Toyota’s stock increased by 1.3% before the bell after news that the automaker intends to reduce its holdings in automotive components manufacturer Denso to 20% from over 24%. The capital from this move will be redirected to strengthen its efforts in electric vehicles. AstraZeneca’s shares gained nearly 2% in premarket trading after TD Cowen listed the stock as a top pick for 2024, with analyst Steve Scala’s price target suggesting a potential upside of 35.9% from Tuesday’s close. Conversely, Hormel Foods saw a nearly 2% drop in shares after posting fiscal fourth-quarter earnings below analyst expectations. Foot Locker, on the other hand, saw an increase of 12% in shares after reporting third-quarter earnings and sales that exceeded Wall Street expectations and projecting better same-store sales for the year. However, Petco’s shares plummeted 17% following a report of a third-quarter loss of 5 cents per share. Likewise, Dollar Tree’s stock dropped by 2% in early morning trading despite reporting earnings above analysts’ expectations. Workday, a provider of enterprise cloud solutions, saw shares rally by nearly 10% after posting strong third-quarter results, while NetApp’s stock rose more than 11% after reporting fiscal second-quarter adjusted earnings above expectations and raising its guidance for both the third quarter and full year earnings. Additionally, shares of cybersecurity company CrowdStrike gained 2.7% after a positive third-quarter earnings report and raised fourth-quarter forecast. General Motors’ shares also jumped 9% in premarket trading after the announcement of a $10 billion stock buyback plan and a 33% hike in its quarterly dividend. Lastly, Phillips 66 added approximately 6% to its shares before Wednesday’s opening bell following the disclosure that Elliott Management had acquired a $1 billion stake in the company. This U.S. hedge fund also plans to seek as many as two board seats.
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