Stocks making the biggest moves in the premarket: Zoom Video, Novavax, Nio & more
Take a look at some of the biggest movers in the premarket:
Zoom Video (ZM) – Zoom reported quarterly profit of $1.22 per share, beating the consensus estimate of 79 cents a share. Revenue also topped forecasts, and Zoom gave an upbeat current-quarter forecast in anticipation of millions continuing to use its video messaging platform. Its shares jumped 7.4% premarket.
Novavax (NVAX) – Novavax lost $2.70 per share for its latest quarter, wider than the $1.49 per share loss that analysts were anticipating. The drugmaker’s revenue also came in below Wall Street estimates. Novavax said its Covid-19 vaccine could be cleared for use in the U.S. as soon as May, depending on whether regulators are willing to authorize it based on the results of a British trial. Novavax shares fell 5.1% in the premarket.
Target (TGT) – The retailer reported quarterly earnings of $2.67 per share, 13 cents a share above estimates. Revenue also exceeded analysts’ projections. Comparable-store sales jumped 20.5%, better than the 16.8% predicted by analysts surveyed by FactSet. Target also saw digital sales more than double. Its shares rose 1% in premarket trading.
Kohl’s (KSS) – Kohl’s reported quarterly profit of $2.22 per share, including $1.15 a share in incremental tax benefits. That compared with a $1.01 a share consensus estimate. Revenue beat forecasts, and Kohl’s announced that it would reinstate its dividend and share buyback program this year. It also forecast sales growth for 2021. The retailer’s shares rose 1.6% in premarket action.
Nio (NIO) – Nio fell 5.2% in premarket trading after it reported a larger-than-expected loss for its latest quarter. The China-based electric vehicle maker also issued a sales forecast for the current quarter that shows slower than expected growth.
Kontoor Brands (KTB) – The company behind the Lee and Wrangler apparel brands earned $1.23 per share for its latest quarter, compared with a consensus estimate of 97 cents a share. Revenue came in above estimates as well, driven by strength in digital sales. Kontoor Brands also gave a better-than-expected full-year earnings forecast.
AutoZone (AZO) – The auto parts retailer reported quarterly profit of $14.93 per share, beating the consensus estimate of $12.84 a share. Revenue came in above estimates as well. Comparable-store sales rose 15.2% compared to a consensus FactSet estimate of up 8.6%.
Beyond Meat (BYND) – Shares of the plant-based food maker are up 1.2% in the premarket after Citi upgraded the stock to “buy” from “neutral.” Citi believes sales and cost issues that impacted the most recent quarter are temporary. The stock had initially fallen in off-hours trading Monday after Beyond Meat said it planned to raise $750 million in a convertible notes offering.
Nike (NKE) – Nike North American business chief Ann Hebert has left the athletic footwear and apparel maker, with Nike saying it will announce a replacement shortly. Hebert’s departure follows a report that her son used a credit card in her name to purchase sneakers for his resale company.
MercadoLibre (MELI) – MercadoLibre fell 2.4% premarket, despite reporting record quarterly revenue and beating analysts’ forecasts. The Argentine e-commerce giant benefited from a surge in online shopping and digital payments in the Latin American market.
Roku (ROKU) – Roku is buying Nielsen’s (NLSN) digital advertising business for an undisclosed amount, allowing it to offer more targeted ads on its streaming platform. Roku gained 1.3% premarket, while Nielsen rose 6.8%.
Lemonade (LMND) – Lemonade lost 60 cents per share for its latest quarter, 5 cents a share less than anticipated. The online insurance company’s revenue came in above estimates, however Lemonade issued a weaker-than-expected outlook for the current quarter. Its shares fell 6% in the premarket.
Square (SQ) – Square gained 4.4% in premarket trading after announcing that it began operations for its in-house bank, Square Financial Services. The digital payments company’s bank will offer business loans to Square sellers.
Score Media and Gaming (SCR) – Score Media rose 7.1% premarket after it said underwriters of its recent initial public offering fully exercised their over-allotment option. That brings the total money raised by the sports betting company’s IPO to $186.3 million.