Take a look at some of the biggest movers in the premarket:
Best Buy (BBY) – The electronics retailer reported quarterly earnings of $2.06 per share, beating the consensus estimate of $1.70 a share. Revenue came in above estimates as well. Best Buy's comparable sales jumped 22.6%, well above the FactSet consensus estimate of 13.6%. Best Buy continues to withhold financial guidance due to uncertainty stemming from the pandemic. Shares of Best Buy were down nearly 3% in the premarket.
Dick's Sporting Goods (DKS) – The sporting goods seller named President Lauren Hobart as its new CEO, effective Feb. 1, 2021, succeeding current CEO Edward Stack. Separately, Dick's earned $2.01 per share for the third quarter, nearly doubling the $1.01 a share consensus estimate. Revenue exceeded forecasts, and a same-store sales increase of 23.2% was well above the 14.1% analysts had forecast. Shares of Dick's rose 2% in premarket trade.
Hormel (HRL) – The food producer fell a penny a share shy of forecasts, with quarterly earnings of 43 cents per share. Revenue came in below Street forecasts as well. Hormel's results were hurt by a weakening of business in its food-service segment. Hormel shares were off 4% in the premarket.
Burlington Stores (BURL) – The apparel retailer beat estimates by 13 cents a share, with quarterly earnings of 29 cents per share. Revenue came in above estimates as well. Burlington's comparable-store sales did dropped by 11%, but that was smaller than the 16.3% decline that analysts were anticipating. Burlington shares slid 3.5% in the premarket.
J.M. Smucker (SJM) – Smucker reported quarterly earnings of $2.39 per share, 16 cents a share above estimates. Revenue beat forecasts as well. The producer of Jif peanut butter, Folgers coffee and other brands also raised its full-year earnings forecast. As been the case since earlier this year, Smucker benefited from more cooking by consumers forced to spend more time at home due to the pandemic. Smucker shares rose 1.8% in premarket trading.
Abercrombie & Fitch (ANF) – The apparel retailer earned 76 cents per share for its latest quarter, compared to expectations of a near-breakeven quarter. Revenue also beat estimates, helped by stay-at-home workers and students shopping online for Abercrombie clothing. The retailer's shares jumped 8% in the premarket.
Dollar Tree (DLTR) – The discount retailer reported third-quarter profit of $1.39 per share, compared to a $1.15 a share consensus estimate. Revenue also topped forecasts. Comparable sales at the flagship Dollar Tree chain beat estimates, but same-store sales at the Family Dollar brand were slightly short of forecasts. Dollar Tree shares rose 4% in premarket trading.
McCormick (MKC) – McCormick is buying hot sauce maker Cholula for $800 million in cash. The spice and condiment company already owns the Frank's RedHot sauce brand.
Urban Outfitters (URBN) – Urban Outfitters reported quarterly earnings of 78 cents per share, beating the 45 cents a share consensus estimate. Revenue also exceeded forecasts. The apparel retailer's comparable sales at its flagship Urban Outfitters stores rose 4%, but were down 9% for its Anthropologie chain.
Nutanix (NTNX) – Nutanix lost 44 cents per share for its latest quarter, smaller than the 57 cents a share loss that analysts had been anticipating. The cloud software company's revenue was above Street forecasts. Losses widened from a year ago, however, on cautious IT spending as clients try to navigate the Covid-19 pandemic. Shares of Nutanix surged nearly 10%.
XPO Logistics (XPO) – XPO has restarted the process of selling its European supply chain business, according to a Bloomberg report. The logistics company is said to have reached out to potential private equity buyers for that business, which could fetch up to $4.5 billion in a sale according to people familiar with the matter.
BlackRock (BLK) – BlackRock is buying Aperio – a builder of custom portfolios for wealthy individuals – for $1.05 billion, as the asset management firm tries to add more personalized offerings to its products and services.
MP Materials (MP) – MP Materials reported a more than fivefold increase in third-quarter profit, in the rare earths mining company's first report as a public company. MP went public last week through a merger with special purpose acquisition company Fortress Value Acquisition Corp. MP's shares soared 15% in premarket trading.
Ambarella (AMBA) – Ambarella earned 9 cents per share for its latest quarter, 4 cents a share above estimates. Revenue also beat forecasts and the video components maker issued an upbeat current-quarter revenue outlook. The company's shares climbed nearly 8% in the premarket.