Stocks making the biggest moves premarket: Home Depot, Blue Owl Capital, Amer Sports & more

Pre-market action saw several notable moves: Helmerich & Payne slid more than 7% after reporting an adjusted loss of $0.01 per share versus a FactSet consensus of $0.23 despite revenue beating estimates, while Home Depot fell about 1.2% after Q3 adjusted EPS of $3.74 missed the $3.84 forecast and the company cut its full-year earnings outlook. Other significant headlines include Axalta jumping over 6% on a $25 billion all-stock merger with AkzoNobel, Barrick Mining rising 2.8% on reports Elliott Management has taken a large stake and may push for a split, and Blue Owl edging lower amid reports private-fund investors face big losses and will be blocked from redemptions until next year. Positive results from Amer Sports (adj. EPS $0.33 vs. $0.25; revenue $1.76bn vs. $1.72bn) and James Hardie (Q2 revenue $1.29bn vs. $1.28bn; adj. EPS $0.26 and raised full-year adjusted EBITDA guidance) supported rallies, while Rheinmetall said it expects sales to quintuple over five years as geopolitical tensions boost defense demand.

Analysis

Helmerich & Payne fell more than 7% after reporting an adjusted loss of $0.01 per share in fiscal Q4 versus a FactSet consensus of $0.23, even though revenue beat estimates, creating a volatility-while-revenue-beats operational story. Home Depot pulled back ~1.2% after Q3 adjusted EPS of $3.74 missed the LSEG consensus of $3.84 and the company trimmed its full-year earnings outlook, signaling near-term margin or demand pressure in home improvement. Blue Owl has declined for three consecutive sessions (building on a prior 5.8% drop) after reports that private-fund investors face large losses and will be blocked from redemptions until next year, highlighting a liquidity and reputational risk for the firm.

Positive catalysts included Amer Sports, which beat on adjusted EPS ($0.33 vs. $0.25) and revenue ($1.76bn vs. $1.72bn), and James Hardie, which reported revenue of $1.29bn (vs. $1.28bn) and matched adjusted EPS $0.26 while raising full-year adjusted EBITDA guidance. Axalta rose >6% on a $25bn all-stock merger with AkzoNobel and Barrick climbed 2.8% after reports that Elliott Management has built a large stake and may push for a split; Rheinmetall flagged sales could quintuple over five years, underpinning defense exposure amid geopolitical tensions. Market signals are mixed (sentiment_score 0.05, market_impact_score 0.3) so near-term moves will likely be event-driven around guidance, activist filings and deal execution.

Key risks to monitor are further guidance cuts (Home Depot), liquidity constraints and redemption terms in private vehicles (Blue Owl), activist-driven restructuring at Barrick, and regulatory or shareholder approval risks for the Axalta/AkzoNobel merger; each represents a discrete catalyst that can materially re-rate the affected stocks.

Key Decisions for Investors

• Reduce or avoid initiating new exposure to Helmerich & Payne until management provides clearer forward guidance or operational cadence after the EPS miss, given the share-price volatility despite a revenue beat
• Trim or neutralize Home Depot positions until the company demonstrates margin stabilization or reverses its trimmed full‑year earnings outlook
• Avoid adding to Blue Owl and consider hedges on existing positions given reported private‑fund losses and redemption freezes that can exacerbate downside risk
• Consider selective, sized-long exposure to Amer Sports and James Hardie, which reported beats and, in James Hardie’s case, raised guidance, while monitoring subsequent quarterly updates
• Watch Axalta/AkzoNobel merger execution and activist activity at Barrick as near‑term event catalysts and prepare event‑driven allocation or tactical trades contingent on regulatory filings or breakup proposals
• Maintain defensive liquidity or portfolio hedges given mixed market sentiment and modest market‑impact, and monitor upcoming guidance, activist filings and redemption developments for direction