Stocks making the biggest moves premarket: Dick’s Sporting Goods, Fabrinet, Macy’s, AppLovin and more

Check out the companies making headlines before the bell:

Fabrinet — Fabrinet surged 21% after its fiscal fourth-quarter results late Monday topped analysts’ estimates. The advanced manufacturing services company posted non-GAAP earnings of $1.86 per share, greater than the $1.80 earnings per share expected by analysts polled by FactSet. Revenue came in at $655.9 million, greater than the $641.4 million consensus estimate.

Dick’s Sporting Goods — Shares plunged nearly 20% after the retailer reported an earnings miss and cut guidance for the year, due in part to an increase in retail theft. Earnings per share for its fiscal second quarter came in at $2.82, well below the $3.81 expected from analysts polled by Refinitiv. Revenue also fell short.

AppLovin — Shares climbed 4% in premarket trading after Jefferies upgraded the marketing stock to buy from hold. Jefferies said the company should continue to win market share and grow its software segment.

Nordson — Shares fell 3% after Nordson reported fiscal third-quarter revenue that missed analysts’ expectations, and lowered its fiscal year earnings guidance. The adhesive dispensing equipment maker posted revenue of $648.7 million, lower than the $664.9 million expected by analysts polled by FactSet. It issued full-year earnings per share guidance of $8.90 to $9.05, lower than the prior guidance of $8.90 to $9.30, as well as the $9.06 per share consensus estimate on FactSet.

Macy’s — Shares of the department store chain slid about 1.6% after the company reported second-quarter earnings. Macy’s beat estimates on the top and bottom lines, but issued weak third-quarter guidance. The company reported per-share earnings of 26 cents, greater than the 14 cents earnings per share consensus estimate from FactSet. Revenue was $5.13 billion, higher than the $5.07 billion estimate. Macy’s issued third-quarter guidance in the range of 3 cents loss per share to 2 cents earnings per share, far below the 27 cent earnings per share estimate from FactSet. It guided for revenue from $4.75 billion to $4.85 billion, lower than the $4.86 billion expected by analysts.

Lowe’s — The stock gained about 2.4% after earnings beat second-quarter expectations. The home improvement company reported $4.56 earnings per share, greater than the $4.47 expected by analysts polled by FactSet. However, revenue was slightly lower, at $24.96 billion instead of the $24.97 billion estimate. Lowe’s also reaffirmed fiscal year revenue expectations in the range of $87 billion to $89 billion, while analysts expected $87.98 billion, according to FactSet. Lowe’s CEO Marvin Ellison said, “[We] remain confident in the mid- to long-term outlook for the home improvement industry.”

Zoom Video Communications — Shares of the video conferencing company rose just over 1% after Zoom’s second-quarter results topped expectations. The company reported $1.34 in adjusted earnings per share on $1.14 billion of revenue. Analysts were expecting $1.05 per share on $1.12 billion of revenue, according to Refinitiv. Zoom’s earnings guidance for the third quarter and the full year also topped expectations.

Emerson Electric — The stock rose 1.6% after JPMorgan on Tuesday upgraded the engineering company to overweight from neutral and raised its price target to $107 from $83. That implies roughly 13% upside from Monday’s close.

— CNBC’s Michelle Fox, Alex Harring and Jesse Pound contributed reporting.