Before the bell, several companies made headlines. Fabrinet jumped 21% after their fiscal fourth-quarter results exceeded analysts' forecasts. The company's non-GAAP earnings of $1.86 per share beat the expected $1.80 earnings per share from FactSet. Furthermore, revenue of $655.9 million was higher than the $641.4 million consensus estimate. Dick's Sporting Goods' shares plummeted nearly 20% due to an earnings miss and their downward revision of the yearly forecast, which was partially caused by an increased amount of retail theft. AppLovin increased 4% in premarket trading after Jefferies upgraded their stock to buy from hold, as they anticipate the company continuing to acquire market share and growing its software segment. Nordson's stock declined 3% after their fiscal third-quarter revenue missed analysts' expectations and their full-year earnings guidance was lowered. Macy's dropped 1.6% as their second-quarter earnings exceeded estimates but their third-quarter guidance was weaker than expected. On the flip side, Lowe's shares rose 2.4%, as their second-quarter earnings surpassed expectations and reaffirmed yearly revenue estimates. Zoom Video Communications gained 1% following their second-quarter results exceeding expectations. JPMorgan upgraded Emerson Electric to overweight from neutral and lifted their price target, implying 13% upside from Monday's close.
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