WBA, EL, ALL and more

Check out the companies making headlines before the bell. Walgreens Boots Alliance saw its shares dip 1.6% after releasing its fiscal second-quarter report. The company generated $37.05 billion in revenue for the quarter, surpassing the LSEG forecast of $35.86 billion. However, Walgreens also narrowed its full-year adjusted earnings guidance due to a challenging retail environment. Estee Lauder’s shares rose more than 3% after receiving a buy rating from Bank of America, citing profitability recovery efforts, new products, and improved share in the prestige beauty sector. Allstate saw its insurance stock rise 0.9% following an upgrade from HSBC to buy from hold, with the analyst highlighting the company’s decisive management actions and a less restrictive regulatory backdrop. RH’s stock surged more than 9% premarket despite missing on both top and bottom lines in the fourth quarter. The company is forecasting better-than-expected revenue growth in 2024 due to improving demand trends, with full-year revenue growth expected to fall between 8% to 10%. TD Synnex’s shares fell 4.7% after launching a secondary public offering of 9 million common shares held by Apollo Global Management. The IT company also authorized the repurchase of 500,000 shares as part of its existing share purchase program. Chemours saw its shares tumble more than 8% after revealing cooperation with the Securities and Exchange Commission and U.S. Attorney’s Office regarding its internal audit of financial practices. An internal review found executives manipulated cash flows to meet targets tied to their bonuses. Vornado Realty Trust’s shares gained 1.2% after being upgraded by Morgan Stanley to equal weight from underweight, citing improving activity, particularly in New York leasing and occupancy. — CNBC’s Jesse Pound, Sarah Min, and Michelle Fox contributed reporting.

Walgreens Boots Alliance reported a strong fiscal second quarter, with revenue surpassing expectations but adjusted earnings guidance being narrowed due to a challenging retail environment. Estee Lauder saw a rise in shares after an upgrade from Bank of America, citing profitability recovery efforts and new product launches. Allstate also experienced a stock increase following an upgrade from HSBC, which highlighted the company’s management decisions and regulatory environment. RH stock surged despite missing expectations in the fourth quarter, with management forecasting better revenue growth for 2024. TD Synnex shares fell after a secondary public offering, while Chemours saw a significant drop after cooperating with authorities over financial practices. Vornado Realty Trust gained after an upgrade from Morgan Stanley, pointing to improving activity in New York leasing and occupancy.

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