Stocks making the biggest moves premarket: PacWest, Disney, Robinhood and more
Check out the companies making headlines before the bell.
PacWest — Shares plunged 20% after the regional bank stock said deposits fell 9.5% for the week ended May 5. If necessary, PacWest said it has access to $15 billion of available liquidity. Other regional banks stocks moved lower on the news, with Western Alliance and First Horizon down 7.3% and 3.2%, respectively.
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Disney — The media stock slumped more than 5%. Disney posted a decline in streaming subscribers even as losses for the business improved. The company also reported revenue and profit that was roughly in line with Wall Street’s expectations.
Robinhood — Shares climbed more than 4% after the retail brokerage reported a revenue beat, with $441 million in the first quarter against analyst estimates of $425 million, according to Refinitiv. Robinhood also showed growth in monthly users, which hit 11.8 million.
Unity Software — Shares popped more than 9% after the video game software developer topped revenue expectations for the recent quarter and raised its full-year revenue outlook.
Sonos — Shares shed nearly 24% after the home sound systems maker reporter a wider-than-expected loss for the recent quarter and cut its outlook for the second half of the 2023 fiscal year amid a softening demand environment.
Tapestry — Tapestry soared 10% after exceeding analysts’ third-quarter expectations. The American luxury fashion company behind Coach and Kate Spade reported adjusted earnings of 78 cents per share, topping consensus estimates of 60 cents per share, according to FactSet. It posted revenue of $1.51 billion, which was higher than calls for $1.44 billion. In addition, Tapestry raised its full-year guidance, which was also better than what analysts expected.
AppLovin — Shares soared more than 16% in premarket trading following the company’s first-quarter revenue and-second quarter guidance beat after the bell Wednesday. Revenue came in at $715.4 million, versus the $694.8 million expected from analysts polled by StreetAccount. AppLovin guided for $710 million-$730 million for the second quarter, topping the $695.7 million expected.
Beyond Meat — Shares of the alternative meat manufacturer fell more than 2% even after the company’s better-than-expected quarterly report. Beyond Meat reported a loss of 92 cents per share and $92.2 million in revenue. Analysts had anticipated a loss of $1.01 per share on revenue of $90.8 million, according to Refinitiv.
JD.com – Shares of the Chinese e-commerce giant advanced more than 3% after the company reported stronger-than-expected earnings and revenue for the first quarter of the year, according to FactSet. JD also announced some leadership changes: CEO Lei Xu is stepping down and will be replaced by chief financial officer Sandy Ran Xu.
Alcoa — Alcoa shares added 1.4% before the bell as Credit Suisse upgraded the aluminum producer to outperform. Analysts cited a recovery in aluminum prices and a move beyond Alcoa’s operational problems as reason for the upgrade.
Norfolk Southern — The transportation stock rose nearly 2% in premarket trading as JPMorgan upgraded shares to overweight. The Wall Street firm noted that Norfolk Southern shares trade at a discount to some peers, and that operations should improve as the company moves past its recent derailment issues.
— CNBC’s Yun Li, Tanaya Macheel, Brian Evans, Sarah Min and Michelle Fox contributed reporting