Check out the companies making headlines before the bell:
Home Depot (HD) – The home improvement retailer beat quarterly estimates by 3 cents, earning $ 2.65 a share. Sales were also above estimates. Comparable store sales increased 24.5% in the fourth quarter, more than the consensus estimate of 19.2% of analysts polled by FactSet. However, Home Depot is not offering guidance for 2021 due to the uncertainty surrounding pandemics. Shares fell 2.7% before the market.
Macy’s (M) – The retailer reported quarterly adjusted earnings of 80 cents a share, well above the consensus estimate of 12 cents, with revenues also above Wall Street forecasts. Comparable store sales declined 17.1% on an ownership + license basis, less than the 21.3% decline expected by analysts polled by Refinitiv. Macy’s share rose 2.2% in premarket action.
Tesla (TSLA) – Tesla shares fell more than 5% in premarket trading on Tuesday after taking the largest one-day loss in months on Monday. Wedbush analyst Dan Ives warns that Tesla’s stock price is now directly tied to bitcoin’s price following the electric vehicle manufacturer’s investment in the cryptocurrency.
Palo Alto Networks (PANW) – Palo Alto Networks reported adjusted quarterly earnings of $ 1.55 per share, 12 cents above estimates, with revenues from the cybersecurity company also better than expectations. Palo Alto gave a predominantly weaker-than-expected earnings outlook for the current quarter, but noted the opportunities presented by the massive SolarWinds hack. Shares fell 3.7% before the market.
Churchill Capital IV (CCIV) – Lucid Motors will go public through a merger with the blank check company in a deal that values the combination at $ 24 billion. The deal would inject $ 4.4 billion into the California-based luxury electric vehicle manufacturer. Churchill Capital shares plummeted 34.5% in premarket trading.
InterContinental Hotels Group (IHG) – IHG reported an operating loss of $ 153 million for 2020, hurt by the Covid-19 pandemic and the resulting lockdowns. However, the company said the Holiday Inn Express brand has fared better in key markets and global travel is starting to recover. Shares rose 1.2% for the market.
Johnson & Johnson (JNJ) – According to an SEC filing, J&J is allocating $ 3.9 billion in talks related to lawsuits. In November, the company said it would set aside $ 2.1 billion for talc cases as it faces thousands of lawsuits claiming its talc products caused cancer.
Occidental Petroleum (OXY) – Occidental lost an adjusted 78 cents a share for the last quarter, more than the 59 cent loss analysts expected. Turnover also missed forecasts. The miss came despite a rebound in oil and gas prices. Shares fell 2.2% before the market.
Shopify (SHOP) – Shopify has a $ 1.18 million stock offering priced at $ 1,315 per share, with the ecommerce platform provider expecting to raise approximately $ 1.55 billion from the sale. Shopify plans to use the proceeds to bolster its balance sheet. Shares fell 5.5% in premarket action.
Carnival (CCL) – Shares of the cruise line operator fell 3.4% for the market after they priced an offer of approximately 40.45 million common shares at $ 25.10 per share, with the cruise line operator seeking to raise approximately $ 1 billion for general corporate purposes. The cruise industry was shut down during the pandemic.
The RealReal (REAL) – The RealReal lost an adjusted 49 cents per share for the last quarter, posting revenues that also lagged analysts’ forecasts. The second-hand luxury goods seller said 2020 was a challenging year, with the pandemic “temporarily disrupting” the path to profitability. The share fell for the market by 10.8%.
ZoomInfo (ZI) – ZoomInfo rose 8.1% premarket after it beat estimates by 2 cents with adjusted quarterly earnings of 12 cents per share. The sales of the marketing database provider also exceeds expectations. ZoomInfo also offered a positive outlook for the current quarter and full year.
AMC Entertainment (AMC) – Shares of the cinema operator were up 3.4% on the premarket after news that New York City cinemas will reopen with limited capacity on March 5.
Wells Fargo (WFC) – The bank announced a deal to sell its Wells Fargo Asset Management unit to private equity firms GTCR and Reverence Capital for $ 2.1 billion. Wells Fargo retains a 9.9% stake in the company.
Dollar General (DG) – Dollar General is taking steps to find a possible successor to CEO Todd Vasos, according to people familiar with the case and who have spoken with Reuters. The sources say Vasos had not communicated his intention to leave the discount store when his contract expires in June, calling the process “ good governance. ”
—CNBC’s Sara Salinas contributed to this report.