Hot Stocks: AZO & ZM pop on earnings beat while AAP & DOLE slide on missed estimates
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Strong earnings had stocks like AutoZone (NYSE:AZO) and Zoom Video Communications (NASDAQ:ZM) trending higher in Tuesday’s early market trading. At the same time, Advanced Auto Parts (NYSE:AAP) and Dole (NYSE:DOLE) tipped lower as both missed on Q1 revenues according to their latest quarterly reports.
Gainers:
AutoZone (AZO) popped 1.7% in premarket trading action after the automotive retailer reported stronger than expected profits and sales. AZO beat revenue estimates by $16M and saw an increase in domestic sales by 2.6% for the quarter.
Zoom Video Communications (ZM) ticked up early Tuesday morning +2.6% as the California based firm rose higher after a Q1 earnings beat. Zoom also raised its full-year earnings guidance, saying it expects EPS for the 2023 fiscal year to be between $3.70 and $3.77 a share, compared to a previous outlook of between $3.45 and $3.51 a share.
Decliners
Advanced Auto Parts (AAP) dipped lower in premarket trading as the company missed on Q1 Non-GAAP EPS and revenue. To start the day AAP trades lower by 1.8% as Non-GAAP EPS of $3.57 missed by $0.02 and revenue of $3.37B (+1.2% Y/Y) missed by $20M.
Also falling lower in premarket trading was Dole (DOLE) -3.1%, as it too declined on Q1 earnings. DOLE has trended to the downside as the company reported revenue of $2.2B, which was a miss by $70M.
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