Walmart Inc (NYSE:WMT) saw back-n-forth dealing in premarket – at first popping up to trade near $161, before falling back as opening bell approached. At $157.98, the stock was down 0.8% with under an hour to the start of regular market hours.
The supermarket behemoth raised its guidance for the second quarter in a row after reporting revenue and earnings above expectations. The Bentonville, Arkansas-based firm said the increase reflected "Q2 upside, confidence in continued business momentum and ongoing customer response to its value proposition".
For the three months to July 31, 2023, the flagship retailer reported revenue rose 5.7% to $161.6 billion from $152.9 billion the year before, ahead of forecasts of $160.27 billion, while adjusted EPS rose 4% to $1.84 from $1.77, compared to the $1.71 consensus.
Dole stock was up more than 3% after it reported solid growth in revenue and earnings in the second quarter driven by a strong performance in its fresh fruit business. Net income for the quarter rose 8.1% to $52.3 million, while adjusted Ebitda totalled $122.7 million, up from $111.8 million last year.
Cisco Systems (NASDAQ:CSCO) stock was on the rise in Thursday’s premarket deals, after a strong 4Q earnings report that came in ahead of expectations last night.
Revenue came in at $15.2 billion for the quarter vs Wall Street consensus of $15.05 billion, whilst earnings per share came in at $1.14 which was better than the forecasted $1.06.
Wolfspeed stock plummeted 16% lower ahead of Thursday’s open after the semiconductor firm reported a wider-than-expected loss – 42 cents per share vs Wall Street consensus of 20 cents.
Semiconductor peer Synopsys fared better, with its stock up 1.6% this morning, as its quarterly results beat expectations – with earnings of $2.88 per share on revenue of $1.49 billion compared with forecasts for $2.47 and $1.48 billion, respectively.
Madison Square Garden, Inc (NASDAQ:MSG) told investors that the Knicks and Ranger both reaching the playoffs significantly boosted its fiscal 2023 top-line growth. MSGS reported revenues of $887.4 million, marking an 8% increase from the prior year. The company's operating income stood at $85.2 million, down 1% from the previous year.
Coach and Kate Spade parent Tapestry Inc (NYSE:TPR) stock was on the back foot in Thursday’s premarket, reporting its fourth-quarter earnings slightly light of market expectations. It comes against a more challenging backdrop for luxury brands, albeit Tapestry remains bullish enough in the sector to last week agree the acquisition of Michael Kors and Jimmy Choo owner Capri in an $8.5 billion deal.