Take a look at some of the biggest drivers in the pre-market:
Stitch Fix (SFIX) – Stitch Fix lost 20 cents per share in the last quarter, 2 cents less than analysts had predicted. The online clothing stylist’s revenue fell short of Wall Street’s predictions, and Stitch Fix cut the guidance for the fiscal year beginning in July due to prolonged cycle times. Stitch Fix does not recognize revenue until a customer has completed a “Correction” by returning unwanted items and paying for the items held. Stitch Fix’s shares fell 24% before the market.
Dick’s Sporting Goods (DKS) – The sporting goods retailer reported quarterly earnings of $ 2.43 per share, 15 cents per share above estimates. Revenue also surpassed Wall Street forecasts. Comparable store sales increased by 19.3%, compared with a consensus estimate by FactSet of 17.1%. Dick’s also predicted full-year 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 16% increase in quarterly dividends. The shares fell 7.2% in the pre-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. Revenue also exceeded forecasts. Thor warned that supply chain problems could have a short-term negative impact, but the company is cautiously optimistic that those problems will subside in the second half of the year.
Children’s Place (PLCE) – The children’s clothing retailer reported a quarterly profit of $ 1.01 per share, compared with a consensus estimate of loss of 23 cents per share. Revenue also exceeded forecasts and a 1% increase in comparable store sales compares with FactSet’s consensus estimate of a 10.7% drop.
Baidu (BIDU) – The shares of the China-based search engine giant jumped 6.4% ahead of the market after news that it obtained approval from the Hong Kong Stock Exchange to list its shares.
Discovery Communications (DISCA) – Discovery’s shares rose 3.9% in the premarket, potentially extending a seven-day winning streak that saw the media company’s shares gain 31% in that period. It is among the heavily sold shares that have seen strong gains recently.
Peloton (PTON) – Peloton is expanding into the Asia-Pacific region for the first time, announcing plans to sell its fitness bike and interactive membership app in Australia from the second half of the year. Peloton’s stake gained 4.7% in the pre-market share.
Li Auto (LI), Nio (NIO), Xpeng (XPEV) – Chinese electric vehicle makers plan to list themselves in Hong Kong later this year, according to people with direct knowledge of the matter who spoke to Reuters. All three are already listed on U.S. stock exchanges, with Hong Kong listings potentially raising a combined $ 5 billion. Li Auto rose 4.3% in the pre-market, Nio gained 4.3% and Xpeng jumped 5.9%.
Zoom (ZM) – Zoom CEO and founder Eric Yuan transferred about 40% of his stake in the video communications platform company, according to a document from the Securities and Exchange Commission. The transfers – worth about $ 6 billion – were made to unspecified recipients of two funds as gifts, with Zoom just saying that the transactions represented part of the estate planning process for Yuan and his wife. Zoom rose 3.6% in the pre-market negotiations.
MoneyGram International (MGI) – Blockchain company Ripple and MoneyGram ended their partnership for unspecified reasons. Ripple had purchased a $ 30 million stake in the payment services company in 2019, with the partnership set to last for two years. Ripple CEO Brad Garlinghouse said the companies are committed to revisiting the partnership in the future. MoneyGram fell 9.1% in the pre-market.
Tesla (TSLA) – Tesla rose 5% in the pre-market after falling for five consecutive sessions and losing 21% in that period. It is the third notable drop in Tesla shares last year, with the shares having fallen by more than 20% since the recent highs in March and September 2020.
FirstEnergy (FE) – Activist investor Carl Icahn is in talks with the dealership over whether to take two seats on the board, according to people familiar with the matter who spoke to Bloomberg. Icahn is said to have built a “considerable” stake in FirstEnergy and wants to help the company put a federal corruption scandal and other issues behind it.
Del Taco (TACO) – Del Taco reported quarterly earnings of 20 cents per share, exceeding the consensus by 6 cents per share. The restaurant chain’s revenue was slightly above Wall Street forecasts. Comparable restaurant sales increased by 3.8% during the quarter. Del Taco’s shares increased 3.2% in the pre-market share.