Disney, Tapestry, Sonos rise premarket; Cisco, Advance Auto Parts fall

Disney, Tapestry shares rise premarket

Shares of Walt Disney Co. and Tapestry Inc. rose in premarket trading Tuesday, following upbeat quarterly results from both companies. Disney shares gained 2.5% to $113.52, while Tapestry shares climbed 3% to $24.50. Disney reported fiscal fourth-quarter earnings per share of $1.09, beating estimates of $1.02. Revenue also exceeded expectations, coming in at $20.15 billion versus the $19.88 billion consensus estimate. The company's theme parks and streaming businesses both performed well during the quarter. Tapestry, the owner of Coach and Kate Spade, reported third-quarter earnings per share of 87 cents, topping estimates of 79 cents. Revenue also came in above expectations, rising 11% to $1.69 billion. The company said that all of its brands performed well during the quarter, led by Coach.

Sonos shares rise on strong quarterly results

Shares of Sonos Inc. rose 2.5% to $26.10 in premarket trading Tuesday, after the company reported strong fourth-quarter results. Sonos reported earnings per share of $1.19, beating estimates of $1.06. Revenue also exceeded expectations, coming in at $451.2 million versus the $434.2 million consensus estimate. The company said that its strong results were driven by growth in all of its product categories, including speakers, soundbars, and home theater systems. Sonos also said that it is seeing strong demand for its products in all of its major markets.

Cisco, Advance Auto Parts shares fall premarket

Shares of Cisco Systems Inc. and Advance Auto Parts Inc. fell in premarket trading Tuesday, following disappointing quarterly results from both companies. Cisco shares declined 2% to $47.92, while Advance Auto Parts shares dropped 3% to $144.70. Cisco reported fiscal second-quarter earnings per share of 86 cents, missing estimates of 88 cents. Revenue also came in below expectations, falling 2% to $12.84 billion. The company said that its results were hurt by supply chain disruptions and the war in Ukraine. Advance Auto Parts reported first-quarter earnings per share of $3.16, missing estimates of $3.33. Revenue also came in below expectations, rising 2% to $2.46 billion. The company said that its results were hurt by higher costs and softer-than-expected demand.