Home Depot reported adjusted earnings of $4.92 per share, surpassing the $4.73 expected by analysts, and generated revenue of $47.86 billion, exceeding forecasts of $47.27 billion. This performance led to a 1.5% increase in its shares as the company reaffirmed its full fiscal year guidance.
In contrast, Tesla's shares fell by 1.2% as reports indicated the company is preparing to launch its Cybercab, a robotaxi without a steering wheel, in August. Fabrinet experienced a significant drop of over 9% in its shares despite reporting fourth-quarter earnings and revenue that exceeded expectations, as the company warned of temporary margin headwinds due to typical Q1 expense seasonality.
Meanwhile, memory chip makers, including Micron Technology and SK Hynix, saw declines of more than 4% in premarket trading, reflecting broader weakness in the sector. Duolingo's shares rose by 3% after D.A.
Davidson upgraded the stock from neutral to buy, suggesting that the market has effectively priced in risks related to user growth and monetization, and indicating that Duolingo may be approaching a turning point