Wedbush analyst Dan Ives warns that Tesla’s share price is now directly related to the price of bitcoin after the electric vehicle manufacturer’s investment in the cryptocurrency.
Palo Alto Networks (PANW) – Palo Alto Networks reported adjusted quarterly earnings of $ 1.55 per share, 12 cents above estimates, with the company’s cybersecurity revenue also exceeding forecasts. Palo Alto released a weaker than expected earnings outlook for the current quarter, but noted the opportunities provided by the massive SolarWinds hack. The shares fell 3.7% in the pre-market.
Churchill Capital IV (CCIV) – Lucid Motors will go public through a merger with the blank check company in a deal that values the combination at $ 24 billion. The deal would inject $ 4.4 billion into the California-based luxury electric vehicle maker. Churchill Capital shares fell 34.5% in the pre-market.
InterContinental Hotels Group (IHG) – The IHG reported an operating loss of $ 153 million in 2020, hampered by the Covid-19 pandemic and resulting blockages. However, the company said that its Holiday Inn Express brand has outperformed important markets and that global travel is starting to recover. The shares rose 1.2% in the pre-market.
Johnson & Johnson (JNJ) – J&J is setting aside $ 3.9 billion in talc-related litigation, according to a SEC filing. In November, the company said it would set aside $ 2.1 billion for talc cases, as it faces thousands of lawsuits alleging that its products cause cancer.
Occidental Petroleum (OXY) – Occidental lost 78 cents per share adjusted in its last quarter, greater than the 59 percent loss analysts had predicted. Revenue also lost forecasts. The failure occurred despite the recovery in oil and gas prices. The shares fell 2.2% in the pre-market.
Shopify (SHOP) – Shopify priced 1.18 million shares at $ 1,315 per share, with the e-commerce platform provider hoping to raise about $ 1.55 billion from the sale. Shopify plans to use the resources to strengthen its balance sheet. The shares fell 5.5% in pre-market share.
Carnival (CCL) – The cruise operator’s shares fell 3.4% before the market after it priced an offer of about 40.45 million common shares at $ 25.10 per share, with the cruise operator looking to raise about $ 1 billion to be used for general corporate purposes. The cruise industry was closed during the pandemic.
RealReal (REAL) – RealReal lost 49 cents adjusted per share in its last quarter and recorded revenue that was also below analysts’ forecasts. The second-hand luxury goods seller said 2020 was a challenging year, with the pandemic “temporarily interrupting” its path to profitability. The shares fell 10.8% in the pre-market.
ZoomInfo (ZI) – ZoomInfo rose 8.1% in the pre-market after exceeding estimates by 2 cents with adjusted quarterly earnings of 12 cents per share. The revenue from the marketing database provider also exceeded forecasts. ZoomInfo also provided an optimistic outlook for the current quarter and the entire year.
AMC Entertainment (AMC) – The stock operator’s shares jumped 3.4% ahead of the market after news that New York cinemas will reopen with limited capacity on March 5.
Wells Fargo (WFC) – The bank announced an agreement to sell its Wells Fargo Asset Management unit to private equity firms GTCR and Reverence Capital for $ 2.1 billion. Wells Fargo will maintain a 9.9% stake in the business.
Dollar General (DG) – Dollar General is taking steps to find a possible successor for CEO Todd Vasos, according to people familiar with the matter who spoke to Reuters. The sources say that Vasos has not communicated any intention to leave the discount retailer when his contract expires in June, calling the process “good governance”.
—Sara Salinas from CNBC contributed to this report.