5 Things to Know Before Markets Open

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Shares of solar stocks fell after SolarEdge Technologies warned of canceled European orders and Knight-Swift Transportation shares jumped after it reported rising revenue in its less-than-truckload business. Here’s what investors need to know today.

1. SolarEdge Warning Sends Solar Energy Stocks Tumbling

Shares of SolarEdge Technologies (SEDG) dropped 25% in pre-market trading after the company warned that in the second part of the third quarter, it experienced a substantial number of unexpected cancellations from European distributors. The statement, which comes ahead of its Nov. 1 earnings report, follows a warning in August about U.S. sales. Shares of other solar companies also fell following the news, including Enphase Energy (ENPH), Sunrun (RUN), and SunPower (SPWR).

2. Knight-Swift Shares Climb on Rising Revenue in Less-Than-Truckload Business

Knight-Swift Transportation (KNX) shares jumped nearly 18% in pre-market trading after the company said it was able to offset a drop in third-quarter core revenue through improvement in its less-than-truckload business. The trucking carrier reported that its core truckload segment revenue fell 22% year-over-year, but was able to drive an overall revenue increase of 6.5% to $2.02 billion, better than the $1.89 billion revenue forecast from analysts.

3. CSX Expects Slower Rail Shipping Trends, Sending Shares Lower

CSX Corp. (CSX) said it expects the slower rail shipping trends from the third quarter to continue for the rest of the year, held back by caution from retailers. The railroad giant reported mixed third-quarter results, with earnings of $0.42 a share that were a penny lower than the $0.43 a share analysts expected, while its revenue of $3.57 billion beat analysts’ calls of $3.55 billion. Shares of CSX traded 1% lower in the pre-market.

4. Hewlett Packard Enterprise Shares Slide Following Guidance Miss

Hewlett Packard Enterprise Co. (HPE) shares fell 5% in pre-market trading after its company guidance for fiscal 2024 was below analyst expectations. The company projected earnings of $1.82 to $2.02 a share, below forecasts of $2.15 a share, while company forecasts of $29.15 billion fell short of analyst expectations of $29.63 billion.

5. CVS to Pull Some Allergy, Cold Medicines After FDA Questions Ingredient

CVS Health Corp. (CVS) shares dipped nearly 0.2% after the retail pharmacy chain said it would remove some over-the-counter allergy and cold medicines after a U.S. Food and Drug Administration committee said a main ingredient, phenylephrine, was ineffective when taken orally.  The company said it would continue to sell other oral cough and cold products.



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