Stocks making the biggest moves premarket: Palantir, Coca-Cola, Marriott and more
Alex Karp, CEO of Palantir arrives ahead of a “Tech For Good” meetup at Hotel Marigny in Paris on May 15, 2019, held to discuss good conduct for technology giants.
Bertrand Guay | AFP | Getty Images
Palantir — Shares of the software company surged 18% in extended trading after Palantir reported it made a profit in the fourth quarter, the first GAAP profit in the company’s history. Palantir’s revenue also came in stronger than expected.
Coca-Cola — The Atlanta-based soft drink maker gained nearly 1% after reporting revenue of $10.13 billion for the fourth quarter, topping the $10.02 billion expected by Wall Street analysts, according to Refinitiv. Adjusted earnings per share came in at 45 cents, in line with estimates.
Marriott — The hotel stock rose nearly 2% in premarket trading after Marriott beat estimates on the top and bottom lines for the fourth quarter. Marriott reported $1.96 in adjusted earnings per share on $5.92 billion in revenue. Analysts surveyed by Refinitiv were expecting $1.83 per share on $5.47 billion of revenue.
Restaurant Brands — Shares of the Burger King parent dipped 3% after it reported 72 cents in earnings per share for the fourth quarter, two cents below Wall Street estimates, according to FactSet. Restaurant Brands also announced that chief operating officer Joshua Kobza will become CEO on March 1.
Here are the stocks making notable moves before the opening bell on Tuesday, Feb. 14.
Occidental Petroleum — The energy producer rose more than 1% in premarket after Goldman Sachs upgraded it to buy from neutral. The Wall Street firm said the upgrade came after the stock’s recent underperformance, adding that the current valuation is difficult to reconcile with the quality of the underlying assets and cash flow power through an entire economic cycle.
Fidelity National Information Services — The fintech stock added more than 1% premarket after Morgan Stanley upgraded FIS to overweight from equal weight. Analyst James Faucette said shares are due for a bounce based on “a greater M&A focus, likely derisked numbers, compelling valuation, and a more favorable [venture capital] backdrop.”
Palo Alto Networks — The cybersecurity stock added 1% premarket after Goldman Sachs initiated coverage with a buy rating. The investment firm said in a note to clients that Palo Alto was ahead of its rivals in key areas and could see its stock rise more than 20%.
SolarEdge Technologies — The solar energy stock slid more than 4% premarket despite SolarEdge beating estimates on the top and bottom lines for the fourth quarter, according to StreetAccount. The company’s CEO did warn of potential “softness” in the first half of 2023, according to a transcript of the earnings call.
First Solar — The solar stock slipped more than 2% premarket following a downgrade from Evercore ISI. The investment firm said that the good news for First Solar may already be priced in.
Cadence Design Systems — The electronics design stock rose 5% premarket after Cadence beat estimates on the top and bottom lines for the fourth quarter, according to StreetAccount. The company’s guidance for the first quarter and the 2023 full year also topped estimates.
Amkor Technology — The semiconductor stock fell about 3% premarket after Amkor’s fourth quarter earnings per share came in at 67 cents, three cents below estimates, according to StreetAccount. Amkor’s guidance for earnings and revenue was also below estimates.
Zoetis — Shares of the animal pharmaceutical stock rose about 2% after Zoetis reported $1.15 in adjusted earnings per share, matching analyst estimates, according to StreetAccount. Revenue came in slightly higher than expected. Piper Sandler called the quarter a “win for now,” given economic uncertainty.
— CNBC’s Sarah Min and Michell Fox Theobald contributed to this report.