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Palo Alto, Baidu, Stellantis rise premarket; Intel, CoStar fall

Investing.com
·2-min read

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Wednesday, February 22nd. Please refresh for updates.

Palo Alto Networks (NASDAQ:PANW) stock rose 9.4% after the cybersecurity company delivered better-than-expected second quarter results, and lifted its earnings guidance.

Intel (NASDAQ:INTC) stock fell 1% after the computer hardware manufacturer said it would lower its quarterly dividend as a part of its strategy to improve capital amid uncertain times.

Toll Brothers (NYSE:TOL) stock rose 2.1% after the homebuilder beat quarterly expectations as demand in the housing market starts to recover.

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Baidu (NASDAQ:BIDU) stock rose 6.5% after the Chinese search engine giant announced a new $5 billion stock buyback and delivered an upbeat for 2023.

Rio Tinto (NYSE:RIO) ADRs fell 1.6% after the Anglo-Australian miner posted a sharp decline in its 2022 profit, hit chiefly by shrinking margins on its iron ore production as weak demand in China dented iron ore prices.

Stellantis (NYSE:STLA) stock rose 2.6% after the auto manufacturer, which owns the Jeep, Peugeot (OTC:PUGOY), Opel and Fiat brands, said it will buy back $1.6B of stock and pay out $4.5B in dividends after its revenue and net profit rebounded sharply in 2022.

Alcoa (NYSE:AA) stock rose 2.4% after Citigroup upgraded its stance on the aluminum producer to ‘buy’ from ‘neutral’, saying it should get a boost from the reopening of China, the world’s second largest economy.

CoStar Group (NASDAQ:CSGP) stock fell over 13% after the commercial property company’s 2023 guidance came in weaker than expected. It also announced it is no longer in negotiations to acquire Move, Inc., the parent company of Realtor.com.

Logitech (NASDAQ:LOGI) stock fell 0.7% after UBS downgraded the Swiss-American computer equipment maker to ‘neutral’ from ‘buy’, citing rising competition.

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