Finance

Check out the companies making the biggest moves in premarket trading:

Signage outside Palo Alto Networks headquarters in Santa Clara, California, U.S., on Thursday, May 13, 2021.
David Paul Morris | Bloomberg | Getty Images

Palo Alto Networks — The security software vendor soared 12.5% following an earning’s beat after the Friday market close. Fiscal fourth quarter adjusted earnings per share came in at $1.44, topping the $1.28 expected from analysts polled by Refinitiv. Revenue, however, fell short.

Earthstone Energy, Permian Resources — Earthstone jumped 7.5% in the premarket after Permian Resources agreed to buy the oil and gas company in an all-stock deal valued at about $4.5 billion, including debt. Permian fell 3.4%.
Nvidia — The leading AI semiconductor maker gained 2.6% premarket after HSBC reiterated a buy rating and raised its target price. The bank’s new forecast implies more than 80% upside from Friday’s close. Baird also named Nvidia a top pick over the weekend, noting that with AI momentum running at full speed, Nvidia will continue to benefit from higher demand.
Napco Security Technologies — Shares plunged nearly 36% after the maker and designer of school safety solutions disclosed postmarket Friday that an audit found errors in financial statements from fiscal quarters ending in September, December and March. Gross profit, operating income and net income in each period were overstated, Napco said.
XPeng — XPeng popped nearly 6% after Bank of America upgraded shares to buy from neutral, citing an improved outlook for the Chinese electric vehicle maker thanks to its partnership with Volkswagen and improving cost structure.
Tesla — The EV maker gained about 3%, after losing more than 11% last week amid news of price cuts on existing Model S and Model X inventories in China.

VMware — Shares climbed 5.2% before the open Monday after Broadcom said it received final transaction approval from the United Kingdom’s Competition and Markets Authority for an acquisition of the cloud computing company. Broadcom expects other required regulatory approvals before Oct. 30. Broadcom was 0.9% higher in the premarket.
Farfetch — Shares rose more than 2% Monday premarket, after plunging 45% Friday. The e-commerce fashion platform’s shares tanked after second quarter revenue came in lower than expected. The company’s revenue guidance for the full year was also weaker than analysts had estimated.
— CNBC’s Samantha Subin, Alex Harring, Hakyung Kim and Pia Singh contributed reporting. More

China’s financial regulators held a meeting Friday that called for coordinating support to resolve local debt risks, according to an official readout Sunday.
The meeting also reflected a gathering of a new set of financial policymakers in China’s overhaul of its regulatory system this year.
Local governments’ weak financial situation has prevented the central government from supporting the economy with fiscal policy, Rhodium Group analysts have pointed out.

People walk past the headquarters of the People’s Bank of China (PBOC), the central bank, in Beijing, China September 28, 2018. 
Jason Lee | Reuters

BEIJING — Chinese financial regulators at a central and regional government level held a video conference Friday to discuss the resolution of financial risks, according to a readout Sunday from the People’s Bank of China.
The meeting called for coordinating financial support to resolve local debt risks, and adjusting policy for real estate loans.

The weak financial situation of local governments has prevented the central government from supporting the economy with fiscal policy, Rhodium Group analysts said in June.
Falling land sales from the property market slump has also been a drag on local government revenues.

Investors are increasingly sensitive to the idea that some governments may not be able to rescue their debt-raising vehicles.

S&P Global Ratings

China has so far taken a relatively cautious stance on stimulus despite an overall slowdown in growth and repeatedly disappointing data in the last few months. Earlier this year, authorities emphasized that preventing financial risks was a priority.
“China’s ongoing property downturn and COVID restrictions last year have strained the finances of many local governments,” S&P Global Ratings analysts said in an early July report.
“This has widened the gap between the country’s prosperous coastal provinces and the poorer inland regions,” the analysts said. “Investors are increasingly sensitive to the idea that some governments may not be able to rescue their debt-raising vehicles.”

A new group of policymakers

The meeting on Friday reflected a gathering of a new set of financial policymakers in China’s overhaul of its regulatory system this year.
The central bank’s new head and party secretary Pan Gongsheng gave a speech at the meeting, as did deputy leaders of the National Administration of Financial Regulation and China Securities Regulatory Commission, according to the readout. It did not specify what they said.
The readout said that attendees included representatives of the major state-owned banks, the Shanghai and Shenzhen stock exchanges and the Central Financial Commission’s administrative office.

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It began as a steady drip of criticism, including on the cover of The Economist, concerning Goldman Sachs’s patchy performance during his tenure as chief executive. The firm’s foray into consumer banking was setting fire to a chunk of its dwindling profits. Efforts to move into businesses that promised steadier revenues than trading and proprietary investments were coming up short. And all this was producing tension between the firm’s divisions. But it has now become something more brutal: a cacophony of people outlining the myriad ways in which they dislike David Solomon.Complaints have come from Mr Solomon’s underlings, who have told reporters that he is “not likeable” and is, quite simply, “a prick”. They have also come from his predecessor: Lloyd Blankfein was reported by the Wall Street Journal to have complained about Mr Solomon’s use of the company’s private jets to go to music festivals, where he performs under the name “dj d-Sol”, rather than spending time on the day job. The mutiny at Goldman has become so open that those grousing no longer even bother to do it in private. According to Bloomberg, at a lively steakhouse dinner in Manhattan last month a group of senior managers complained about Mr Solomon’s shortcomings in the presence of John Waldron, the firm’s chief operating officer and Mr Solomon’s longtime lieutenant. In July Larry Fink, boss of BlackRock, said on television that there was an obvious “schism” at the bank. Even students are getting in on the act. After a visit by Mr Solomon to Hamilton College three youngsters penned an open letter complaining that their conversation with him about climate change had “racist and sexist undertones”, something Goldman disputes. His increasingly precarious employment is now the butt of jokes. Steven Starker, a former Goldmanite who founded btig, a brokerage firm, recently moderated a soiree in the Hamptons, which Gary Cohn, Goldman’s former chief operating officer, and Larry Summers, a former treasury secretary, attended. “If you happen to see him [Mr Cohn] leave early, that means they’re probably calling him because he’s a candidate to be the future ceo of Goldman Sachs,” quipped Mr Starker.Few think Goldman should be run by a teddy bear. This is the firm that was characterised in 2009 as a “great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money”. But there is a difference between being disliked for being smart, ruthless and more successful than everyone else, and the kind of personal vitriol that is currently being spewed. It is increasingly embarrassing for Goldman that its boss is being laughed at in rarefied circles, and that employees see fit to make petty criticisms.The situation is evidence of a deep rot within the firm, one which it is hard to see being improved without either Mr Solomon or many of those who loathe him leaving their positions. The question for the board, then, is whether to push him out. In Mr Solomon’s defence, the firm’s performance on his watch has been patchy rather than dreadful; more “Goldman Sags” than “Goldman Sucks”. Shareholders who bought Goldman stock on the day he took charge in 2018 have earned a decent annualised return of 10%, worse than those who bought shares in Morgan Stanley, Goldman’s closest rival—but better than those who bought Citigroup.The firm’s poor earnings for the past three quarters do reflect some strategic errors. Goldman has taken heavy losses in its consumer-banking efforts, and has written down the value of its acquisitions in the industry. Sluggish profits also reflect its failure to cut its proprietary investment arm quickly enough. But Mr Solomon has recognised these issues and is adapting the firm’s strategy. His returns for shareholders should have earned him enough goodwill for an attempt at course correction. He is reported, for now, to retain the support of big investors and the board. Cold analysis of the figures might not be enough to save Mr Solomon in the long term, however. Although it always seems trite when bankers proclaim that the most valuable part of their firm is the employees, it is probably true for Goldman. The firm does not make money by, say, investing in machinery to make computer chips for which it owns the designs. It does so, in large part, by hiring smart, competitive people and getting them to work insanely hard to bring in deals, trade assets and come up with investment strategies. If these employees dislike the boss, they will leave.That is exactly what is happening at Goldman. The bank typically has around 400 partners, adding 60-70 new ones every couple of years. Some 200 have left the firm since Mr Solomon took charge—a high attrition rate. Even more concerning is that the list includes many who were considered contenders for the top job, such as Gregg Lemkau, a dealmaker, and some of the firm’s highest-earning partners, such as Julian Salisbury, who ran the asset-management business. Even if the board wanted to oust Mr Solomon, there would be no clear successor. The problem with waiting to see how things develop is that there might be even fewer options by the time the knife is wielded. ■ More

XPeng delivered over 60,000 of its flagship P7 electric sedans in 2021.
XPeng, Inc.

Check out the companies making headlines in midday trading.
Strategic Education — The education stock advanced 3% following an upgrade to buy from neutral by Bank of America. The firm said the company could have strong earnings ahead.

Xpeng — The electric car maker stock declined 5% after the company reported a larger-than-expected loss in the second quarter. XPeng reported a loss of 2.8 billion yuan, while analysts polled by Refinitiv had forecasted 2.13 billion yuan. The company did, however, meet expectations for revenue with 5.06 billion yuan.
Ross Stores — The discount retailer popped 6% following its earnings beat after the bell Thursday. Ross Stores reported second-quarter earnings per share of $1.32, beating the $1.16 expected from analysts polled by Refintiv. Revenue came in at $4.93 billion, versus the consensus estimate of $4.75 billion.
Blue Bird — Stock in the school bus manufacturer added 4% after Bank of America initiated coverage of the company with a buy rating. The firm highlighted Blue Bird’s potential to emerge as a leader in bus electrification.
Keysight Technologies — Shares fell 12% after a weak fiscal fourth-quarter outlook. The electronic design company forecasted adjusted earnings per share in the range of $1.83 to $1.89 with revenue of $1.29 billion to $1.31 billion. Analysts polled by FactSet, meanwhile, are forecasting an adjusted $2 per share on $1.39 billion in revenue.
Estee Lauder — The cosmetics company pulled back about 2% after issuing lower-than-expected guidance. The company expects an adjusted loss of 31 cents to 21 cents per share in its fiscal first quarter. Analysts polled by FactSet had estimated earnings of 98 cents per share.

Nvidia — The chipmaker and artificial intelligence favorite slipped 1% in midday trading. Nvidia will report quarterly results next Wednesday, and analysts polled by FactSet are forecasting an adjusted $2.08 cents per share on $11.1 billion in revenue.
Alibaba, JD.com, PDD, Nio — A slew of China-based companies were trading lower as Wall Street contends with the country’s shaky economic footing due to property market trouble. Alibaba dipped close to 3%, while JD.com fell about 5%. Nio slipped 5.9%. PDD fell nearly 4%.
Deere – Shares of the farm equipment giant slid more than 3%, even as the company posted beats on the top and bottom lines for the fiscal third quarter. Deere reported earnings of $10.20 per share on revenue of $15.8 billion. Analysts polled by Refinitiv called for earnings of $8.20 per share and revenue of $14.25 billion.
— CNBC’s Alex Harring and Michelle Fox contributed reporting More

American multinational skincare and beauty products brand Estée Lauder’s logo seen in Hong Kong.
Budrul Chukrut | Lightrocket | Getty Images

Check out the companies making headlines before the bell Friday.
Palo Alto Networks — Shares of the cybersecurity company edged 1.8% lower in premarket trading Friday. Palo Alto Networks’ fiscal fourth-quarter earnings are expected to come out Friday afternoon. Analysts surveyed by FactSet’s StreetAccount called for $1.96 billion in revenue and earnings per share of $1.29.

Ross Stores — Shares jumped nearly 5%, a day after Ross Stores’ postmarket earnings report. The discount retailer’s earnings per share for its second quarter came in at $1.32, topping the consensus estimate of $1.16, according to Refinitiv. Its revenue was $4.93 billion, versus the $4.75 billion expected.
Alibaba, JD.com, PDD, Nio — Shares of some Chinese companies, ranging from e-commerce giants JD.com and Alibaba to electric vehicle manufacturer Nio, declined in premarket trading Friday. Alibaba was down 2.3% and PDD lost about 3.5%, while JD.com and Nio dropped 4.8% and more than 5%, respectively. The moves come as investors’ weigh China’s real estate troubles, which could, in turn, impact the country’s economic activity.
XPeng — Shares of the Chinese electric car maker were trading down 7% after the company’s earnings results Friday showed a wider-than-expected loss in the second quarter. The company reported a net loss of 2.8 billion yuan, coming out lower than the expected loss of 2.13 billion yuan. XPeng’s revenue of 5.06 billion Chinese yuan ($693.7 million) came out in line with expectations, however. Still, its revenue represented a 31% year-on-year fall.
Applied Materials — The semiconductor equipment maker gained about 2% after beating analysts’ expectations on the top and bottom lines in its fiscal third-quarter results. The company’s adjusted earnings came out to $1.90 per share, exceeding the $1.74 per share expected by analysts polled by Refinitiv. Revenue came in at $6.43 billion, also more than the anticipated $6.16 billion.
Estee Lauder — Shares of the cosmetics giant took a 4% hit after Estee Lauder reported earnings for its fiscal fourth quarter that beat on earnings and revenue, but lowered its full-year guidance. The company reported adjusted earning per share of 7 cents, while analysts surveyed by Refinitiv had forecast a loss of 4 cents per share. Revenue of $3.61 billion surpassed expectations of $3.48 billion. Estee Lauder issued weak guidance for the first quarter, however, saying it expects to lose between 31 cents per share and 21 cents per share, while analysts had expected earnings per share of 98 cents, according to FactSet. 

Keysight Technologies — The stock lost 12.3% after Keysight provided a bleak outlook for its fiscal fourth quarter. The electronic design company said it anticipates adjusted earnings of $1.83 to $1.89 per share on revenue of $1.29 billion to $1.31 billion. Analysts surveyed by FactSet expect earnings of $2 per share and revenue of $1.39 billion.
Farfetch — Shares of the e-commerce fashion company plunged more than 41% in early morning trading after reporting revenue of $572 million for the second quarter, coming out far below a Refinitiv estimate of $649 million. It also issued weaker-than-expected revenue guidance for the full year and cut its gross merchandise value outlook.
Bloomin’ Brands — Shares of the Outback Steakhouse parent company rose 6% in premarket trading after The Wall Street Journal reported that an activist investor has been buying the stock. Jeffrey Smith’s Starboard Value now owns more than 5% of Bloomin’ Brands, according to the report.
— CNBC’s Michelle Fox Theobald and Jesse Pound contributed reporting. More

New home sales for the top 100 developers in China dropped by about a third in June and July from a year ago, after double-digit growth earlier in the year, according to S&P Global Ratings.
Late Thursday, the world’s most indebted property developer Evergrande filed for bankruptcy protection in the U.S., further shaking up investor confidence.
Country Garden’s looming default is making it more difficult for property developers to raise funds, raising contagion fears in the Chinese property sector.

Aerial photo shows a rural residential area in Chengdong town of Hai ‘an City, East China’s Jiangsu Province, April 1, 2023.
Future Publishing | Future Publishing | Getty Images

China’s real estate troubles are accelerating. Prospective home buyers are holding back on making purchases, leading to weak sales that compound the urgent need for policymakers to step up support for the industry.
New home sales for the top 100 developers dropped by about a third in June and July from a year ago, after double-digit growth earlier in the year, said Edward Chan, a director at S&P Global Ratings. With most apartments in China sold before they are completed, weak new home sales will likely lead to significant cash flow issues for developers.

“We think the situation is probably getting a little bit worse because of this Country Garden incident,” Chan told CNBC in a phone interview Thursday. He added he hasn’t seen any improvement in new home sales so far.
At a time when rafts of data are pointing to a rapidly slowing economy, this lack of improvement, along with Country Garden’s looming default, is making it more difficult for property developers to raise funds.
Late Thursday in the U.S., the world’s most indebted property developer Evergrande filed for bankruptcy protection, further shaking up investor confidence.
The deepening crisis of confidence is adding to pressure on the world’s second-largest economy.

The debt troubles at Country Garden and the uncertainty of government support are feeding into broader unease in the Chinese housing market.

Louise Loo
Oxford Economics

The Chinese property sector has been reeling since 2020, when Beijing cracked down on the debt levels of mainland property developers.
Years of exuberant growth led to the construction of ghost towns where supply outstripped demand as developers looked to capitalize on the desire for home ownership and property investment.
These measures, known as China’s “three red lines” policy, point to three specific balance sheet conditions developers must meet if they want to take on more debt.
The rules require developers to limit their debt in relation to the company’s cash flow, assets and capital levels, with highly indebted developer Evergrande the first headline-grabbing default in late 2021.

Country Garden’s woes

A default by Country Garden could add $9.9 billion to the year-to-date global emerging markets high-yield corporate default tally, taking the total default volume for the Chinese property sector to $17 billion to-date in 2023, JPMorgan said in a note dated Aug. 15.
The U.S. investment bank expects China property to account for nearly 40% of all emerging market default volumes in 2023.
Much of Country Garden’s problems have to do with its outsized exposure to less developed parts of China known as lower-tier cities. About 61% of developments, according to the company’s 2022 annual report, are in these lower-tiered cities, where housing supply outstrips demand.

“Country Garden sales performance has been kind of disastrous,” S&P Global’s Chan said, noting that sales in June and July dropped by about 50% year-on-year.
Chan said that lower-tier cities started to see sales weakness in May, while higher-tier cities started to see sales worsen in subsequent months.
As a result of Country Garden’s troubles, Chan said it’s “becoming more and more challenging” for China’s overall real estate sales to reach S&P’s base case of 12 trillion yuan to 13 trillion yuan this year.
“Instead of an L-shape it could be a descending staircase,” he said.
Chan said S&P’s bear case for China’s property sector is for 11 trillion yuan in sales this year, and 10 trillion yuan for 2024.
That’s still only nearly half of what the country’s real estate market sales were at its peak 2021 — at 18 trillion yuan, according to figures Chan shared.

At their mid-year economic review meeting in July, China’s top leaders vowed to “adjust and optimize policies in a timely manner” for its beleaguered property sector.
To date, they have yet to clearly demonstrate their plan to adapt to “major changes” in the demand-supply dynamics in the property market.
“The debt troubles at Country Garden and the uncertainty of government support are feeding into broader unease in the Chinese housing market,” Louise Loo, lead economist at Oxford Economics, wrote in a note dated Aug. 11.

Land sales divergence

As China’s property sector consolidates amid the debt and credit malaise, state-owned developers are better positioned to grow than non-state ones.
State-owned developers saw contracted sales grow by 48% in the first seven months of this year from a year ago, while developers that were not state-owned saw sales fall by 19%, according to data from Natixis Corporate and Investment Banking.
This is enhancing state-owned developers’ ability to buy land from local governments since robust home sales are boosting their cash flow.
“Nowadays, 87% of the land purchases are by [state-owned enterprises], so how do you expect [privately owned enterprises] to grow further?” Gary Ng, a senior economist at Natixis, said in a phone interview Tuesday.

For this year through July, 87% of land purchases by value were by state-owned developers, similar to last year, Natixis data showed. That’s up sharply from 59% in 2021, the data showed.
Ng expects state-owned developers to have greater ownership in China’s real estate market going forward. But he said that while non-state-owned developers have had leverage problems in the past, having so many state-owned developers in the industry might make it more difficult to forecast actual demand.
Still, underlying housing demand in first-tier cities remains somewhat resilient and untapped, and may be unleashed once there’s greater policy clarity.
“Timely policy in stabilizing the demand and sales in the higher-tier cities would be very important,” said Chan from S&P Global.
“If that could be achieved then over time, the stabilization could be spilled over to the lower-tier cities. But that will take an even longer time.”

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JD.com, Tencent and Alibaba this month reported results for the three months ended June that pointed to a steady pick-up in consumer spending that quarter, but with less clarity on whether that growth has continued.
JD’s electronics revenue rose but sales from general merchandise dropped in the quarter ended June.
Theme parks have done well as tourism has picked up domestically.

Tencent sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. 
Aly Song | Reuters

BEIJING — Corporate earnings releases are picking up on a few bright spots for China’s consumer in a competitive market where people are less willing to open their wallets.
JD.com, Tencent and Alibaba this month reported results for the three months ended June that pointed to a steady pick-up in consumer spending that quarter, but with less clarity on whether that growth has continued.

Here’s where companies said they saw consumer-related growth, according to public disclosures and FactSet transcripts of earnings calls:

JD.com

Electronics and home appliance revenues rose by 11.3% to 152.13 billion yuan ($20.98 billion) in the three months ended June.
But general merchandise revenue fell by 8.6% from a year ago to 81.72 billion yuan.
Marketing revenue rose by 8.5% to 22.51 billion yuan.

Tencent

Livestreaming e-commerce saw 150% year-on-year growth in gross merchandise value in the second quarter to an unspecified number. GMV measures total sales value over a certain period of time.

On an annualized basis, that livestreaming GMV “is in the tens of billions” yuan.
WeChat Mini program e-commerce has GMV “in the trillions” of yuan on an annualized basis. GMV for physical products has exceeded 1 trillion yuan on an annualized basis.
Advertising revenue across all categories — except automotive — is up double-digits from a year ago in recent weeks. Ad sales rose by 34% to 25 billion yuan in the quarter ended June.
Overall, Tencent reported earnings for the quarter that missed expectations, but showed a third-straight quarter of revenue growth.

Alibaba

Direct China commerce sales, primarily from Tmall Supermarket and Tmall Global, grew by 21% year-on-year to 30.17 billion yuan.
The overall Taobao and Tmall Group saw revenue grow by 12% to 114.95 billion yuan.
A recovery in offline shows and the movie theater box office boosted Alibaba’s ticketing and movie studio units. Video platform Youku also saw subscription revenue rise. In all, digital media and entertainment revenue surged by 36% year-on-year to 5.38 billion yuan — and its first profitable quarter.
Local services revenue rose by 30% to 14.5 billion yuan. That was driven by orders on food delivery app Ele.me and growth in Alibaba’s map app Amap, which sells services such as ride-hailing and hotel booking.
Alibaba management did not provide much detail on the state of the consumer since the end of June.
Overall, Alibaba’s earnings soundly beat expectations for the quarter.

China consumption amid sluggish growth

Data for July have pointed to a slowdown in China’s economy, including a modest 2.5% year-on-year increase in retail sales.
Theme parks, however, have done well as tourism has picked up domestically.
Shanghai Disney saw record high revenue, operating income and margin during the latest quarter, the company said.

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Universal Studios Beijing “enjoyed its most profitable quarter,” Comcast said. The park opened in September 2021, during the pandemic.
Listed companies don’t capture all major channels for online spending in China. ByteDance, which is not publicly listed, has become another e-commerce platform through its Douyin app, the local version of TikTok.

Consumers in China spent 1.41 trillion yuan in purchases from merchants on Douyin, up 76% from the previous year, according to The Information. ByteDance did not immediately respond to a request for comment.
ByteDance’s smaller rival Kuaishou is set to release earnings Tuesday, as are Chinese tech giant Baidu and video content platform iQiyi. E-commerce giant Pinduoduo has yet to announce when it’s scheduled to release earnings.

Other companies in China, or those with exposure to China, have showed some pockets of growth, albeit compared to a low base in 2022 when the metropolis of Shanghai was locked down for two of the three months in the second quarter.
Here’s what some have said so far:

Adidas

Revenues in Greater China grew 16% in the second quarter, reflecting double-digit sell-out growth in both wholesale and its own retail outlets.

Anta

The Chinese sportswear company said its Anta brand retail sales value rose by high single digits in the second quarter from a year ago. Its Fila brand saw high teens growth year-over-year. The company’s Descente, Kolon Sport and other brands saw growth of 70% to 75% year-on-year.

Apple

Apple CEO Tim Cook said the iPhone maker saw “an acceleration‘’ in China, with 8% year-on-year quarterly sales growth to $15.76 billion. That’s a reversal of a 3% year-on-year drop in the prior quarter.
The company said it saw “a June quarter record in Greater China” in the wearables, home and accessories category, as overall product group saw sales increase by 2% year-on-year to $8.3 billion.

Li Ning

Starbucks

China comparable store sales increased 46%, but the average ticket size was slightly smaller, down 1%.
— CNBC’s Arjun Kharpal contributed to this report.
Disclosure: Comcast is the owner of NBCUniversal, parent company of CNBC. More

A technician checks on a stack of wafers at the Applied Materials facility in Santa Clara, California.
David Paul Morris | Bloomberg | Getty Images

Check out the companies making headlines after hours.
Applied Materials — Applied Materials rose nearly 2% in extended trading after beating analysts’ expectations on the top and bottom lines in its fiscal third-quarter results. The semiconductor equipment maker posted adjusted earnings of $1.90 per share, greater than the $1.74 per share expected by analysts polled by Refinitiv. Revenue came in at $6.43 billion, more than the anticipated $6.16 billion.

Ross Stores — The retail stock popped 5.7% in extended trading after Ross Stores topped forecasts for its second quarter. The discount store company reported earnings of $1.32 per share, better than the $1.16 consensus estimate, per Refinitiv. It posted revenue of $4.93 billion, above the expected $4.75 billion.
Bill Holdings — Bill Holdings’ shares slid 5.4% after the online payments company reported fiscal fourth-quarter results. Bill beat analysts’ expectations on the top and bottom lines, reporting fourth-quarter adjusted earnings of 59 cents per share on revenue of $296 million. Analysts polled by Refinitiv had expected 41 cents in earnings per share on revenue of $282 million. However, Bill issued a weak first-quarter and full-year revenue outlook.
Keysight Technologies — Shares of the electronic design company dropped 7% after Keysight provided a bleak outlook for its fiscal fourth quarter. Keysight anticipates adjusted earnings of $1.83 to $1.89 per share on revenue of $1.29 billion to $1.31 billion. Analysts polled by FactSet called for earnings of $2 per share and revenue of $1.39 billion.
Farfetch — Shares plunged 33% after Farfetch posted second-quarter revenue that missed estimates. The online luxury retailer posted revenue of $572 million, lower than the consensus estimate of $649 million from Refinitiv. More