Check out the companies that are making the headlines before the bell:
DraftKings (DKNG) – The mobile betting service reported a quarterly loss of 57 cents per share, which was less than Wall Street’s expected loss of 61 cents, while sales were above analysts’ forecasts. DraftKings said the resumption of major sports leagues activities in the third quarter as well as the start of the NFL season had helped. The company has raised its forecast for the current quarter and forecasts a 45% year-over-year revenue growth in 2021. The share rose 8% in premarket trading from 7:35 a.m. CET.
Walt Disney (DIS) – Walt Disney reported an adjusted quarterly loss of 20 cents per share, which is less than the loss of 71 cents projected by Wall Street analysts. Revenue surpassed forecast as theme parks recovered from downtime and signups for the Disney + service continued to surge. Disney also said it would forego its dividend payment in January but continues to expect to pay the dividend in the future. The share gained 3.9% in premarket trading from 7:35 a.m. CET.
Cisco Systems (CSCO) – Cisco beat estimates 6 cents with adjusted quarterly earnings of 76 cents per share, and the network equipment maker’s revenue also beat estimates. The demand for Cisco products continues to grow as the number of employees working from home increases. The share gained 7% in premarket trading from 7:35 a.m.CET.
Palantir Technologies (PLTR) – Palantir made an adjusted 9 cents per share last quarter, compared to a consensus estimate of 2 cents, while revenue also surpassed Wall Street projections. The data analytics firm also raised its revenue forecast for 2020 after signing 15 new contracts in the third quarter.
Applied materials (AMAT) – Applied Materials was 8 cents above estimates, with adjusted quarterly earnings of $ 1.25 per share, and sales for the semiconductor device maker also beat estimates. The company also issued an optimistic outlook for the current quarter. The share gained 2.7% in premarket trading from 7:35 a.m. CET.
Unity software (U) – Unity lost 97 cents per share last quarter, more than analysts’ forecast 15 cents loss despite the video game software maker posting better-than-expected sales. Unity, which went public in September, planned to expand into other markets such as industrial, automotive, and entertainment.
Farfetch (FTCH) – Farfetch reported an adjusted loss of 17 cents per share in the third quarter, which was less than analysts’ forecast loss of 40 cents. The online luxury fashion goods seller also had sales well above estimates. The shares rose 14% in premarket trading from 7:35 a.m. CET.
Autodesk (ADSK) – Autodesk announced that its third quarter financial results will be above previous projections. The design software company also said it remains confident about its long-term financial goals. Autodesk also announced that Chief Financial Officer Scott Herren will take over the CFO position at Cisco Systems.
Utz brands (UTZ) – The snack manufacturer has been switched from “neutral” to “overweight” at Piper Sandler. A number of positive factors were cited in the process, including a focus on the growing salty snacks category and the company’s purchase of the On The Border tortilla chip this week.
Revlon (REV) – The cosmetics maker’s shares are under pressure after posting a third straight quarter loss and a 20% decline in sales. Revlon said Covid-19 continues to affect its business but found the decline in sales slowed compared to the previous quarter.
Spectrum brands (SPB) – The household products company reported adjusted quarterly earnings of $ 1.72 per share, beating the consensus estimate of $ 1.24. The sales forecasts were also exceeded. Spectrum said it was helped by a recovery from COVID-19-related supply chain disruptions.