Stocks making the biggest moves premarket: Intel, Palo Alto Networks, Best Buy and more
Check out the companies making headlines before the bell. Intel – Shares of the chipmaker jumped around 6% after it was announced that SoftBank will make a roughly $2 billion investment in the company, paying $23 per share for Intel’s common stock. This comes as the U.S. government reportedly has been considering taking a stake in Intel. Palo Alto Networks – The cybersecurity stock gained more than 6% after the company’s fiscal fourth-quarter results topped Wall Street’s expectations. Palo Alto also posted better-than-expected first-quarter and full-year guidance and announced that its founder and chief technology officer, Nir Zuk, is retiring. The results lifted shares of other names in the space, with CrowdStrike , Zscaler and Fortinet all up around 1%. Fabrinet – The stock dropped nearly 10%, even as its fiscal fourth-quarter results topped expectations. Its adjusted earnings of $2.65 per share just barely beat the $2.64 per share that analysts polled by FactSet were expecting. Its revenue of $909.7 million topped the consensus estimate of $883.1 million. Additionally, the company announced upbeat earnings and revenue guidance for the first quarter. Fabrinet’s stock has climbed nearly 49% year to date. Viking Holdings – Shares fell more than 2% following its latest quarterly results. Viking’s second-quarter adjusted earnings of 99 cents per share came in line with analyst expectations, according to FactSet, while its revenue for the quarter of $1.88 billion beat the $1.85 billion that was anticipated. The company also said that it plans to take delivery of six river vessels during the rest of this year. Best Buy – The consumer electronics retailer rose 2% following the launch of its third-party marketplace , which will expand its product offerings to shoppers. Xpeng – U.S. shares of the Chinese electric car startup popped more than 3% on the heels of the company posting a smaller-than-expected loss for the second quarter, per FactSet. Its revenue for the period also topped analyst estimates. Tegna – Shares climbed nearly 6%. Television broadcaster Nexstar Media and Tegna announced Tuesday that Nexstar has agreed to acquire Tegna for $3.54 billion . The deal is expected to close by the second half of next year. Nexstar Media shares also rose, climbing nearly 9%. Home Depot – Shares of the home improvement retailer added 1%. Despite the company missing on both lines for the first time since 2014, it maintained its full-year outlook. — CNBC’s Alex Harring and Michelle Fox Theobald contributed reporting.
