American Eagle Outfitters and Cooper Companies led premarket decliners on Thursday, each sliding more than 15% after quarterly results and forward guidance missed Wall Street's targets. Meta and Apple moved higher on an analyst upgrade and product momentum, while Enbridge and Kinetik shares swung on M&A news. Copper miners fell as the metal retreated from a record high.
American Eagle Outfitters fell more than 15% after its second-quarter results. Comparable sales declined 1%, a steeper drop than the 0.6% decline analysts had expected. The retailer also forecast current-quarter operating income of $110 million to $115 million, below the StreetAccount consensus of $124.3 million.
Cooper Companies slid roughly 17% after its fourth-quarter projections came in shy of Street estimates. The medical device maker guided revenue to a range of $1.057 billion to $1.08 billion and adjusted earnings of $1.05 to $1.09 per share, versus LSEG consensus of $1.11 billion in revenue and $1.19 per share. Navan also sank 15.4% even after posting adjusted earnings of 5 cents a share, only narrowly ahead of the 4-cent estimate; the software maker separately announced it is acquiring events platform BoomPop, though it did not disclose financial terms.
Meta and Apple gain ground
Meta Platforms added 1.4% after an upgrade at JPMorgan. According to JPMorgan: "meaningful upside potential" exists as Meta rolls out its artificial intelligence models and products. Apple rose 1%, a day after unveiling its foldable iPhone, though investor response was muted and the stock closed slightly lower Wednesday.
Macy's shares slipped 1.6% despite a second-quarter revenue beat and raised full-year guidance for net sales, comparable sales and earnings per share. Novartis, meanwhile, rose nearly 2% after Reuters reported a major shareholder called for an overhaul of the board to improve corporate governance, following a drop earlier in the week tied to three drug trial setbacks.
Copper miners and pipeline deals move
Freeport-McMoRan tumbled nearly 7% and Southern Copper shed more than 6% as copper prices fell after touching a record high earlier in the session; tariff threats had pushed the metal higher this year.
Enbridge slid nearly 3% after announcing it will acquire Tallgrass Energy's crude transportation business for $2.55 billion. Kinetik moved 4.6% higher following a Bloomberg News report that the pipeline company is exploring options, including a potential sale. AeroVironment jumped more than 5% after first-quarter results, with adjusted earnings of 59 cents a share on revenue of $480 million, beating estimates of 25 cents a share on $456 million.
Source: CNBC
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