Check out some of the biggest movers in the premarket:
Zoom Video (ZM) – Zoom reported quarterly earnings of $ 1.22 per share, surpassing the consensus estimate of 79 cents per share. Sales also exceeded forecasts, and Zoom provided an optimistic forecast for the current quarter expecting millions of people to continue using their video messaging platform. Its shares rose 7.4% premarket.
Novavax (NVAX) – Novavax lost $ 2.70 per share for the last quarter, more than the $ 1.49 per share loss that analysts had expected. The drug maker’s earnings were also below Wall Street’s estimates. Novavax said its Covid-19 vaccine could be approved for use in the US as early as May, depending on whether regulators are willing to approve it based on the results of a UK study. The Novavax share fell by 5.1% in the premarket.
Target (TGT) – The retailer reported quarterly earnings of $ 2.67 a share, 13 cents a share above estimates. Sales also exceeded analyst expectations. Comparable store sales were up 20.5%, better than the 16.8% predicted by analysts polled by FactSet. Target also saw digital sales more than double. Its shares were up 1% in premarket trading.
Kohl’s (KSS) – Kohl’s reported quarterly earnings of $ 2.22 per share, including $ 1.15 per share in incremental tax benefits. That compared to a consensus estimate of $ 1.01 per share. Sales exceeded expectations and Kohl’s announced it would restore its dividend and share buyback program this year. It also predicted revenue growth for 2021. The retailer’s stock rose 1.6% in premarket action.
Nio (NIO) – Nio fell 5.2% in premarket trading after reporting a larger than expected loss for the last quarter. The China-based electric vehicle manufacturer also released a sales forecast for the current quarter showing slower growth than expected.
Kontoor Brands (KTB) – The company behind clothing brands Lee and Wrangler earned $ 1.23 per share for the last quarter, compared to a consensus estimate of 97 cents per share. Sales also exceeded estimates, driven by strong digital sales. Kontoor Brands also gave a better-than-expected earnings forecast for the full year. Its shares rose 3.1% in the premarket.
AutoZone (AZO) – The auto parts retailer reported quarterly earnings of $ 14.93 per share, surpassing the consensus estimate of $ 12.84 per share. Sales were also above estimates. Comparable store sales increased 15.2% compared to a FactSet consensus estimate of 8.6%.
Beyond Meat (BYND) – Shares of the plant-based food producer are up 1.2% in the premarket after Citi upgraded its stock to “buy” from “neutral.” Citi believes sales and expense issues that affected the most recent quarter are temporary. The stock was initially down during off-hours trading Monday after Beyond Meat said it planned to raise $ 750 million in a convertible bond offering.
Nike (NKE) – Ann Hebert, head of Nike’s North American business, has left the athletic footwear and apparel manufacturer, and Nike says it will announce a replacement soon. Hebert’s departure follows a report that her son has used a credit card in her name to buy sneakers for his resale business.
MercadoLibre (MELI) – MercadoLibre fell 2.4% for the market, despite reporting record quarterly sales and beating analyst forecasts. The Argentinian e-commerce giant benefited from a strong increase in online shopping and digital payments in the Latin American market.
Roku (ROKU) – Roku is purchasing Nielsen’s (NLSN) digital advertising business for an undisclosed amount, allowing it to serve more targeted ads on its streaming platform. Roku gained 1.3% premarket, while Nielsen gained 6.8%.
Lemonade (LMND) – Lemonade lost 60 cents a share for the last quarter, 5 cents a share less than expected. The online insurance company’s earnings were above estimates, but Lemonade gave a weaker than expected outlook for the current quarter. Its shares fell 6% in the premarket.
Square (SQ) – Square gained 4.4% in premarket trading after announcing it started operations for its own bank, Square Financial Services. The digital payments company’s bank offers business loans to Square merchants.
Score Media and Gaming (SCR) – Score Media rose 7.1% premarket after it said insurers of the recent IPO had fully exercised their over-allotment option. That brings the total money raised from the sports betting IPO to $ 186.3 million.