Check out the companies making headlines before the opening bell: Intel — Chip stocks soared more than 7% in premarket trading as demand for core x86 processors for PCs recovered and the company reported better-than-expected earnings. Ford Motor Company – The Detroit automaker rose 4.2% after reporting a third-quarter profit beat. Ford’s adjusted earnings per share were 45 cents, beating the 36 cents expected by analysts surveyed by LSEG. Revenue came in at $47.19 billion, compared to the consensus estimate of $43.08 billion. Applied Materials — Shares fell slightly after the chip equipment maker announced it would lay off 4% of its workforce. The company said in a statement Thursday that it has begun notifying affected employees around the world “across all levels and groups.” Alphabet — Google’s parent company’s stock rose more than 1% after AI company Anthropic and Google formally announced a cloud partnership. The deal is worth tens of billions of dollars and gives Anthropic access to up to one million of Google’s custom-designed Tensor Processing Units (TPUs). Target — Shares of the major retailer rose slightly after the company announced it would cut 1,800 employees, about 8% of its workforce. This is the first major layoff in a decade for the Minneapolis-based retailer. Comfort Systems — HVAC stock rose more than 18% after a better-than-expected third-quarter earnings report and dividend increase. Comfort Systems’ earnings were $8.25 per share and $2.45 billion, compared with analyst estimates compiled by FactSet of $6.29 per share and $2.16 billion, respectively. Deckers Outdoor — Deckers, the owner of the Hoka and Ugg shoe brands, saw its stock plummet 12% after its earnings forecast fell short of expectations. Deckers expects full-year sales of about $5.35 billion, below the $5.45 billion expected by analysts surveyed by LSEG. Coinbase – The stock rose 3% after JPMorgan upgraded the cryptocurrency exchange’s stock from neutral to overweight and raised its price target from $342 to $404. The bank cited Coinbase’s consideration of a token launch linked to decentralized finance platform Base and efforts to attract more customers to the exchange’s subscription service Coinbase One as potential catalysts for stock growth. Procter & Gamble — Shares rose 3.6% after the consumer goods company’s first-quarter results beat Wall Street expectations. Procter & Gamble reported adjusted earnings of $1.99 per share on revenue of $22.39 billion. Analyst estimates compiled by LSEG were for EPS of $1.90 and revenue of $22.18 billion. Boston Beer — Shares rose 2% after the maker of Samuel Adams beer and Twisted Tea beverages reported better-than-expected third-quarter profits and raised its full-year outlook. Third-quarter earnings were $4.25 per share, beating analysts’ expectations for earnings of $3.33 per share, according to FactSet. The company expects full-year earnings, including tariffs, to be in the range of $7.80 to $9.80 per share, exceeding previous expectations of $6.72 to $9.54 per share. Boyd Gaming — Shares fell 1.7% after the online gaming and casino company reported third-quarter results fueled by the sale of FanDuel stock. Boyd Gaming posted earnings of $1.72 per share on revenue of $1 billion. Analysts polled by FactSet expected earnings of $1.62 per share and revenue of $875.1 million. SLM Corp — Consumer bank shares rose 8% in premarket trading after the company raised its full-year profit outlook, but investors welcomed strong buyback activity. However, SLM’s third-quarter earnings per share were 63 cents, below FactSet’s estimate of 80 cents. — CNBC’s Sarah Min, Alex Harring, Michelle Fox and Elizabeth Napolitano contributed reporting.
Intel, Ford, Deckers, P&G, Comfort Systems, etc.
