Check out some of the biggest movers in the premarket:
Stitch Fix (SFIX) – Stitch Fix lost 20 cents a share for the last quarter, 2 cents a share less than analysts expected. Revenues for the online apparel styler lagged Wall Street’s forecasts and Stitch Fix cut the outlook for the fiscal year beginning in July due to longer cycle times. Stitch Fix does not recognize revenue until a customer completes a “Fix” by returning unwanted items and paying for retained items. Stitch Fix shares tumbled 24% for the market.
Dick’s Sporting Goods (DKS) – The sporting goods retailer reported quarterly earnings of $ 2.43 a share, 15 cents a share above estimates. Sales were also better than Wall Street’s forecasts. Comparable store sales were up 19.3%, compared to a FactSet consensus estimate of 17.1%. Dick’s also forecast annual earnings of $ 4.40- $ 5.20 per share, compared to a Refinitiv consensus estimate of $ 5.15 per share. In addition, Dick’s announced a quarterly dividend increase of 16%. The stock fell 7.2% for the market.
Thor Industries (THO) – The recreational vehicle manufacturer reported quarterly earnings of $ 2.38 per share, well above the consensus estimate of $ 1.55 per share. Sales also exceeded expectations. Thor warned that supply chain problems could have a negative impact in the short term, but the company is cautiously optimistic that those problems will ease in the second half of the year.
Children’s Place (PLCE) – The children’s clothing store reported a quarterly profit of $ 1.01 per share, compared to a consensus estimate of a loss of 23 cents per share. Sales also exceeded expectations, with a 1% comparable store sales increase compared to a consensus FactSet estimate of a 10.7% decline.
Baidu (BIDU) – Shares of the China-based search engine giant rose 6.4% ahead of the market after news that it received approval from the Hong Kong Stock Exchange to list its shares.
Discovery Communications (DISCA) – Discovery shares were up 3.9% in the premarket, potentially extending a seven-day earnings streak, with the media company’s stock surging 31% over that period. It is one of the strongly short-short stocks that has seen significant gains of late.
Peloton (PTON) – Peloton expands into the Asia-Pacific region for the first time and announces plans to sell its fitness bike and interactive membership app in Australia starting in the second half of the year. The Peloton share gained 4.7% in premarket action.
Li Auto (LI), Nio (NIO), Xpeng (XPEV) – The China-based electric vehicle manufacturers all plan to head to Hong Kong this year, according to people with direct knowledge of the matter who spoke to Reuters. All three are already listed on US stock exchanges, with Hong Kong listings potentially raising $ 5 billion. Li Auto was up 4.3% in the premarket, Nio gained 4.3% and Xpeng jumped 5.9%.
Zoom (ZM) – Zoom CEO and founder Eric Yuan has transferred approximately 40% of his stake in the video communications platform company, according to a filing from the Securities and Exchange Commission. The transfers – worth about $ 6 billion – were made as gifts to unspecified recipients of two trusts, with Zoom only saying the transactions were part of the estate planning process for Yuan and his wife. Zoom was up 3.6% in premarket trading.
MoneyGram International (MGI) – Blockchain firm Ripple and MoneyGram have ended their partnership for unspecified reasons. Ripple had bought a $ 30 million stake in the payments company in 2019, and the partnership was set to run for two years. Ripple CEO Brad Garlinghouse said the companies were determined to rethink the partnership in the future. MoneyGram fell 9.1% in the premarket.
Tesla (TSLA) – Tesla rose 5% in the premarket after falling five consecutive sessions and losing 21% during that period. It is the third notable sell-off of Tesla stock in the past year, with the stock falling more than 20% from recent highs in both March and September of 2020.
FirstEnergy (FE) – Activist investor Carl Icahn is in talks with the utility about possibly two seats on the board, according to people familiar with the case who spoke to Bloomberg. Icahn is said to have built a “significant” stake in FirstEnergy and wants to help the company get past a federal corruption scandal and other issues.
Del Taco (TACO) – Del Taco reported quarterly profit of 20 cents a share, beating consensus by 6 cents a share. The restaurant chain’s sales were slightly above Wall Street forecasts. Similar restaurant sales increased 3.8% during the quarter. Del Taco shares added 3.2% in premarket promotions.