Premarket Winners and Losers
U.S. futures moved up Friday, capping off the week on a good note as attention shifts to next week’s Federal Reserve policy meeting.
Top Gainers
Madrigal Pharmaceuticals (NASDAQ:MDGL) shares increased by 25% after the US Food and Drug Administration approved its treatment for non-alcoholic steatohepatitis, a fatty liver condition.
Rivian (NASDAQ:RIVN) shares increased 3.9% after Piper Sandler raised its rating on the EV maker to ‘overweight’ from ‘neutral’, citing increased interest in new product releases.
Top losers
Hibbett Sports (NASDAQ:HIBB) shares slumped 12% after the sports clothing and footwear retailer underperformed analysts’ fourth-quarter forecasts and provided disappointing future outlook.
Adobe Systems (NASDAQ:ADBE) plummeted 11% after the software giant released lower-than-expected second-quarter sales projections, citing increased competition and sluggish demand for its AI solutions.
Smartsheet’s (NYSE:SMAR) shares slumped 10% after the cloud software company issued a revenue guidance that fell short of expectations, despite the fact that its quarterly revenue beat expectations.
Ulta Beauty (NASDAQ:ULTA) shares fell 6% after the beauty shop chain estimated a full-year profit lower than Wall Street expected due to higher supply-chain expenses and greater promotions that harmed margins.
MicroStrategy (NASDAQ:MSTR), Marathon Digital (NASDAQ:MARA), and Coinbase (NASDAQ:COIN) all plummeted following Bitcoin’s dramatic drop from recent record highs.
Stocks in focus
Blink Charging (BLNK) shares plummeted about 4% in pre-market trade after the electric car charging station operator disclosed a larger-than-expected loss for the fourth quarter of 2023. However, its revenue increased over 89% year on year to $42.71 million, exceeding expectations by $8.65 million. The firm contracted, deployed, or sold 5.1K charging stations during the quarter. Blink’s (BLNK) outlook for full-year 2024 revenue ranges from $165 million to $175 million, with the midpoint exceeding the average expectation of $168.61 million. “We are very optimistic about Blink’s future and remain committed to our target of achieving a positive adjusted EBITDA run rate by December 2024,” Brendan Jones, the company’s chief executive officer, said.
Groupon (GRPN) stock jumped almost 2% ahead of the opening bell, after the firm said that its improved financial performance and additional liquidity had overcome its going concern problem. Last year, the firm raised serious concerns about its capacity to continue as a going concern, but after taking steps to strengthen liquidity, management has judged that such concerns are no longer valid. The corporation also recorded a net income of $28.5 million for the fourth quarter of 2023, up from a net loss of $54.2 million the previous year. Its revenue declined 7% year on year to $137.7 million.
WW International (NASDAQ:WW), better known as WeightWatchers, shares rose almost 11% before of the market open after the company said that it was on track to exceed its previously given current quarter projection for end-of-period clinical subscribers. At the end of Q4 2023, the firm had 3.8 million overall customers, including 67K end-of-period clinical subscribers. The sentiment around WW (WW) has recently been unfavorable. WW (WW) announced in late February that media tycoon Oprah Winfrey will not run for re-election as a director. According to a report released earlier this week, its lenders have employed attorneys to negotiate debts.
U.S. ride-hailing companies Uber Technologies (UBER) and Lyft (LYFT) will suspend operations in Minneapolis beginning May 1. The ruling comes after the city council decided to override Mayor Jacob Frey’s veto of a salary increase law. The legislation raises ride-hailing service drivers’ compensation to $15.57 per hour. Critics had previously claimed that the increased salary would increase consumer expenses and drive Uber (UBER) and Lyft (LYFT) out of the city. Pre-market trade saw Uber (UBER) and Lyft (LYFT) class A shares rise modestly.
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3M (MMM) rose over 7% pre-market. The industrial conglomerate’s appointment of former L3Harris Technologies (LHX) CEO William Brown as its new CEO, starting May 1, appeared to please investors. Brown will succeed Michael Roman as 3M’s (MMM) executive chairman. Brown was Harris Corp’s CEO before its 2019 merger with L3 Technologies. After becoming CEO of the merged firm, he was executive chair from June 2019 until June 2022. Roman was 3M’s (MMM) CEO since July 2018.
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