Stock Market

Stocks making the biggest moves in the premarket: Okta, Marvell Technology, Vroom & more

Take a look at some of the biggest movers in the premarket:

Okta (OKTA) – Okta tanked 10.5% in premarket trading after announcing it is buying customer management software provider Auth0 for $6.5 billion in stock. The provider of identity management software also reported quarterly earnings of 6 cents per share, compared to consensus forecasts of a 1 cent per share loss. Okta also gave a weaker-than-expected current-quarter earnings forecast.

Marvell Technology (MRVL) – Marvell shares fell 5.9% in the premarket after the chipmaker issued a disappointing outlook and said chip supplies could remain tight throughout the fiscal year. Marvell matched estimates with its latest quarterly earnings, with revenue coming in above analysts’ forecasts.

Vroom (VRM) – Vroom tumbled 14.9% in premarket action after it reported a wider-than-expected loss for its latest quarter, although the online used-car seller’s revenue came in above estimates.

BJ’s Wholesale (BJ) – The warehouse retailer earned 70 cents per share for its latest quarter, beating the 67 cents a share consensus estimate. Revenue topped forecasts as well, and an ex-fuel comparable-store sales increase of 15.9% beat the 15.5% increase anticipated by analysts polled by FactSet. BJ’s declined to provide guidance for 2021 due to pandemic-related uncertainty. Its shares lost 1.6% in premarket trading.

Burlington Stores (BURL) – The retailer of apparel and other merchandise reported quarterly earnings of $2.44 per share, 32 cents a share above estimates. Revenue also exceeded Wall Street forecasts. Comparable-store sales were flat for the quarter versus expectations of a 10% drop.

Ciena (CIEN) – The networking equipment maker beat estimates by 7 cents a share, with quarterly profit of 52 cents per share. Revenue also topped analysts’ projections. Ciena shares fell 3.1% in the premarket, despite beating forecasts.

Rocket Companies (RKT) – Rocket shares moved between gains and losses in premarket trading, following the wide swings of the past few days. The Quicken Loans parent’s stock plunged 33% Wednesday after surging 71% the day before, amid increased attention in online financial forums. The shares were up 1.8% in the premarket.

CureVac (CVAC) – The German drugmaker’s shares rose 4.1% in the premarket after Novartis (NVS) said it would help CureVac manufacture its Covid-19 vaccine once the drug is approved by regulators.

Walt Disney (DIS) – Disney plans to close about 60 of its brick-and-mortar Disney Store locations in North America by the end of the year, as it shifts its focus to its e-commerce operations. There are currently about 300 of the stores worldwide. Disney shares fell 1% in premarket action.

General Electric (GE) – GE shares gained 2.2% in the premarket after Morgan Stanley raised its price target on the stock to a Street-high of $17 per share from $13 a share, based in part on a possibly significant recovery in GE’s aviation segment.

Amazon.com (AMZN) – Amazon is in talks with the National Football League to carry a significant number of games exclusively on its Prime video service, according to people familiar with the matter who spoke to The Wall Street Journal. The deal could see Amazon pay $1 billion for exclusive rights to most Thursday games.

Snowflake (SNOW) – Snowflake lost nearly $199 million in the fourth quarter, more than double the year-ago loss for the cloud database software company. Revenue more than doubled as well during the quarter, topping consensus forecasts. Following a record initial public offering for a software company last year, the lockup on the sale of insider shares will expire tomorrow.

American Eagle (AEO) – American Eagle beat estimates by 3 cents a share, with quarterly profit of 39 cents per share. The apparel retailer’s revenue came in slightly above Wall Street forecasts. American Eagle is also forecasting its best first-quarter sales in three years, driven by growth in its Aerie loungewear and lingerie brand. American Eagle rose 2.2% in the premarket.

Walmart (WMT) – Walmart’s Flipkart unit is exploring the idea of a U.S. listing, possibly through a special purpose acquisition company (SPAC) merger, according to people familiar with the matter who spoke to Bloomberg. Walmart bought a majority stake in the India-based e-commerce company in 2018.

Splunk (SPLK) – The analytics software company reported quarterly profit of 38 cents per share, well above the consensus estimate of 4 cents a share. Splunk also delivered better-than-expected revenue. Its shares gained 3.4% in premarket trading.

Articles You May Like

SOL price eyes 75% rally as Solana paints a bullish reversal pattern
Rivian, Infrastructure Bill & EV ETFs in Focus
After 8 years dumping billions of XRP, Jed McCaleb’s stack runs out in weeks
Here’s what China’s real estate debt crisis could mean for Asia junk bond investors
Stocks making the biggest moves midday: Coinbase, Spirit Airlines, Robinhood and more