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Up:
VF Corporation's stock rose 8.2% after the company announced a definitive agreement to sell its Supreme brand to EssilorLuxottica for $1.5 billion in cash. The transaction is expected to close by the end of the year. The sale of the Supreme brand is seen as a positive move, providing VF with significant cash inflow and potentially improving its financial position.
Johnson & Johnson's stock rose 3% premarket despite reporting higher Q2 adjusted earnings and net sales. The decline was primarily due to the company lowering its full-year adjusted earnings forecast. Investors reacted negatively to the revised outlook, overshadowing the positive quarterly results.
Down:
Five Below shares fell 21% in after-hours trading. The retail chain announced that its fiscal Q2 net income would range between $0.53 to $0.56 per share on sales of $820 million to $826 million. This guidance is below the consensus estimates of $0.65 per share on $839.8 million in sales. Additionally, the company named Kenneth Bull as interim CEO, succeeding Joel Anderson. The transition in leadership and lower-than-expected financial projections contributed to the stock's decline.
Shares of Nvidia dropped 5.6%. Investors are reacting to geopolitical tensions between China and Taiwan, which could impact the semiconductor industry. The market is also concerned about an inventory glut as companies have stockpiled chips over the years.
Elevance Health's stock dropped more than 5.5% premarket. The company announced that it expects full-year 2024 adjusted earnings to be at least $37.20 per share, slightly below the analyst consensus of $37.28. Despite beating quarterly profit estimates with an adjusted EPS of $10.12, the cautious full-year outlook weighed on the stock.
Charles Schwab's stock fell 5.3% after TD Cowen downgraded the stock from "Buy" to "Hold" and adjusted the price target from $88 to $71. Despite Schwab's positive financial results, the downgrade and revised price target led to a slight decline in the stock.
GitLab's shares dropped 8.4% were in focus following reports that the company is exploring a sale after attracting acquisition interest. The company, which has a market value of about $8 billion, is working with investment bankers on the sale process. The news of potential acquisition interest, especially from peers like Datadog, has generated significant market attention.
J.B. Hunt's stock fell 7.5% premarket after the company reported Q2 results that missed estimates. Net earnings dropped to $1.32 per share, below the expected $1.51. Revenue also decreased by 7% to $2.93 billion, missing the forecast of $3.03 billion. The decline in volumes across key business segments and lower revenue put pressure on margins, contributing to the stock's decline.
