Stocks Making the Biggest Premarket Moves: Estee Lauder, Bloomin’ Brands, Palo Alto Networks and More

Check out the companies making headlines before the bell Friday.

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Palo Alto Networks:The cybersecurity company's shares experienced a marginal decline of 1.8% in premarket trading. Palo Alto Networks is set to release its fiscal fourth-quarter earnings later in the day. Analysts surveyed by FactSet's StreetAccount anticipate revenue of $1.96 billion and earnings per share of $1.29.

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Ross Stores:Following its post-market earnings report, shares of the discount retailer surged nearly 5%. Ross Stores exceeded expectations in its second-quarter earnings, reporting earnings per share of $1.32, surpassing the consensus estimate of $1.16 from Refinitiv. The company's revenue also outperformed, standing at $4.93 billion compared to the expected $4.75 billion.

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Chinese Companies (Alibaba, JD.com, PDD, Nio):Shares of several Chinese companies, including e-commerce giants Alibaba and JD.com, electric vehicle manufacturer Nio, and Pinduoduo (PDD), experienced declines in premarket trading. Alibaba and PDD saw decreases of 2.3% and approximately 3.5% respectively, while JD.com and Nio faced larger declines of 4.8% and over 5%. These movements are in response to concerns surrounding China's real estate challenges, which have the potential to impact the nation's economic activity.

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XPeng:Shares of the Chinese electric car maker dipped by 7% as the company reported its second-quarter earnings, which revealed a larger-than-anticipated loss. Although XPeng's revenue of 5.06 billion Chinese yuan ($693.7 million) aligned with expectations, the net loss of 2.8 billion yuan exceeded the expected loss of 2.13 billion yuan. This loss reflects a 31% year-on-year decline.

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Applied Materials:The semiconductor equipment manufacturer's stock climbed approximately 2% after surpassing analyst predictions for both its fiscal third-quarter revenue and earnings. Applied Materials reported adjusted earnings of $1.90 per share, surpassing the anticipated $1.74 per share. Additionally, its revenue stood at $6.43 billion, exceeding the projected $6.16 billion.

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Estee Lauder:Following the cosmetics giant's fiscal fourth-quarter earnings report, its shares declined by 4%. Although Estee Lauder surpassed earnings and revenue expectations, the company lowered its full-year guidance. It reported adjusted earnings per share of 7 cents, outperforming the estimated loss of 4 cents per share. While revenue of $3.61 billion surpassed the expected $3.48 billion, the company issued a downbeat forecast for the first quarter.

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Keysight Technologies:Shares of the electronic design company tumbled 12.3% in response to its bleak outlook for the fiscal fourth quarter. Keysight projected adjusted earnings between $1.83 and $1.89 per share, along with revenue ranging from $1.29 billion to $1.31 billion. These figures fall below analyst projections of $2 per share in earnings and $1.39 billion in revenue.

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Farfetch:The e-commerce fashion company's shares plummeted over 41% in early trading after reporting second-quarter revenue of $572 million, significantly below Refinitiv's estimate of $649 million. Additionally, Farfetch issued lower-than-expected revenue guidance for the full year and revised down its gross merchandise value outlook.

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Bloomin’ Brands:Shares of the parent company of Outback Steakhouse rose 6% in premarket trading following reports that activist investor Jeffrey Smith's Starboard Value has been purchasing the stock. Smith's ownership now exceeds 5% of Bloomin' Brands, according to The Wall Street Journal.

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