Check out the companies making headlines in premarket trading. Walmart – The major retailer fell 4.7% after reporting adjusted earnings per share forecast for the year of $6.40 to $6.48, lower than analysts expected. However, Walmart’s adjusted earnings of $1.53 per share beat the $1.52 expected by analysts surveyed by LSEG. Revenue was $160.8 billion versus estimates of $159.72 billion. Cisco Systems – Shares fell nearly 11% in premarket trading as the company’s profit forecast for the current quarter came in below analyst estimates. Cisco blamed this on a slowdown in new product orders. The company also reduced its full-year revenue forecast. Palo Alto Networks – Shares fell more than 6% after Palo Alto Networks issued weaker-than-expected billing guidance for the current quarter and full year. Plug Power – Shares of the green hydrogen company fell 4.6% after Citi downgraded them to neutral from buy. The bank cited near-term issues, including subpar execution and liquidity issues, as headwinds for the stock. Tencent Music Entertainment – Shares rose 1.4% in premarket trading after quarterly earnings missed the mark. Still, JPMorgan upgraded Tencent to overweight from neutral on Thursday, saying the company could deliver double-digit earnings growth in the future thanks to the expanding music industry. Goodyear Tire & Rubber – Shares rose nearly 2% after Deutsche stock was upgraded to “buy” from “hold.” Goodyear has strong turnaround potential thanks to its new leadership and operational turnaround plans, Deutsche said. StoneCo – The fintech company rose 1.2% in premarket trading after Bank of America upgraded shares to “buy” from “neutral.” Analyst Mario Pierry said StoneCo’s new management team and increased cost urgency should help the company gain market share and increase monetization. Advance Auto Parts – The auto parts retailer fell more than 4% after Bank of America downgraded the stock to underperform from neutral. The bank said ongoing medium-term challenges will put pressure on free cash flow for at least the next 12 months. — CNBC’s Michelle Fox, Brian Evans and Sarah Min contributed reporting. Correction: An earlier headline misstated the time of day the stock moves occurred.
