Check out some of the biggest movers in the premarket:
IMAX (IMAX) – IMAX lost 21 cents a share, one cent a share more than analysts expected. The cinema operator’s revenues were above Wall Street’s estimates. Sales were supported by stronger performance in Asian markets and the company expects improved results as consumers return to theaters this year. IMAX shares lost 3.7% in premarket trading.
CoreLogic (CLGX) – CoStar Group (CSGP) has dropped its bid to buy CoreLogic, with the commercial real estate data provider saying rising interest rates will hurt CoreLogic’s value. CoStar’s latest offer was worth $ 6.6 billion or $ 90 per share, compared to an earlier higher offer of $ 6.9 billion or $ 95.76 per share. CoreLogic – a real estate data provider competing with Zillow (Z) – had last month accepted a buyout offer from private equity firms Stone Capital and Insight Partners for $ 6 billion or $ 80 a share. CoStar jumped 5.5% in premarket trading, while CoreLogic was down 3.4%.
Big Lots (BIG) – The discount chain reported quarterly earnings of $ 2.59 a share, 9 cents a share above estimates. However, sales were in line with forecasts, and a 7.9% comparable store sales increase lagged FactSet’s consensus estimate of 8.4%. Big Lots said it expected results to be significantly impacted by the pandemic this year. Shares were up 1.3% in premarket trading.
Costco (COST) – Costco reported quarterly earnings of $ 2.14 per share, which is lower than the consensus estimate of $ 2.45 per share. The department store retailer’s turnover was higher than expected. Costco’s comparable sales were up 13%, while digital sales were up 76%. The company also experienced supply chain issues that led to increased costs. Costco shares were down 1.9% in premarket trading.
Norwegian Cruise Line (NCLH) – Shares of the cruise line operator plummeted 7% in premarket trading after it announced a public offering of 47.58 million shares. Norwegian plans to use the proceeds to pay off negotiable debt of private equity firm L Catterton.
Gap (GPS) – The parent company of Gap, Old Navy and Banana Republic predicts a rebound in clothing sales this year as the Covid-19 pandemic abates and people return to offices and schools. Sales in the most recent quarter were below Wall Street’s forecast, although an increase in online sales offset a pandemic-related decline in retail traffic. Shares rose 3.2% in premarket action.
Broadcom (AVGO) – The chipmaker beat estimates by 6 cents a share, with a quarterly profit of $ 6.61 a share. The company’s sales were slightly above estimates. However, stocks fell 1% in the premarket as semiconductor sales were lower than analysts expected. The company and its peers continue to be affected by a shortage of materials used to make chips.
Virgin Galactic (SPCE) – The aerospace firm’s chairman, Chamath Palihapitya, sold his personal holdings of 6.2 million shares for approximately $ 213 million, according to a filing from the Securities and Exchange Commission. He still owns 15.8 million shares with investment partner Ian Osborne. Its shares fell 3.1% in the premarket.
The Trade Desk (TTD) – The Trade Desk is back on track after a 20% depreciation in the past two days. The programmatic ad technology provider was hit after Alphabet’s (GOOGL) Google said it wouldn’t use ad-tracking technology to track people individually across the web. The stock lost another 1.4% in the premarket.
Western Digital (WDC) – Western Digital shares rose 2.5% in premarket action after the disk drive and memory chip maker upgraded to “buy” from “neutral” from Goldman Sachs. Goldman mentioned, among other things, an improved outlook for the prices of memory chips.
Boeing (BA) – According to reports from Bloomberg and Reuters, the jet maker has approached a group of banks seeking a new $ 4 billion credit facility. Boeing had told analysts in January that the company had sufficient liquidity, but was open to raising more debt as it is considering options to strengthen its balance sheet.
Van Eck Vectors Social Sentiment ETF (BUZZ) – The new exchange-traded fund is back on the lookout today after dropping 3.6% on its Wall Street debut Thursday. The ETF is designed to focus on stocks that are getting attention from investors on Reddit, Twitter (TWTR) and other social media platforms.
Fifth Third Bancorp (FITB) – The bank was added to the “Conviction Buy” list at Goldman Sachs, which expects a significant improvement in net interest income for Fifth Third based on current trends in both long and short interest rates. Fifth Third was up 1.2% in premarket action.