Palo Alto, Baidu, Stellantis rise premarket; Intel, CoStar fall

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Wednesday, February 22nd. Please refresh for updates.

• Palo Alto Networks (NASDAQ: PANW) stock rose 9.4% after the cybersecurity company delivered better-than-expected second quarter results, and lifted its earnings guidance.

• Intel (NASDAQ: INTC) stock fell 1% after the computer hardware manufacturer said it would lower its quarterly dividend as a part of its strategy to improve capital amid uncertain times.

• Toll Brothers (NYSE: TOL) stock rose 2.1% after the homebuilder beat quarterly expectations as demand in the housing market starts to recover.

• Baidu (NASDAQ: BIDU) stock rose 6.5% after the Chinese search engine giant announced a new $5 billion stock buyback and delivered an upbeat for 2023.

• Rio Tinto (NYSE: RIO) ADRs fell 1.6% after the Anglo-Australian miner posted a sharp decline in its 2022 profit, hit chiefly by shrinking margins on its iron ore production as weak demand in China dented iron ore prices.

• Stellantis (NYSE: STLA) stock rose 2.6% after the auto manufacturer, which owns the Jeep, Peugeot (OTC: PUGOY), Opel and Fiat brands, said it will buy back $1.6B of stock and pay out $4.5B in dividends after its revenue and net profit rebounded sharply in 2022.

• Alcoa (NYSE: AA) stock rose 2.4% after Citigroup upgraded its stance on the aluminum producer to ‘buy’ from ‘neutral’, saying it should get a boost from the reopening of China, the world’s second largest economy.

• CoStar Group (NASDAQ: CSGP) stock fell over 13% after the commercial property company’s 2023 guidance came in weaker than expected. It also announced it is no longer in negotiations to acquire Move, Inc., the parent company of Realtor.com.

• Logitech (NASDAQ: LOGI) stock fell 0.7% after UBS downgraded the Swiss-American computer equipment maker to ‘neutral’ from ‘buy’, citing rising competition.

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