Stocks making the biggest moves premarket: Walgreens Boots Alliance, Estee Lauder, RH and more
Check out the companies making headlines before the bell. Walgreens Boots Alliance — Shares dipped 1.6% after the company’s fiscal second quarter report was released. Walgreens generated $37.05 billion in revenue for the quarter, topping the LSEG forecast of $35.86 billon. However, the company also narrowed its full-year adjusted earnings guidance due in part to a “challenging retail environment.” Estee Lauder — Shares rose more than 3% after a Bank of America upgrade to buy from neutral. The firm cited profitability recovery efforts, new products and improving share in the prestige beauty sector. Allstate — The insurance stock rose 0.9% following an HSBC upgrade to buy from hold. Analyst Vikram Gandhi highlighted the company’s “decisive management actions” and a less restrictive regulatory backdrop. RH — The stock surged more than 9% premarket. Although RH missed on both top and bottom lines in the fourth quarter, the company is forecasting better-than-expected revenue growth in 2024 thanks to improving demand trends. Management is guiding for full-year revenue growth to fall between 8% to 10%, while analysts polled by FactSet had forecasted 6.4%. TD Synnex —Shares fell 4.7% after the company launched a secondary public offering of 9 million common shares currently held by Apollo Global Management. The IT company also authorized the concurrent repurchase of 500,000 shares, as part of its existing share purchase program. Chemours — Shares tumbled more than 8% after the chemicals company said it was cooperating with the Securities and Exchange Commission and the U.S. Attorney’s Office concerning its internal audit of its financial practices. An internal review found executives manipulated cash flows to meet targets tied to their bonuses. Vornado Realty Trust — Shares gained 1.2% after Morgan Stanley upgraded the office building REIT to equal weight from underweight. The Wall Street firm cited improving activity, particularly in New York leasing and occupancy, where Vornado has more exposure, as compared to the West Coast or Sun Belt. — CNBC’s Jesse Pound, Sarah Min and Michelle Fox contributed reporting This post has been syndicated from a third-party source. View the original article here.
