Stocks making the biggest moves premarket: Intel, Adobe, American Eagle Outfitters & more
Check out the companies making headlines before the bell. Intel – The stock jumped 10% after the company said it had appointed Lip-Bu Tan – who was previously the chief executive of software company Cadence Design Systems – as its new CEO. Tan is replacing interim co-CEOs David Zinsner and MJ Holthaus. UiPath – Shares fell 18% following the software company’s fourth-quarter revenue and first-quarter sales guidance missing Wall Street estimates. For the fourth quarter, UiPath posted revenue of $424 million, below the $425 million that analysts surveyed by LSEG were expecting. The company also expects revenue for the current quarter to come in between $330 million and $335 million, while analysts were looking for $368 million. Adobe – Shares dropped 6% on the heels of Adobe issuing lackluster fiscal second-quarter guidance. The company sees earnings of $4.95 per share to $5 per share on revenue of $5.77 billion to $5.82 billion in the period. Analysts had penciled in earnings of $5 per share on $5.8 billion in revenue. SentinelOne – The cybersecurity stock pulled back more than 13% after the company issued weak first-quarter revenue guidance. SentinelOne anticipates revenue for the current quarter to come in at $228 million, lower than the $235 million that analysts were expecting, according to FactSet. Fourth-quarter earnings and revenue came in better than expected, however. Tesla – Shares of the electric vehicle-maker slid 1.3%, reversing course from some of the gains seen in the previous sessions. The stock is down more than 5% on the week. American Eagle Outfitters – The retailer fell 9% after issuing disappointing guidance . American Eagle Outfitters anticipates a mid-single-digit drop in sales for its first quarter, while analysts expected a 1.3% revenue increase, according to LSEG. For the full year, it expects a low-single-digit decline in sales, versus expectations of 3% growth. However, it reported an earnings beat for the fourth quarter, and revenue in line with estimates. iRobot – Shares slid 5% after iRobot that it’s started a review of strategic alternatives including refinancing the company’s debt, as well as exploring a potential sale. Separately, the maker of the Roomba and other consumer robots reported a wider-than-expected loss in its fourth-quarter earnings results, an adjusted loss of $2.06 per share compared to the FactSet consensus estimate of a $1.73 loss. However, revenue of $172 million topped the expected $171 million. Dollar General – The discount retailer’s stock climbed 6.9% after its fourth-quarter revenue beat analysts’ expectations. Dollar General posted revenue of $10.30 billion, above the consensus estimate of $10.26 billion, per LSEG. Iren – Shares gained around 1% on the back of an upgrade to overweight from neutral by JPMorgan. The firm said the bitcoin miner has been “overly punished” this year and now trades at a good entry point for investors Wells Fargo – The bank stock rose slightly after an upgrade to outperform from sector perform at RBC Capital Markets. Wells Fargo is well positioned to take advantage of a lighter regulatory regime going forward, and the stock looks attractive after a recent pullback, according to an RBC analyst. — CNBC’s Alex Harring, Jesse Pound, Sarah Min and Michelle Fox Theobald contributed reporting.
