Stocks that make the biggest moves on the pre-market: Okta, Marvell Technology, Vroom & more
Check out some of the largest moving companies on the pre-market:
Okta (OKTA) – Okta saw premarket trade jump 10.5% after announcing it was buying customer management software provider Auth0 for $ 6.5 billion in inventory. The identity management software provider also reported quarterly earnings of 6 cents per share, compared to consensus forecasts of 1 cent per share. Okta also issued a weaker-than-expected earnings forecast for the current quarter.
Marvell Technology (MRVL) – Marvell shares fell 5.9% in the pre-market after the chipmaker issued a disappointing outlook and chip shipments could remain tight throughout the fiscal year. Marvell matched estimates with the latest quarterly results, with sales exceeding analysts’ forecasts.
Vroom (VRM) – Vroom fell 14.9% before entering the market after reporting a better-than-expected loss last quarter, despite the online used car dealer’s revenue surpassing estimates.
BJ’s Wholesale (BJ) – The warehouse retailer earned 70 cents per share last quarter, beating the consensus estimate of 67 cents per share. Revenue also beat projections, with a 15.9% increase in revenue from non-fueled comparable stores, outperforming analysts polled by FactSet by 15.5%. BJ declined to provide guidance for 2021 amid uncertainties associated with the pandemic. Its shares lost 1.6% in premarket trading.
Burlington Stores (BURL) – The apparel and other merchandise retailer reported quarterly earnings of $ 2.44 per share, 32 cents per share above estimates. The revenue also exceeded Wall Street forecasts. Like-for-like sales were flat for the quarter, compared to expectations of a 10% decline.
Ciena (CIEN) – The network equipment maker beat estimates by 7 cents per share with quarterly earnings of 52 cents per share. Revenue also exceeded analysts’ forecasts. The Ciena share fell in the pre-market by 3.1% despite exceeding forecasts.
Rocket Companies (RKT) – Rocket stocks moved between gains and losses in premarket trading after the sharp fluctuations of the past few days. The Quicken Loans parent’s stocks fell 33% on Wednesday after rising 71% the previous day, which has attracted increasing attention on online financial forums. The shares rose in the pre-market by 1.8%.
CureVac (CVAC) – The German drugmaker’s shares rose 4.1% in the pre-market after Novartis (NVS) announced it would support CureVac in the manufacture of its Covid-19 vaccine once the drug was approved by regulators.
Walt Disney (DIS) – Disney plans to close approximately 60 of its brick and mortar Disney store locations in North America by the end of the year as the focus shifts to e-commerce operations. There are currently around 300 stores worldwide. Disney shares fell 1% before entering the market.
General Electric (GE) – GE stock rose 2.2% in the pre-market after Morgan Stanley raised its price target on the stock from $ 13 per share to a street high of $ 17 per share, in part to one possibly significant rebound in GE’s aviation segment.
Amazon.com (AMZN) – Amazon is in talks with the National Football League to offer a significant number of games exclusively for its Prime video service, according to people familiar with the matter who spoke to the Wall Street Journal. The deal could result in Amazon paying $ 1 billion for the exclusive rights to most games on Thursday.
Snowflake (SNOW) – Snowflake lost nearly $ 199 million in the fourth quarter, more than twice what it was a year ago for the cloud database software company. Revenue also more than doubled in the quarter, beating consensus forecasts. After a record IPO for a software company last year, the ban on selling insider stocks expires tomorrow.
American Eagle (AEO) – American Eagle beat estimates 3 cents per share with quarterly earnings of 39 cents per share. The clothing retailer’s sales were slightly above Wall Street’s forecasts. American Eagle is also forecasting its best first quarter sales in three years, driven by the growth of its loungewear and lingerie brand, Aerie. American Eagle rose 2.2% in the pre-market.
Walmart (WMT) – Walmart’s Flipkart unit is exploring the idea of a U.S. listing, possibly through a SPAC merger, according to people familiar with the matter who spoke to Bloomberg. Walmart acquired a majority stake in the India-based e-commerce company in 2018.
Splunk (SPLK) – The analytics software company reported quarterly earnings of 38 cents per share, well above the consensus estimate of 4 cents per share. Splunk was also delivering better than expected revenue. Its shares rose 3.4% in premarket trading.