Hot Stocks: AMAT, DE slide on earnings; FL climbs; NIO advances on Singapore listing

Earnings news remained a key driver in Friday’s pre-market action. The list of big movers included Applied Materials (NASDAQ: AMAT), which dropped after releasing disappointing financial figures.

Deere (DE) also faced investor skepticism following its quarterly update. The company topped expectations with its latest results but brought up the spectrum of inflation and supply chain issues.

Meanwhile, Foot Locker (FL) moved in the opposite direction on earnings news, rising in the wake of a Street-topping profit.

In other news, China-based EV maker NIO (NIO) posted a pre-market rally on word that it has been listed on the Singapore Stock Exchange.

gainers

Applied Materials (AMAT) edged lower in pre-market trading following the release of its quarterly report. The semiconductor equipment maker missed expectations on both the top and bottom lines.

AMAT also gave a cautious forecast for the current quarter, blaming ongoing supply challenges. The company predicted net sales for the quarter of $6.25B, plus or minus $400M. Analysts were looking for $6.44B.

Deere (DE) also retreated in the wake of its earnings release. The maker of farm equipment beat estimates with its quarterly results but raised concerns about inflation and its supply chain.

While noting that it sees “strong demand,” DE also warned of “supply-chain pressures affecting production levels and delivery schedules” and inflation said that it faced “availability concerns andary pressures affecting our customers’ input costs.”

Following the release of the quarterly update, DE dropped 3% before the opening bell.

decliners

Earnings news prompted buying in Foot Locker (FL). Shares rose about 3% after the shoe retailer exceeded expectations with its Q1 profit, despite lackluster revenue growth of just 1%.

The company also gave an upbeat forecast for the full year, saying it now sees earnings at the upper end of its previous guidance range.

NIO (NIO) also showed strength in pre-market action, boosted by news that it has successfully listed on the Main Board of the Singapore Exchange. The China-based EV maker now trades on three exchanges: New York, Hong Kong and Singapore.

NIO rose about 7% on the news.

To follow Wall Street’s biggest winners and losers throughout the session, turn to Seeking Alpha’s On The Move section.

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