Check out the companies making headlines before the bell. Disney — Shares jumped 7.8% after the entertainment giant announced a 50% increase to its dividend and higher-than-expected fiscal first-quarter earnings at $1.22 per share, compared to the consensus forecast from LSEG of 99 cents. Also lifting the stock was Disney’s positive guidance, as the company said it expects adjusted earnings to rise 20% to $4.60 per share in fiscal year 2024. Ralph Lauren — The stock popped 5.3% after the apparel maker posted a strong beat on earnings and revenue for its fiscal third quarter, saying it closed out the holiday shopping season with healthy inventory levels. Ralph Lauren reported earnings of $4.17 per share, excluding items, while analysts surveyed by FactSet expected earnings of $3.57 per share. Revenue came out at $1.93 billion for the period, while analysts had forecasted $1.87 billion, per Factset. Ally Financial — Shares added 1.9% after Morgan Stanley upgraded the lender to overweight from equal weight, saying Ally is a strong way to play lower interest rates expected ahead. Mattel — Shares gained 2.6% after the Barbie toymaker posted fourth-quarter adjusted earnings on Wednesday of $0.29 per share, higher than $0.18 a year earlier. Mattel’s earnings and revenue of $1.62 billion for the period still fell short of consensus estimates, however, as analysts surveyed by LSEG called for earnings of 31 cents per share on $1.66 billion in revenue for the period. The company, which is anticipating soft sales growth this year, also announced a $1 billion share buyback program. PayPal — The stock plunged 9.4% after the online payments leader posted slightly disappointing guidance for the full year and first quarter, even though the company’s fourth-quarter earnings and revenue beat estimates. PayPal forecast that year-over-year earnings per share growth for the first quarter would slow to the mid-single digits, compared to the LSEG consensus estimate of 8.7% growth. The company said on Jan. 30 that it will lay off about 2,500 employees, or 9% of its workforce. New York Community Bancorp — Shares continued to fall premarket, losing about 4.7%. The stock fell dramatically on Tuesday after Moody’s downgraded its long-term debt ratings to junk status on concerns about risk management challenges, which only extended the bank’s sell-off fueled by its quarterly loss and dividend cut on Jan. 31. NYCB was also hit with a shareholder lawsuit on Wednesday, adding to the stock’s woes as the company attempts to assure investors. Arm Holdings — The chipmaker’s stock soared more than 28% after it reported a fiscal third-quarter earnings beat . Arm reported adjusted earnings of 29 cents per share on revenue of $824 million, higher than the earnings of 25 cents on $761 million analysts polled by LSEG had expected. The company also issued fourth-quarter earnings and revenue guidance that exceeded what analysts had anticipated. Apollo Global Management — Shares rose nearly 3% after the asset management company’s fourth quarter earnings topped estimates. The company earned an adjusted $1.91 per share, compared to the $1.73 expected by analysts, according to FactSet’s StreetAccount. The company reported $32 billion of inflows during the quarter, pushing its total assets under management to $651 billion. American Express — Shares dipped 1.6% following a downgrade by Morgan Stanley to equal weight from overweight. The bank said American Express’ discount revenues have slowed and believes the good news from earnings and the dividend hike are now reflected in the price. Maersk — Shares slipped nearly 13% after the Danish shipping giant pointed to “high uncertainty” in its 2024 earnings outlook due to the Red Sea disruptions and an oversupply of shipping vessels hitting the company’s profits. Maersk also said it would suspend share buybacks. — CNBC’s Jesse Pound, Tanaya Macheel, Lisa Kailai Han and Michelle Fox Theobald contributed reporting.
