Brian Armstrong, CEO and Co-Founder, Coinbase, speaks during the Milken Institute Global Conference on May 2, 2022. in Beverly Hills, California.
Patrick T. Fallon | AFP | Getty Images
Check out the companies making headlines in the premarket:
Palo Alto Networks — The software company added 9.3% after posting adjusted earnings and revenue for the fiscal second quarter that topped Wall Street expectations. It was the third consecutive quarter of profitability after a decade of losses. Palo Alto Networks’ forecast for fiscal third-quarter adjusted earnings also beat expectations.
Coinbase – Shares of the cryptocurrency exchange rose more than 1% after Coinbase reported a smaller-than-expected loss for the fourth quarter. Coinbase’s loss was $2.46 per share on $629 million of revenue. Analysts surveyed by Refinitiv were expecting a loss of $2.55 per share on $590 million of revenue. Subscription and services revenue helped offset a quarter-over-quarter decline in trading volumes.
Keysight Technologies — The electronics company dropped 7.9% after issuing a weaker-than-expected outlook for the fiscal second quarter. Keysight expects earnings per share to be in the range of $1.91 and $1.97 with revenue in the range of $1.37 billion to $1.39 billion, which fall short of FactSet analysts’ estimates of $1.94 and $1.4 billion, respectively.
Toll Brothers — Shares of the homebuilder rose more than 2% on the back of better-than-expected fiscal first-quarter results. Toll Brothers earned $1.70 per share, beating a Refinitiv consensus estimate of $1.41 per share. Home sales revenue of $1.75 billion also topped expectations of $1.73 billion.
Logitech — Logitech’s U.S.-listed shares dipped about 1% after UBS downgraded the computer peripherals maker to neutral from buy. “The environment for Logitech is getting incrementally tougher,” UBS said.
Alcoa — Shares of the aluminum maker climbed nearly 2% after Citi upgraded Alcoa to buy from neutral, citing optimism around China’s…
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