Biggest stock movers Tuesday: F, VFC, and more

Stock futures edged slightly higher as market participants eagerly awaited the financial results from the tech giant Alphabet, the parent company of Google, and a slew of economic events.

Here are some of Tuesday’s biggest stock movers:

Biggest stock gainers

• V.F. Corp. (VFC) shares surged more than 20% after reporting better-than-expected FQ2 results, with CEO Bracken Darrell highlighting sequential improvement in year-over-year trends and progress on cost-cutting initiatives. However, the company’s full-year revenue guidance of $2.7B to $2.75B fell slightly short of consensus of $2.78B due to an expected negative foreign exchange impact of approximately 100 basis points.
• Shares of Cadence Design Systems (CDNS) jumped 7% after posting upbeat Q3 financial results and raising its full-year EPS forecast. The company now projects full-year earnings per share between $5.87 and $5.93 with a midpoint of $5.90, slightly above the consensus estimate of $5.89 and up from its prior midpoint of $5.87. Full-year 2024 revenue is anticipated in the range of $4.61B to $4.65B, a midpoint of $4.63B in line with the consensus of $4.63B.

Biggest stock losers

• Ford Motor Company (F) shares fell over 6% despite beating Q3 estimates, as the automaker continued to struggle in its electric vehicle division and issued disappointing guidance. For the full year, Ford lowered its EBIT outlook to $10B, down from a prior range of $10B–$12B. Ford Pro’s profitability is now expected at about $9B, down from $9B–$10B, while Ford Blue’s revenue forecast was reduced to approximately $5B from $6.0B–$6.5B. Model e is projected to incur a loss of around $5B, within the prior loss guidance of $5.0B–$5.5B.