Take a look at some of the biggest drivers in the pre-market:
IMAX (IMAX) – IMAX lost 21 cents per share, one cent more per share than analysts had predicted. The cinema operator’s revenue was above Wall Street estimates. Sales were helped by stronger performances in Asian markets, and the company is anticipating better results with consumers returning to cinemas this year. IMAX shares lost 3.7% in pre-market trading.
CoreLogic (CLGX) – The CoStar Group (CSGP) withdrew its offer to buy CoreLogic, with the commercial property data provider saying that rising interest rates would hurt CoreLogic’s value. CoStar’s last offering was worth $ 6.6 billion or $ 90 per share, compared to a higher previous offer of $ 6.9 billion or $ 95.76 per share. CoreLogic – a real estate data provider that competes with Zillow (Z) – accepted an offer to buy last month from private equity firms Stone Capital and Insight Partners for $ 6 billion or $ 80 per share. CoStar jumped 5.5% in pre-market trades, while CoreLogic fell 3.4%.
Big Lots (BIG) – The discount retailer reported quarterly earnings of $ 2.59 per share, 9 cents per share above estimates. Revenue was up to expectations, however, and a comparable 7.9% increase in sales was timid compared to FactSet’s consensus estimate of 8.4%. Big Lots said it expects its results this year to be significantly affected by the pandemic. The shares rose 1.3% in the pre-market.
Costco (COST) – Costco reported quarterly earnings of $ 2.14 per share, falling short of the consensus estimate of $ 2.45 per share. The warehouse retailer’s revenue was above forecast. Comparable Costco sales increased by 13%, while digital sales increased by 76%. The company also faced supply chain problems resulting in higher costs. Costco’s shares fell 1.9% in the pre-market.
Norwegian Cruise Line (NCLH) – The cruise operator’s shares fell 7% in the pre-market after it announced a public offering of 47.58 million shares. Norwegian plans to use the proceeds to redeem exchangeable debts from private equity firm L Catterton.
Gap (GPS) – Gap’s father, Old Navy and Banana Republic is forecasting a recovery in clothing sales this year as the Covid-19 pandemic subsides and people return to offices and schools. Sales in the most recent quarter were below Wall Street forecasts, although an increase in online sales helps to offset the pandemic-related decline in store traffic. The shares jumped 3.2% in the pre-market share.
Broadcom (AVGO) – The chipmaker beat estimates by 6 cents a share, with a quarterly profit of $ 6.61 per share. The company’s revenue was slightly above estimates. The shares fell 1% in the pre-market, however, as semiconductor sales were below analysts’ forecasts. The company and its peers continue to be impacted by the scarcity of materials used to make chips.
Virgin Galactic (SPCE) – The president of the space company, Chamath Palihapitya, sold his personal holdings of 6.2 million shares for about $ 213 million, according to a document from the Securities and Exchange Commission. He still owns 15.8 million shares with investor partner Ian Osborne. Its shares fell 3.1% in the pre-market.
The Trade Desk (TTD) – The Trade Desk is in service once again after losing 20% of its value in the last two days. The programmatic advertising technology provider was hit after Alphabet’s Google (GOOGL) said it would not use ad tracking technology to track people individually over the Internet. The shares lost an additional 1.4% in the pre-market.
Western Digital (WDC) – Western Digital’s shares rose 2.5% in the premarket after the disk drive and memory chip maker were upgraded to “buy” from “neutral” at Goldman Sachs. Goldman cited a better outlook for memory chip prices, among other factors.
Boeing (BA) – The jet maker approached a group of banks in search of a new $ 4 billion credit line, according to reports by Bloomberg and Reuters. Boeing told analysts in January that the company had sufficient liquidity, but was open to raising more debt when considering options to strengthen its balance sheet.
Van Eck Vectors Social Sentiment ETF (BUZZ) – The new exchange-traded fund is on guard again today, after falling 3.6% on its debut on Wall Street on Thursday. The ETF is designed to focus on stocks that receive attention from investors on Reddit, Twitter (TWTR) and other social media platforms.
Fifth Third Bancorp (FITB) – The bank has been added to Goldman Sachs’s “Buy by conviction” list, which predicts a significant improvement in net interest income for Fifth Third based on current trends in short and long term rates. Fifth Third rose 1.2% in pre-market share.