Stocks Making The Biggest Moves In The Pre-Market: Deere, Dropbox, Novavax & More
Check out some of the largest moving companies on the pre-market:
Deere (DE) – The heavy equipment maker earned $ 3.87 per share for the first quarter of fiscal year, compared to a consensus estimate of $ 2.14 per share. Sales also beat forecasts, and Deere improved its full-year profit outlook amid improvements in the agribusiness and construction sectors. Deere shares rose 6.2% in premarket trading.
Roku (ROKU) – Roku shares rose 1.4% in the pre-market after posting quarterly earnings of 49 cents per share, compared to consensus forecast of 6 cents per share. The streaming video device manufacturer’s revenue also beat projections as consumers stayed home looking for more video entertainment during the pandemic.
Uber Technologies (UBER) – The hail-fighting firm lost a major case in the UK in which a Supreme Court judge upheld a labor court ruling that Uber’s drivers were employees, not contract workers. Uber fell 1.9% in the pre-market.
Dropbox (DBX) – Dropbox was 4 cents per share above estimates with quarterly earnings of 28 cents per share. The cloud storage company’s revenue was also above Wall Street’s forecasts. Dropbox had above-expected paid users and above-expected revenue per user for the quarter. However, full year sales were also forecast to be below analyst estimates, and the stock fell 3.4% ahead of the IPO.
Applied Materials (AMAT) – Applied Materials earned $ 1.39 per share for the fourth quarter, compared to a consensus estimate of $ 1.28 per share. Sales were also above forecasts. The semiconductor device maker also released a positive outlook for the current quarter as chipmakers seek to accelerate production to cope with a global shortage. Applied Materials rose 5% in premarket trading.
Novavax (NVAX) – The drugmaker’s shares rose 10.6% in the pre-market after an agreement was reached with global vaccine alliance Gavi to provide 1.1 billion doses of its Covid-19 vaccine for international vaccination efforts.
TripAdvisor (TRIP) – TripAdvisor reported a quarterly loss of 41 cents per share, which was greater than analysts’ forecast loss of 26 cents per share. The travel website operator’s revenue exceeded estimates, and the company found that pent-up travel demand and positive vaccine developments should lead to improved results this year. Their shares fell 2.4% in premarket trading.
Pfizer (PFE) – The Covid-19 vaccine developed by Pfizer and BioNTech (BNTX) was 85% effective after the first dose. This comes from a study of Israeli health workers published in The Lancet Medical Journal. As with a competing moderna vaccine (MRNA), patients are given two doses of the Pfizer vaccine for maximum protection.
Royal Caribbean (RCL) – Royal Caribbean announced that it will not be able to pay cash dividends and buy back shares until the third quarter of 2022 due to changes in the cruise company’s loan agreements. It had suspended dividends and buybacks last year when the pandemic halted cruise operations.
IBM (IBM) – IBM is considering a possible sale of its IBM Watson Health business, according to people familiar with the matter who spoke to the Wall Street Journal. Alternatives could be a sale to a private equity firm or other healthcare company, or a merger of the entity with a special purpose vehicle.
Texas Roadhouse (TXRH) – The restaurant chain made 28 cents per share in the fourth quarter, less than 49 cents per share consensus estimate. Sales also lagged behind the analysts’ forecasts. According to Texas Roadhouse, weekly sales slowed in the second half of the quarter as the Covid-19 revival forced some locations to close. Texas Roadhouse’s shares fell 3.5% prior to going public.
Planet Fitness (PLNT) – The gym operator’s quarterly earnings fell 5 cents a share as it posted earnings of 17 cents a share. Income also fell short of estimates. Sales at the same location declined more than expected and Planet Fitness did not provide an outlook for 2021 due to uncertainty surrounding the Covid-19 pandemic. In premarket trading, shares fell 2.5%.
Rackspace (RXT) – Rackspace beat estimates by 3 cents on quarterly earnings of 26 cents per share. Sales were also above forecasts. However, the cloud service provider issued a weaker than expected profit forecast for the full year. Its shares fell 9.7% in the pre-market.