Check out the companies making headlines before the bell: Qualcomm — Qualcomm’s stock fell 1% as it expects to lose Apple as a customer for its modem business over the next few years. This potential decline in opportunity overshadowed Qualcomm’s fiscal fourth-quarter earnings and revenue and strong current-quarter forecasts. Warner Bros. Discovery — Shares fell 1% after Warner Bros. Discovery reported an adjusted loss of 6 cents per share on third-quarter revenue of $9.05 billion. Analysts surveyed by LSEG had expected a loss of 4 cents per share on revenue of $9.15 billion. Under Armor — The sportswear company fell by as much as 1% despite higher profits and revenue. Under Armor reported second-quarter earnings of 4 cents per adjusted share on revenue of $1.33 billion. Analysts polled by LSEG expected EPS of 2 cents and revenue of $1.31 billion. Penn Entertainment , DraftKings — These two stocks rose after Penn Entertainment and ESPN announced the early termination of their exclusive online sports betting agreement in the United States. ESPN also entered into a new betting partnership with DraftKings. Penn stock rose nearly 7% and DraftKings rose 4.5%. Duolingo — Shares fell 25% after the company’s fourth-quarter booking estimates were lower than expected. The language learning platform beat third-quarter revenue estimates and raised its sales outlook. Third-quarter revenue was $271.7 million, beating expectations of $260.3 million. The company currently expects sales to be between $1.028 billion and $1.032 billion this year. Snap — The social media platform soared 19% after announcing a $500 million buyback program and providing strong fourth-quarter revenue guidance. Additionally, Snap said it will pay $400 million for Perplexity AI to integrate the AI startup’s search functionality into Snapchat. AppLovin — Software stocks rose about 8% after AppLovin reported better-than-expected quarterly results. For the third quarter, Applovin’s adjusted EBITDA was $1.16 billion, compared to the $1.09 billion expected by analysts surveyed by FactSet. Revenue was $1.41 billion, beating the consensus estimate of $1.34 billion. The company also announced a positive outlook for the fourth quarter. Papa John’s International — Shares fell 5% as the pizza chain announced poor third-quarter results. Papa John’s earned 32 cents per share last quarter on revenue of $508.2 million. Analysts polled by LSEG expected earnings of 41 cents and revenue of $523.8 million. The stock has fallen 19% this week and fell on Tuesday after Reuters reported that Apollo Global had withdrawn its proposal to take Papa John’s private. Lyft — The ride-hailing stock rose about 6% after beating earnings. Lyft earned 11 cents per share. Analysts polled by LSEG had expected earnings of 8 cents per share. ARM — The chip design company rose 3.8% after beating profit and revenue expectations. Arm earned an adjusted profit of 39 cents per share on revenue of $1.14 billion. Analysts surveyed by LSEG had expected Arm to earn 33 cents per share on revenue of $1.06 billion. The company’s third-quarter outlook also exceeded expectations. Figma — Shares rose more than 4% after Figma reported third-quarter earnings that beat expectations and raised full-year guidance. Figma reported revenue of $274 million, which beat LSEG’s consensus estimate of $265 million. The co-design platform now expects fiscal 2025 revenue of $1.04 billion and $1.05 billion, up from its previous forecast of $1.02 billion to $1.03 billion. Devon Energy — Energy shares rose 2% after the company reported higher profits and sales. Devon Energy reported adjusted earnings of $1.04 per share on revenue of $4.33 billion. That beat the 93 cents per share and $4.14 billion in revenue expected by analysts surveyed by FactSet. DoorDash — The meal delivery company plunged more than 11% after reporting mixed third-quarter results. DoorDash reported earnings of 55 cents per share, below the 69 cents per share expected by analysts surveyed by LSEG. However, sales of $3.45 billion exceeded analysts’ expectations of $3.36 billion. Fortinet — The cybersecurity stock fell 11% after Fortinet lowered its full-year earnings forecast, even though third-quarter profits beat expectations. Fortinet earned 74 cents per share, excluding items, on revenue of $1.72 billion. Analysts polled by LSEG had expected earnings of 63 cents per share on revenue of $1.7 billion. However, the company revised its revenue outlook for the year-end to between $6.72 billion and $6.78 billion, down slightly from its previous forecast of $6.68 billion to $6.83 billion. HubSpot — Shares fell 12% even though earnings and revenue beat expectations. In the third quarter, HubSpot reported earnings of $2.66 per share, excluding items, on revenue of $810 million. Analysts polled by LSEG had expected earnings of $2.58 per share and revenue of $787 million. Elf Beauty — Shares fell more than 21% after Elf Beauty reported mixed fiscal second-quarter results. Earnings of 68 cents per share beat LSEG’s consensus estimate of 57 cents per share. However, sales were $344 million, lower than expectations of $366 million. Marvell Technology — Shares rose more than 7% after Bloomberg reported that SoftBank is considering a potential acquisition of the company in early 2025, citing people familiar with the matter. Softbank had an idea to merge with Arm Holdings. The people also said that even if Marvell and SoftBank are not in active talks, interest in the deal could be revived. — CNBC’s Sean Conlon, Lisa Han and Liz Napolitano contributed reporting
