Stocks making the biggest moves premarket: Deere, HP, Nordstrom and others
Check out the companies making headlines before the bell:
Deere (DE) – The heavy equipment maker reported better-than-expected profit and revenue for its latest quarter and issued an upbeat outlook. Deere said it benefited from positive farm fundamentals and increased infrastructure investment. Its stock jumped 4.2% in premarket trading.
HP Inc. (HPQ) – HP rose 3.1% in the premarket after announcing it will cut up to 10% of its 61,000-person workforce over the next three years due to an extended slump in personal computer demand. The computer maker also reported better-than-expected profit and revenue for its latest quarter.
Nordstrom (JWN) – Nordstrom beat top and bottom line estimates for its latest quarter, but its stock slumped 8.3% after the retailer said sales have slowed over the past few months. Nordstrom also cut its profit outlook for the fiscal year ending in January.
Manchester United (MANU) – Manchester United rallied another 9.5% in the premarket, following yesterday's 14.7% jump, after the soccer club said it was considering strategic alternatives including a possible sale.
Autodesk (ADSK) – Autodesk matched top and bottom line estimates in its latest quarterly report, but the maker of design software issued weaker-than-expected guidance for the current quarter. Autodesk noted a challenging economic environment and said customers were more reluctant to sign longer-term contracts. The stock tumbled 9.8% in premarket trading.
Guess (GES) – Guess lost 6.1% in the premarket after reporting weaker-than-expected quarterly earnings and a reduced outlook. The apparel company pointed to a challenging retail environment and the impact of a stronger U.S. dollar, although it said it is well-positioned for the holiday season.
Credit Suisse (CS) – The Swiss bank's stock fell 4.4% in premarket action after it warned of a $1.6 billion quarterly loss as customers pull their money from Credit Suisse on concerns about its financial health. Credit Suisse shareholders approved a $4.2 billion capital raise intended to shore up the company's finances.
Tesla (TSLA) – Tesla added 2.7% in the premarket after Citi upgraded the stock to neutral from sell, citing valuation. Tesla has lost about 50% of its value this year.