Check out some of the biggest movers in the premarket:
Okta (OKTA) – Okta gained 10.5% in premarket trading after announcing it is buying customer management software vendor Auth0 for $ 6.5 billion in inventory. The identity management software provider also reported quarterly profit of 6 cents per share, compared to consensus forecasts of 1 cent per share. Okta also gave a weaker than expected earnings forecast for the current quarter.
Marvell Technology (MRVL) – Marvell shares fell 5.9% in the premarket after the chip maker issued a disappointing outlook and said chip stocks could remain tight throughout the fiscal year. Marvell was in line with the latest quarterly earnings estimates, with revenues above analyst forecasts.
Vroom (VRM) – Vroom tumbled 14.9% in premarket action after reporting a larger-than-expected loss for the last quarter, even though the online seller’s sales of used cars were above estimates.
BJ’s Wholesale (BJ) – The department store seller earned 70 cents a share for the last quarter, beating the 67 cents who had a consensus estimate of the stock. Sales also exceeded forecasts, and a 15.9% increase in non-fuel comparable stores was better than the 15.5% increase expected by analysts polled by FactSet. BJ’s declined to provide advice for 2021 due to pandemic-related uncertainty. Its shares lost 1.6% in premarket trading.
Burlington Stores (BURL) – The apparel and other merchandise retailer reported quarterly earnings of $ 2.44 a share, 32 cents a share above estimates. Sales also exceeded Wall Street forecasts. Sales in comparable stores were stable for the quarter, with a decline of 10% expected.
Ciena (CIEN) – The network equipment manufacturer beat estimates by 7 cents per share, with quarterly profit of 52 cents per share. Sales also exceeded analyst forecasts. Ciena’s shares fell 3.1% in the premarket, despite disappointing forecasts.
Rocket Companies (RKT) – Rocket shares moved between gains and losses in premarket trading, following the wide swings of the past few days. The share of the Quicken Loans parent company fell 33% Wednesday after a 71% increase the day before, amid increased attention in online financial forums. Shares rose 1.8% in the premarket.
CureVac (CVAC) – Shares of the German drug maker rose 4.1% in the premarket after Novartis (NVS) said it would help CureVac produce its Covid-19 vaccine once the drug is approved by regulators.
Walt Disney (DIS) – Disney plans to close approximately 60 of its physical Disney Store locations in North America by the end of the year as it shifts its focus to its e-commerce business. There are currently about 300 stores worldwide. Disney shares were down 1% in premarket action.
General Electric (GE) – GE shares rose 2.2% in the premarket after Morgan Stanley raised its stock price target from $ 13 a share to a Street high of $ 17 a share, based in part on a potentially significant recovery in the aviation segment of GE.
Amazon.com (AMZN) – Amazon is in talks with the National Football League to release a significant number of games exclusively on its Prime video service, according to people familiar with the issue who spoke to The Wall Street Journal. The deal would allow Amazon to pay $ 1 billion for exclusive rights to most Thursday games.
Snowflake (SNOW) – Snowflake lost nearly $ 199 million in the fourth quarter, more than double the loss of a year ago for the cloud database software company. Sales also more than doubled during the quarter, which is ahead of consensus expectations. After a record initial public offer for a software company last year, the block on the sale of insider stocks expires tomorrow.
American Eagle (AEO) – American Eagle beat estimates by 3 cents a share, with quarterly earnings of 39 cents a share. The apparel retailer’s sales were slightly above Wall Street’s forecasts. American Eagle also forecasts its best first-quarter sales in three years, driven by the growth of its Aerie loungewear and lingerie brand. American Eagle rose 2.2% in the premarket.
Walmart (WMT) – Walmart’s Flipkart unit is exploring the idea of a US listing, possibly through a merger of a special acquisition company (SPAC), according to people familiar with the case who spoke to Bloomberg. Walmart bought 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 also delivered better than expected revenues. Its shares gained 3.4% in premarket trading.