Check out the companies making headlines before the bell. Qualcomm — The semiconductor stock fell 2% after Citi was downgraded from buy to neutral. Although Qualcomm beat expectations for both profit and revenue in the fourth quarter, Citi analyst Christopher Daenley was disappointed with the company’s weaker-than-expected outlook for the current quarter. General Motors — Morgan Stanley maintains Overweight rating and raises stock price target as General Motors focuses on internal combustion engine vehicles as all-electric models fail to gain enough traction among consumers The stock price rose about 1%. The company’s shares trade at a low multiple relative to expenses, highlighting the company as an important catalyst for investors. Nextracker — Shares of the solar technology company rose 17% on bullish calls from analysts following strong quarterly results and guidance hikes. Barclays maintained an Overweight rating on the stock, saying the company’s positioning with U.S. suppliers will lead to market share growth and “superior gross margins relative to industry peers.” Bank of America also maintained a buy rating on NextTracker’s stock, pointing to the strength of its earnings growth. Wolfspeed — Semiconductor stocks fell 5% after the market Wednesday after the company gave a weak earnings outlook. Wolfspeed expects fiscal third-quarter sales to range from $185 million to $215 million, below LSEG’s forecast of $224 million. However, Wolfspeed reported a smaller-than-expected second-quarter loss and higher sales. ChargePoint — TD Cowen raises price target after saying ChargePoint could be a “potential long-term winner” even though the company expects 2024 to be another tough year for him , the electric vehicle charging company’s stock rose his 3.7%. CH Robinson — The logistics company fell more than 6% after missing revenue and earnings expectations due to a challenging demand and price environment. CH Robinson reported adjusted earnings of 50 cents per share, while analysts had expected 81 cents per share, according to LSEG. Revenue came in at $4.22 billion, below analysts’ expectations for the quarter of $4.34 billion. Peloton — The digital fitness company announced mixed results and a dismal quarterly outlook in its second quarter results. Peloton reported a slightly better-than-expected loss of 54 cents per share, 1 cent more than analysts expected, according to LSEG. However, sales exceeded expectations, bringing in $743.6 million versus the expected $733.5 million. The stock price fell more than 6% premarket. Merck — The pharmaceutical giant rose 1.8% as fourth-quarter sales and profits beat consensus estimates, helped by strong demand for its blockbuster cancer drug Keytruda and HPV vaccine Gardasil. Merck earned 3 cents a share after excluding items including costs related to its agreement with Japanese drugmaker Daiichi Sankyo to co-develop three highly popular cancer drugs. Honeywell International — Industrial shares fell nearly 3% after Honeywell’s fourth-quarter sales fell short of expectations. The company reported revenue of $9.44 billion, compared to the $9.7 billion expected by analysts surveyed by LSEG. Organic sales were up just 2% year over year. Align Technology — Shares rose 16% after the medical device stock beat Wall Street expectations for the fourth quarter and provided strong guidance. Align’s profit excluding items was $2.42 per share on revenue of $957 million, beating the consensus estimates of analysts compiled by LSEG of $2.18 per share and revenue of $934 million. . The company also said it expects first-quarter revenue to be between $960 million and $980 million, higher than analysts’ expectations of $947 million. NORFOLK SOUTHERN — Railway stocks rose 7.1% as a group of investors led by Ancora Holdings acquired a large stake in Norfolk South. The group is planning a proxy fight to take control of the company’s board and oust the company’s chief executive, The Wall Street Journal reported. —CNBC’s Alex Harring, Lisa Kailai Hung, Tanaya Machel, Jesse Pound and Michelle Fox Theobald contributed reporting.
Stocks making the biggest moves pre-market: QCOM, MRK, GM
