Check out the companies making the biggest moves in premarket trading:
Signage outside Palo Alto Networks headquarters in Santa Clara, California, U.S., on Thursday, May 13, 2021.
David Paul Morris | Bloomberg | Getty Images
Palo Alto Networks — The security software vendor soared 12.5% following an earning’s beat after the Friday market close. Fiscal fourth quarter adjusted earnings per share came in at $1.44, topping the $1.28 expected from analysts polled by Refinitiv. Revenue, however, fell short.
Earthstone Energy, Permian Resources — Earthstone jumped 7.5% in the premarket after Permian Resources agreed to buy the oil and gas company in an all-stock deal valued at about $4.5 billion, including debt. Permian fell 3.4%.
Nvidia — The leading AI semiconductor maker gained 2.6% premarket after HSBC reiterated a buy rating and raised its target price. The bank’s new forecast implies more than 80% upside from Friday’s close. Baird also named Nvidia a top pick over the weekend, noting that with AI momentum running at full speed, Nvidia will continue to benefit from higher demand.
Napco Security Technologies — Shares plunged nearly 36% after the maker and designer of school safety solutions disclosed postmarket Friday that an audit found errors in financial statements from fiscal quarters ending in September, December and March. Gross profit, operating income and net income in each period were overstated, Napco said.
XPeng — XPeng popped nearly 6% after Bank of America upgraded shares to buy from neutral, citing an improved outlook for the Chinese electric vehicle maker thanks to its partnership with Volkswagen and improving cost structure.
Tesla — The EV maker gained about 3%, after losing more than 11% last week amid news of price cuts on existing Model S and Model X inventories in China.
VMware — Shares climbed 5.2% before the open Monday after Broadcom said it received final transaction approval from the United Kingdom’s Competition and Markets Authority for an acquisition of the cloud computing company. Broadcom expects other required regulatory approvals before Oct. 30. Broadcom was 0.9% higher in the premarket.
Farfetch — Shares rose more than 2% Monday premarket, after plunging 45% Friday. The e-commerce fashion platform’s shares tanked after second quarter revenue came in lower than expected. The company’s revenue guidance for the full year was also weaker than analysts had estimated.
— CNBC’s Samantha Subin, Alex Harring, Hakyung Kim and Pia Singh contributed reporting.
