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Check out the companies making headlines in premarket trading. General Mills — Shares dropped 3.9% following mixed fiscal fourth-quarter results. The Betty Crocker and Cheerios owner beat Wall Street expectations on earnings, reporting $1.12 in adjusted earnings per share against a Refinitiv consensus estimate of $1.07 per share. The Wall Street bank said Pinterest is making the strategic move to outsource monetization to third-parties to overcome its attribution and scale challenges, including a partnership with Amazon. ZoomInfo — Shares of the software company added 3.9% in premarket trading after Needham initiated coverage of ZoomInfo with a buy rating.
Persons: Mills, Betty Crocker, Biden, Wells, Pinterest, Goldman Sachs, Morgan Stanley, Needham, ZoomInfo, Yun Li, Jesse Pound Organizations: Safeway, Nvidia, Street Journal, iShares Semiconductor, Amazon Locations: San Anselmo , California, China
Best Buy — The consumer electronics retailer shed 1.9% after its fiscal year earnings and revenue guidance came in lighter than expected. Best Buy said it expects a sales decline of 3% to 6% for the year, citing the macro environment. Macy's — The retailer advanced 7.3% after beating expectations on per-share earnings and meeting them on revenue, according to Refinitiv. JPMorgan downgraded the stock to neutral from overweight Thursday and said the company's expectations are too high. On Semiconductor — The semiconductor maker dropped 7.2% following a downgrade to outperform from strong buy by Raymond James.
Salesforce — Shares of the cloud software maker surged more than 10% after the company beat Wall Street estimates across the board in its quarterly report and issued a better-than-expected forecast. Wall Street analysts believe Salesforce's strong results are impressive given the activist pressure it's facing. Revenue came in line with Wall Street expectations at $8.26 billion. Okta – Okta shares jumped 9% after topping Wall Street's expectations for the recent quarter and issuing better-than-expected guidance for the current period. Box — The cloud content management platform's shares slid 14% following the company's fourth quarter results.
Silvergate Capital – Silvergate Capital shares plunged more than 22% in extended trading after the crypto-focused bank filed to delay its 10-K annual report. Snowflake — Shares of Snowflake fell 7% despite posting a top-and-bottom line beat for the recent quarter, according to Refinitiv. Okta — Okta shares rallied about 13% in extended trading after topping expectations for the fourth quarter, according to analysts surveyed by Refinitiv. Nevertheless, Box beat analysts' estimates on the top and bottom line for the fourth quarter, according to Refinitiv. Celsius Holdings — The energy drink maker's stock slipped more than 3% postmarket after sharing an unexpected loss for the fourth quarter, according to FactSet.
Salesforce did report earnings and revenue that beat analyst expectations for the most recent quarter, however. Costco – Shares of retailer Costco shed nearly 6% after the company reported softer-than-expected sales figures for November that could signal a weak consumer heading into the holiday shopping season. The cloud data platform provider reported earnings that beat expectations but provided light revenue guidance, which sent the stock lower after-hours Wednesday. The company reported 29 cents of earnings per share on $645 million of revenue. The lingerie company reported earnings of 29 cents per share on revenue of $1.32 billion.
Snowflake — The cloud stock tumbled 6% after hours on light product revenue guidance despite a top and bottom line beat. Snowflake said it expects revenue to come in between $535 million and $540 million in the fourth quarter, below estimates of roughly $553 million, according to StreetAccount. Victoria's Secret — The women's apparel maker's stock dove as much as 5% after hours on a disappointing fiscal fourth-quarter earnings forecast. PVH topped Wall Street's earnings and revenue expectations, saying it expects full-year revenues to hit the higher end of its expected range. Revenue guidance, however, came in lighter than expected.
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