Mission Produce, the avocado producer, saw a significant surge of 21.6% in premarket trading. This surge was fueled by the company reporting a remarkable 24% increase in revenue for the fiscal third quarter compared to the same period last year. With sales reaching $324 million, Mission Produce’s performance has exceeded expectations and made a strong impression on investors.
Rival avocado producer Calavo Growers also experienced a boost in premarket trading, climbing 6.5%. The company managed to earn 57 cents a share in its fiscal third quarter, surpassing analyst estimates of 43 cents a share. Additionally, Calavo Growers doubled its quarterly dividend to 20 cents a share, further adding to the positive sentiment surrounding the company.
Oracle, the cloud infrastructure platform, rallied 8% after beating expectations in its fiscal first quarter. The company reported an adjusted earnings per share of $1.39 on $13.31 billion in revenue, surpassing the forecasted $1.32 a share on $13.23 billion. This strong performance has positioned Oracle as a frontrunner in the market and attracted investor attention.
Boot Barn, the Western-style retailer, witnessed a 6% rise in its shares after providing an update on its recent performance. The company announced a preliminary consolidated same-store sales growth of 4% in its fiscal second quarter, demonstrating resilience and adaptability in a challenging market environment.
On the contrary, tech giant Apple experienced a slip of nearly 1% in premarket trading following a ruling by the European Union’s top court. The court mandated that Apple must pay $13 billion in back taxes, casting a shadow over the company’s recent product unveiling event in California, where the iPhone 16 was introduced.
Hewlett Packard Enterprise faced a drop of more than 5% in premarket trading due to its plans to sell $1.35 billion of Series C mandatory company convertible preferred stock. The proceeds from this sale will be utilized to fund the acquisition of Juniper Networks, a strategic move that has raised concerns among investors.
Despite topping Wall Street’s quarterly estimates, data management software stock Rubrik witnessed a drop of nearly 7% in premarket trading. The company reported a smaller-than-expected loss of 40 cents a share and revenue of $205 million, slightly ahead of analyst expectations. However, the market reaction was not as favorable as anticipated.
Oil and gas service provider Patterson-UTI Energy climbed more than 7% after revealing that it had an average of 107 rigs operating in the U.S. in August. This positive outlook has instilled confidence in investors and positioned the company for potential growth opportunities.
U.S.-traded shares of China-based e-commerce giant Alibaba rose more than 2% after its Hong Kong shares were added to stock connect programs linking exchanges in Shanghai and Shenzhen. This strategic move is expected to attract more investments from mainland China, setting the stage for Alibaba’s continued market expansion.
Johnson Controls International saw a nearly 2% increase in its shares after receiving an upgrade from JPMorgan to buy from neutral. The upgrade was driven by the company’s data center business and the search for a new CEO, which are seen as potential catalysts for growth in the future.
Beer maker Anheuser-Busch Inbev SA added 1.7% following its recognition as a top pick among global brewers by Morgan Stanley. Despite presenting a “mixed picture” in the near term, the stock was highlighted for its upside potential in terms of valuation, attracting investor interest and driving the stock price up.
Real estate investment trust Equity Residential witnessed a 1.3% rise in its shares after receiving an overweight rating from Wells Fargo, an upgrade from equal weight. This improved recommendation came on the heels of Equity Residential beating expectations for earnings during the summer, signaling positive growth prospects for the company.