Walmart, Home Depot, Vir Biotechnology, and others leading premarket advances
Walmart — Walmart shares fell about 4% before the bell after sharing a cautious outlook for the year as consumers trade down and purchase fewer discretionary items.
The move in shares came even after the retail giant beat expectations on both the top and bottom lines for the holiday quarter.
Home Depot — The retail stock dropped 4% in premarket trading after Home Depot’s fourth-quarter report showed lighter-than-expected sales.
Home Depot reported $3.30 in earnings per share on $35.83 billion of revenue.
Analysts surveyed by Refinitiv were expecting earnings of $3.28 per share on $35.97 billion in revenue.
Home Depot also said it expected sales to be flat in the new fiscal year.
Vir Biotechnology — The immunology company jumped nearly 11% after being upgraded to buy from neutral by Goldman Sachs.
The Wall Street firm believes the stock could double, citing Vir’s release of flu vaccine data in the year ahead.
AutoNation — The car dealer fell 2.1% after being downgraded by JPMorgan to underweight from neutral.
Analyst Rajat Gupta said the firm is starting to look overvalued amid the pullback in consumer demand for vehicles.
HSBC Holdings — The bank gained about 4% after reporting fourth-quarter earnings that beat expectations.
HSBC cited strong reported revenue growth and lower reported operating expenses.
Medtronic — The health-care technology company rose 2.3% after reporting adjusted fiscal third-quarter earnings per share of $1.30, topping estimates of $1.27, per StreetAccount.
Revenue also beat expectations.
General Mills — General Mills’ stock rose more than 1% before the bell after the Cheerios maker lifted its full-year forecast, citing resilient consumer demand.
Generac Holdings — Shares slid more than 2% after being downgraded by Truist to hold from buy.
The Wall Street firm cited high interest rates and higher product prices as a meaningful risk to Generac’s 2023 financials.
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