Take a look at some of the biggest drivers in the pre-market:
Okta (OKTA) – Okta plunged 10.5% in the pre-market after announcing that it is buying the provider of client management software Auth0 for $ 6.5 billion in shares. The identity management software provider also reported quarterly earnings of 6 cents per share, compared to consensus predictions of 1 cent loss per share. Okta also gave a weaker-than-expected profit forecast for the current quarter.
Marvell’s technology (MRVL) – Marvell’s shares fell 5.9% in the premarket after the chipmaker issued a disappointing outlook and said chip supplies could remain tight during the fiscal year. Marvell combined the estimates with its most recent quarterly earnings, with revenue coming in above analysts’ forecasts.
Vroom (VRM) – Vroom plunged 14.9% in pre-market shares after reporting a greater than expected loss in its last quarter, although the online used car salesperson’s revenue was above estimates.
BJ’s Wholesale (BJ) – The warehouse retailer earned 70 cents per share in the last quarter, hitting 67 cents per stock consensus estimate. Revenue also exceeded forecasts, and an increase in sales of comparable stores without fuel of 15.9% exceeded the 15.5% increase anticipated by analysts surveyed by FactSet. BJ’s declined to provide guidance for 2021 due to uncertainty related to the pandemic. Its shares lost 1.6% in the pre-market.
Burlington Stores (BURL) – The clothing and other merchandise retailer reported quarterly earnings of $ 2.44 per share, 32 cents per share above estimates. Revenue also surpassed Wall Street forecasts. Comparable store sales were flat in the quarter, compared to expectations of a 10% drop.
Ciena (CIEN) – The network equipment maker exceeded estimates by 7 cents per share, with a quarterly profit of 52 cents per share. Revenue also exceeded analysts’ projections. Ciena’s shares fell 3.1% in the pre-market, despite exceeding forecasts.
Rocket Companies (RKT) – Rocket’s shares moved between gains and losses in the pre-market, after the big fluctuations of the last few days. Shares in Quicken Loans’ parent company plunged 33% on Wednesday, after rising 71% the day before, amid increased attention in online financial forums. The shares rose 1.8% in the pre-market.
CureVac (CVAC) – The German pharmaceutical’s shares rose 4.1% in the premarket after Novartis (NVS) said it would help CureVac manufacture its Covid-19 vaccine once the drug has been approved by regulators.
Walt Disney (DIS) – Disney plans to close about 60 of its physical Disney Store stores in North America by the end of the year, as it shifts its focus to its e-commerce operations. There are currently around 300 stores worldwide. Disney shares fell 1% in the pre-market.
General Electric (GE) – GE shares gained 2.2% in the pre-market after Morgan Stanley raised its share price target to $ 17 per share from $ 13 per share, based in part on a possibly significant recovery in GE’s aviation segment.
Amazon.com (AMZN) – Amazon is in talks with the National Football League to offer a significant number of games exclusively on its Prime video service, according to people familiar with the matter who spoke to The Wall Street Journal. The deal could make Amazon pay $ 1 billion for the exclusive rights to most of Thursday’s games.
Snowflake (SNOW) – Snowflake lost nearly $ 199 million in the fourth quarter, more than double the previous year’s loss to the cloud database software company. Revenue also more than doubled during the quarter, exceeding consensus forecasts. After a record initial public offering for a software company last year, the block on the sale of privileged shares will expire tomorrow.
American Eagle (AEO) – American Eagle exceeded estimates by 3 cents per share, with quarterly earnings of 39 cents per share. The clothing retailer’s revenue was slightly above Wall Street forecasts. American Eagle is also forecasting its best sales in the first quarter in three years, driven by the growth of its Aerie loungewear and lingerie brand. American Eagle rose 2.2% in the pre-market.
Walmart (WMT) – Walmart’s Flipkart unit is exploring the idea of a listing in the United States, possibly through a merger of a special purpose acquisition company (SPAC), according to people familiar with the matter who spoke to the company. 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 generated better than expected revenue. Its shares gained 3.4% in the pre-market.