Stocks making the biggest moves in the premarket: Best Buy, Snowflake, Okta & more
27 May 2021
Take a look at some of the biggest movers in the premarket:
Best Buy (BBY) – Best Buy shares jumped 3.8% in the premarket after the electronics retailer reported quarterly earnings of $2.23 per share, which beat the consensus estimate of $1.39 a share. Revenue and comparable-store sales also exceeded Wall Street forecasts and Best Buy raised its full-year comparable sales forecast.
Snowflake (SNOW) – Snowflake lost 11 cents per share for the first quarter, smaller than the 16 cents a share loss that analysts were anticipating. The cloud computing company’s revenue also topped forecasts, but shares fell 3.3% in the premarket as losses grow at a similar rate as its sales.
Okta (OKTA) – Okta shares fell 4.4% in premarket trading, after the maker of identity management software projected a larger-than-expected loss for the current quarter as well as announcing the upcoming departure of Chief Financial Officer Mike Kourey.
Dollar General (DG) – The discount retailer reported quarterly profit of $2.82 per share, beating the consensus estimate of $2.19 a share. Revenue exceeded estimates and comparable-store sales dropped less than expected. Dollar General also raised its full-year forecast after benefiting from a new round of government stimulus checks for its customers. Despite the beat, Dollar General shares fell 1.5% in premarket trading.
Medtronic (MDT) – The medical device maker beat estimates by 8 cents a share, with quarterly earnings of $1.50 per share. Revenue beat estimates as well, as medical procedures rebounded amid a receding pandemic. Medtronic also raised its dividend by 9%.
Dollar Tree (DLTR) – The discount retailer’s shares fell 2.7% in the premarket after it issued a lower-than-expected earnings outlook for the full year. Dollar Tree beat estimates on the top and bottom lines for its latest quarter, and comparable-store sales rose more than expected.
Williams-Sonoma (WSM) – Williams-Sonoma earned $2.93 per share for its latest quarter, beating the consensus estimate of $1.83 a share. The housewares retailer’s revenue came in above forecasts, and it also gave an upbeat outlook as shoppers continue to invest in their homes. The stock rose 3.3% in premarket trading.
American Eagle (AEO) – American Eagle beat estimates by 2 cents a share, with quarterly profit of 48 cents per share. Revenue was slightly above Wall Street projections. The apparel retailer benefited from increased spending by customers who received stimulus checks, boosting demand and cutting the need for markdowns.
Nvidia (NVDA) – Nvidia reported quarterly profit of $3.66 per share, compared to a consensus estimate of $3.28 a share. Revenue exceeded Street forecasts, with the chip maker also issuing an upbeat revenue outlook. Nvidia said it could not determine how much of its revenue increase was generated by sales to cryptocurrency miners, who are using both crypto-specific chips as well as Nvidia’s gaming chips.
HSBC (HSBC) – HSBC is withdrawing from the U.S. retail banking market. It is selling its east coast banks to Citizens Financial Group’s (CFG) Citizens Bank and its west coast business to Cathay Bank, a unit of Cathay General Bancorp (CATY).
Walmart (WMT) – Walmart struck a deal with apparel retailer Gap (GPS) to sell a new line of Gap-branded home goods. The new products will go on sale online June 24 and will eventually come to Walmart’s physical locations. Gap rose 1.3% in the premarket, while Walmart shares were little changed.
Vir Biotechnology (VIR) – The Food and Drug Administration granted emergency use authorization to an antibody treatment for Covid-19 developed by Vir and partner GlaxoSmithKline (GSK). The treatment is designed for patients 12 years and older with mild to moderate cases of Covid-19. Vir surged 9.1% in premarket action.
Workday (WDAY) – Workday beat estimates by 14 cents a share, with quarterly earnings of 87 cents per share. The maker of human resources software’s revenue also top estimates. Despite the beat and an upbeat outlook, Workday shares fell 1.1% in the premarket.