Palantir, Ford, SolarEdge, Cadence Design, and More Stock Market Movers

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Stock futures edged higher Tuesday ahead of key U.S. consumer inflation data.

These stocks were poised to make moves Tuesday:

Palantir Technologies (PLTR) was rising 17.7% in premarket trading after the data-analytics software company reported better-than-expected fourth-quarter profit. It was the company’s first-ever profitable quarter on a GAAP basis. Palantir said it expects it will be profitable on a GAAP basis in 2023.

Ford

(F) said it would cut 3,800 jobs in Europe over the next three years as the auto maker shifts more toward electric vehicles. The cuts would come primarily from

Ford

‘s European product-development staff. Ford shares were rising 0.5% in premarket trading.

SolarEdge Technologies

(SEDG), the maker of solar components, was down 5.2% even after reporting fourth-quarter earnings and revenue that topped estimates.

Cadence Design Systems (CDNS) gained 4.7% in premarket trading. The company issued guidance for the first quarter and for fiscal 2023 higher than analysts’ estimates.

Avis Budget Group

(CAR) gained 2.1% after the car-rental chain reported fourth-quarter profit that beat expectations. Revenue in the period rose 8% on strong travel demand.

Cleveland-Cliffs

(CLF) reported fourth-quarter revenue that missed analysts’ forecasts. Shares of the mining company declined 4%.

Arista Networks

(ANET) was up 0.8% after the networking-infrastructure provider posted adjusted fourth-quarter earnings and sales that beat Wall Street estimates.

iRobot

(IRBT) was falling 0.8% in premarket trading after the maker of Roomba vacuums said it would lay off about 7% of its workforce.

Coca-Cola

(KO), GlobalFoundries (GFS),

Zoetis

(ZTS), and

Marriott International

(MAR) are scheduled to report quarterly earnings before stocks open for trading Tuesday. 

Write to Joe Woelfel at [email protected]