Stocks Making The Biggest Moves In The Pre-Market: Vroom, Shift, Sonos, Poshmark & More
Check out some of the largest moving companies on the pre-market:
Vroom (VRM) – Vroom stock rose 11% in the pre-market after posting a lower than expected loss in the most recent quarter. The online used car dealer’s revenue surpassed estimates as demand increased. Consumers are turning to used cars as the global shortage of chips is limiting the production of new vehicles. Vroom rival Shift (SFT) reported similar positive results, its shares up 8.1%.
Sonos (SONO) – Sonos made 12 cents per share in the most recent quarter, compared to projections of a 22 cents per share loss. The maker of speakers and other audio products also raised its full-year sales forecast, believing it could meet demand despite the global chip shortage. In premarket trading, the shares rose by 11.9%.
Alibaba (BABA) – The China-based e-commerce giant fell short of analyst projections on balance, but reported better-than-expected revenue in the fourth quarter of the fiscal year. The company also issued a positive sales forecast for the current fiscal year.
Casper Sleep (CSPR) – Casper Sleep stock rose 6.3% in premarket trading after the mattress and other bedding maker posted lower-than-expected quarterly loss and sales also beat estimates. The outlook for the year as a whole has been raised due to the so-called “favorable business development”.
Canada Goose (GOOS) – The outdoor apparel manufacturer’s shares rose 5.3% in the pre-market after Canada Goose posted an unexpected quarterly profit. The company made 1 cent per share compared to projections of a loss of 12 cents per share (all figures in Canadian currency). Revenue also beat forecasts given the surge in online sales and strong demand from China.
Utz Brands (UTZ) – The snack manufacturer fell one cent behind the estimates with a quarterly profit of 13 cents per share. Sales also fell short of forecasts. However, Utz noted that sales were negatively impacted by snowstorms in February and issued an optimistic outlook for the year as a whole.
Boeing (BA) – Boeing has received approval from the Federal Aviation Administration for planned repairs to the electrical systems of around 737 Max jets. Boeing has issued service bulletins detailing the update and stating that airlines should only take a day or two to implement.
Bumble (BMBL) – Bumble surprised analysts with a profit in the first quarter compared to expectations of a quarterly loss. The dating service operator also reported better-than-expected earnings. Bumble released a positive sales forecast for the current quarter, and more people returned to dating as the pandemic receded. Despite the positive numbers, Bumble shares fell 1.2% in premarket trading.
BJ’s Wholesale (BJ) – The warehouse retailer was upgraded from neutral to overweight at JP Morgan Securities, suggesting it is more optimistic than most of the others on the street about BJ’s upcoming earnings report. The company also said it sees stimulus checks that increase membership renewal rates. BJ’s shares rose 1.8% in premarket trading.
ThredUp (TDUP) – ThredUp lost 17 cents per share in the first quarter, one cent more than analysts forecast. Sales exceeded expectations for the second-hand apparel retailer, but also warned of the potential impact of constrained consumer apparel budgets. Shares fell 8.9% prior to going public.
Poshmark (POSH) – The Poshmark share gained 12.5% in the pre-market despite positive results for the first quarter. The company reported a loss of 33 cents per share, which was less than the loss of 42 cents per share that Wall Street analysts had expected. The online retailer for used luxury goods also posted sales that exceeded analysts’ forecasts.
Lowe’s (LOW) – Lowe’s was raised from “perform” to “outperform” at Oppenheimer, which indicated the retailer’s reduced rating for do-it-yourselfers compared to the Home Depot (HD).