Stocks making the biggest moves premarket: Beyond Meat, Sweetgreen, Adobe, Block and more
Check out the companies making headlines before the bell:
Beyond Meat — Shares jumped 12% after Beyond Meat reported a smaller-than-expected loss in its fourth quarter, even with sales falling more than 20%. The meat-alternative company reported a loss per share of $1.05, lower than the expected $1.18, according to Refinitiv. It posted revenue of $79.9 million, more than the $75.7 million expected.
Block — Shares of the payments giant rose more than 6% in early morning trading after the company reported better-than-expected revenue for the fourth quarter and strong growth in gross profit.
Carvana — The used-car retailer sank 5.8% after posting a fourth-quarter loss of $7.61 per share, greater than the forecasted loss of $2.28 per share, according to consensus estimates from Refinitiv. Revenue came in at $2.84 billion, a 24% drop from the fourth quarter of 2021 and lower than analysts’ expectations of $3.1 billion.
Sweetgreen — Shares of the salad chain shed about 10% after Sweetgreen issued weaker-than-expected revenue guidance for the first quarter and full year, according to Refinitiv. Fourth-quarter revenue also fell short. Higher menu prices and fewer transactions hurt the firm, as did romaine, arugula and tomato shortages.
Adobe — Shares fell more than 3% after a Bloomberg report, citing an unnamed source, said the U.S. Justice Department is planning to block the company’s $20 billion acquisition of startup Figma in a lawsuit.
MercadoLibre — MercadoLibre jumped 5% after the South American e-commerce firm reported fourth-quarter earnings of $3.25 per share on revenue of $3 billion. Analysts surveyed by FactSet were anticipating earnings of $2.42 per share and revenue of $2.96 billion.
Boeing — Shares of the industrial giant dropped more than 2% in premarket trading after the company said it has temporarily halted deliveries of its 787 Dreamliners so it can do additional analysis on a fuselage component. The planes, which are often used for long-haul international routes, have suffered several issues for several years.
EOG Resources — EOG Resources slid 3.6% after the energy company reported fourth-quarter earnings, excluding items, that were short of analysts’ expectations, according to FactSet. The company beat on revenue, however.
Warner Bros. Discovery — The stock fell 4% after Warner Bros. Discovery posted disappointing results in its latest quarter. The media and entertainment conglomerate reported a loss of 86 cents per share on revenue of $11.01 billion. Analysts polled by Refinitiv called for a loss of 21 cents per share on revenue of $11.36 billion.
Autodesk — Shares dropped more than 4% after Autodesk issued soft guidance on first-quarter earnings. Otherwise, the software company beat fourth-quarter expectations on the top and bottom lines, according to Refinitiv.
— CNBC’s Michelle Fox, Yun Li and Tanaya Macheel contributed reporting
