Check out some of the biggest manufacturers in the pre-market:
Peloton (PTON) – Shares of Peloton fell 25.8% in preliminary markets after the fitness equipment maker reported higher-than-expected quarterly losses and projected revenue for the current quarter below forecasts due to easing demand.
Novavax (NVAX) – Novavax sank 23% in pre-market trade after the vaccine maker missed both the top and bottom estimates for its last quarter. The omission comes as Novavax delivered only 31 million doses of Covid-19 vaccine in the quarter, which lags far behind the projected 2 billion vaccinations in 2022. However, Novavax reiterated its previous revenue forecast for 2022, saying it expects sales of vaccines to accelerate in the current quarter.
Vroom (VRM) – Vroom grew 38% in pre-market trading after the online used car dealer posted less-than-expected quarterly losses and revenue that exceeded analysts’ estimates. Vroom also announced that Chief Operating Officer Thomas Short will become chief executive, replacing Paul Hennessy, as well as unveiling a restructuring that will eliminate about 270 jobs.
Biohaven Pharmaceutical (BHVN) – The manufacturer of migraine drugs has agreed to be bought by Pfizer (PFE) in a deal worth $ 11.6 billion, which led to a 72% jump in its shares before the market. Biohaven shareholders will receive $ 148.50 per share in cash, plus a half stake in a new publicly traded company that will keep some of Biohaven’s drugs still under development. Pfizer, which had a 2.6% stake in Biohaven before the deal was announced, fell 1.4%.
Aramark (ARMK) – Shares of the food services company rose 2.3% in the pre-market after the news that it will separate its single service unit into a separate company. Separately, Aramark reported quarterly profit, which is in line with forecasts, with revenues above consensus.
Edgewell Personal Care (EPC) – Manufacturer of personal care products such as Schick razors and shaving cream Edge fell 6 cents a share less than estimated, with a quarterly profit of 50 cents a share. Edgewell also raised its sales guidelines for the year, but lowered its profit guidelines as inflationary pressures continued.
Norwegian Cruise Line (NCLH) – Norwegian stocks added 1.6% to pre-market trading after saying reserves were now above pre-pandemic levels. Norwegian reported a quarterly loss of $ 1.82 per share, more than analysts expected a loss of $ 1.53.
Upstart (UPST) – Upstart fell 51.2% in the pre-market despite better-than-expected quarterly results. The downturn comes as the AI-powered lending platform operator narrowed its outlook, saying the current macroeconomic environment is likely to negatively affect lending volumes.
AMC Entertainment (AMC) – AMC rose 6.8% in the premarket after reporting less-than-expected quarterly loss, as well as revenue that exceeded analysts’ forecasts. AMC was helped by the release of popular high-budget films such as “Batman” and marked a jump in each cartridge’s revenue above pre-pandemic levels.
Trex (TREX) – Trex rose 3.3% before market action after the manufacturer of exterior flooring and railing materials reported better-than-expected quarterly results. Trex continues to benefit from increased demand from consumers who want to renovate the exterior of their homes.
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