The Walmart logo is displayed outside their store near Bloomsburg.
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Check out the companies making the biggest strides in premarket trading:
Walmart — Walmart shares fell about 4% before the bell after sharing a prudent outlook for the year as consumers shop less and buy fewer discretionary items. The move in stocks came even after the retail giant beat expectations for both the top and bottom line for the holiday quarter.
Home Depot – Retail shares fell 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 in revenue. Analysts polled by Refinitiv were expecting earnings of $3.28 per share on revenue of $35.97 billion. Home Depot also said it expected sales to remain flat in the new fiscal year.
Vir Biotechnology – The immunology business rose nearly 11% after being upgraded to buy from neutral by Goldman Sachs. The Wall Street firm believes the stock could double, citing Vir’s publication of flu vaccine data in the coming year.
AutoNation – The car dealership fell 2.1% after being downgraded from neutral to underweight by JPMorgan. Analyst Rajat Gupta said the company is starting to look overvalued amid the downturn in consumer demand for vehicles.
HSBC Holdings – The bank gained about 4% after reporting a fourth quarter that beat expectations. HSBC cited strong reported revenue growth and lower reported operating expenses.
Medtronic – The healthcare technology company rose 2.3% after reporting adjusted fiscal third-quarter earnings per share of $1.30, higher than estimates of $1.27 per StreetAccount. Sales also exceeded expectations.
General Mills — Shares of General Mills rose more than 1% before the bell after the Cheerios maker raised its full-year forecast, citing resilient consumer demand.
Generac Holdings — Shares fell more than 2% after being downgraded to holding from buying by Truist. The Wall Street firm cited high interest rates and higher product prices as a significant risk to Generac’s 2023 financials.
– CNBC’s Sam Subin, Jesse Pound and Michael Bloom contributed reporting.
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