Check out the companies making headlines before the bell
Target – Target shares popped nearly 8% before the market opened even as the retailer slashed its full-year forecast and posted revenue for the recent quarter that fell short of Wall Street’s expectations. The company posted earnings of $1.80 a share, versus the $1.39 expected by analysts polled by Refinitiv. Revenue came in at $24.77 billion, lighter than the $25.16 billion that was estimated.
Tesla – The electric vehicle stock lost more than 2% premarket on news that it cut prices on existing Model S and Model X inventories in China.
Cava – Shares of the Mediterranean fast-casual chain jumped more than 9% after posting a profit in its first quarterly report following its initial public offering. Revenue surged 62% in the latest quarter to nearly $173 million as Cava opened new stores.
Coinbase – Shares of the U.S. cryptocurrency exchange rose about 4% before the bell after the National Futures Association, a CFTC-designated self-regulatory organization, cleared the company to operate a futures trading service alongside its existing spot crypto trading offering.
TJX Companies – The off-price retailer’s stock rose 3% on stronger-than-expected quarterly results. TJX posted adjusted earnings of 85 cents per share on $12.76 billion in revenue. That came in ahead of the 77 cents and $12.45 billion expected by analysts, per Refinitiv.
Coherent – Coherent plunged more than 23% before the bell after posting weaker-than-expected guidance for the fiscal first quarter and full year. The company attributed the disappointing outlook to expectations for “no meaningful improvement” in the macroeconomic environment, including China.
JD.com – U.S.-listed shares of JD.com dropped 5% even after the China-based e-commerce company surpassed expectations for the recent quarter on the top and bottom lines.
H&R Block – The tax preparer’s stock jumped more than 4% after topping fiscal fourth-quarter earnings expectations and hiking its dividend by 10%. H&R Block earned $2.05 adjusted per share on revenues of $1.03 billion. Analysts polled by Refinitiv had estimated $1.88 in earnings and $1.01 billion in revenue.
Agilent Technologies – Shares lost 2.5% in the premarket after the laboratory technology company cut its full-year guidance, citing a softer macroenvironment. Agilent topped its third-quarter revenue and EPS expectations, posting adjusted earnings of $1.43 a share on $1.67 billion in revenue.
Jack Henry & Associates — Jack Henry & Associates dropped 6.3% in the premarket. The financial tech company issued full-year earnings guidance for June 2024 that was weaker than expected; it forecast per-share earnings in the range of $4.92 to $4.99, while analysts polled by FactSet expected $5.35. Otherwise, it beat analysts’ expectations in its most recent quarter. Jack Henry reported fiscal fourth-quarter earnings of $1.34 per share, better than the consensus estimate of $1.19 per share, while revenue of $534.6 million topped analysts’ $512.8 million estimate.
Mercury Systems — The aerospace technology stock fell about 11% in premarket trading after fiscal fourth-quarter results came in short of analyst expectations. Mercury reported 11 cents of adjusted earnings per share on $253.2 million of revenue. Analysts surveyed by FactSet’s StreetAccount were expecting 52 cents per share on $278.8 million of revenue. Guidance for the 2024 fiscal year also missed estimates on several metrics, as the company said it was entering a “transition year.”
— CNBC’s Sarah Min, Jesse Pound and Tanaya Macheel contributed reporting