A Ralph Lauren store in downtown Philadelphia, PA.
Fred Imbert | cnbc
Check out the companies making headlines before the bell rings.
norfolk southern Shares fell more than 3% after reports the Environmental Protection Agency sent the railroad company a notice of possible liability over the weekend. The notice was related to last week’s explosion and derailment of railcars containing hazardous materials in East Palestine, Ohio.
meta — Shares of the Facebook parent rose 2.6% after the Financial Times reported it is planning a new round of layoffs after last laying off 11,000 employees in November. The company’s share price has gained over 44% so far this year.
Kamla — Shares of the machinery company declined more than 1% after Baird downgraded Caterpillar from neutral to outperform. The investment firm said in a note to clients that Caterpillar is “close to a cyclical pivot point” and revenue growth is set to slow.
Ralph Lauren — Shares of the apparel retailer rose 2.5% after Bank of America Upgraded the stock to Buy from Neutral, and also raised its price target, saying the brand is differentiating itself among its peers during challenging times. The call follows an upbeat earnings report on Thursday.
Fidelity National Information Service — The company shed 8.5% in the premarket. Although it reported a modest earnings and revenue loss, its forecast came in below expectations. Fidelity anticipates first-quarter adjusted EPS of $1.17-$1.23 versus StreetAccount estimates of $1.42 and revenue of $3.38 billion to $3.43 billion, compared to an estimated $3.57 billion.
Cadence Design Systems Shares were up 1.7% in premarket trading ahead of the company’s scheduled fourth-quarter earnings release on Monday. Cadence is expected to report revenue in the range of $870 million to $890 million. Analysts polled by Refinitiv expect the company to earn 92 cents per share on revenue of $884.8 million.
— CNBC’s Alex Haring, Jesse Pound and Michelle Fox Theobald contributed reporting.