Beyond Meat “Beyond Burger” patties made from plant-based substitutes for meat products sit on a shelf for sale in New York City.
Angela Weiss | AFP | Getty Images
Check out the companies making headlines before the bell:
Beyond Meat — Shares rose 12% after Beyond Meat reported a smaller-than-expected loss in the fourth quarter, even with sales down more than 20%. The meat-alternative company reported a loss per share of $1.05, lower than the expected $1.18, according to Refinitiv. It posted revenues of $79.9 million, exceeding the $75.7 million expected.
Block – Shares of the payments giant rose more than 6% in early morning trading after the company reported better-than-expected fourth-quarter earnings and strong gross profit growth.
Carvana – The used car seller slumped 5.8% after a fourth-quarter loss of $7.61 per share, more than the forecast loss of $2.28 per share, according to Refinitiv consensus estimates. Revenue came in at $2.84 billion, down 24% from Q4 2021 and below analyst expectations of $3.1 billion.
Sweetgreen – Shares of the salad chain lost about 10% after Sweetgreen issued weaker-than-expected revenue guidance for the first quarter and full year, according to Refinitiv. Turnover in the fourth quarter was also disappointing. Higher menu prices and fewer transactions hurt the company, as did shortages of romaine, arugula and tomatoes.
Adobe — Shares fell more than 3% after a Bloomberg report, citing an unnamed source, said the U.S. Justice Department plans to close the company’s $20 billion acquisition of start-up Figma block in a lawsuit.
MercadoLibre – MercadoLibre rose 5% after the South American e-commerce company reported fourth-quarter earnings of $3.25 per share on $3 billion in revenue. Analysts polled by FactSet expected earnings of $2.42 per share on revenue of $2.96 billion.
Boeing – Shares of the industrial giant fell more than 2% in premarket trading after the company said it temporarily halted deliveries of its 787 Dreamliners so it can conduct additional analysis on a fuselage component. The aircraft, which are often used for international long-haul routes, have been struggling for years with various problems.
EOG Resources — EOG Resources fell 3.6% after the energy company reported fourth-quarter earnings, excluding items, that fell short of analyst expectations, according to FactSet. However, the company beat sales.
Warner Bros. Discovery – The stock fell 4% after Warner Bros. Discovery posted disappointing results in the last quarter. The media and entertainment conglomerate reported a loss of 86 cents per share on revenues of $11.01 billion. Analysts polled by Refinitiv had expected a loss of 21 cents per share on revenue of $11.36 billion.
Autodesk – Shares fell more than 4% after Autodesk issued soft guidance for first-quarter earnings. Otherwise, according to Refinitiv, the software company beat fourth-quarter expectations on the top and bottom lines.
– CNBC’s Michelle Fox, Yun Li and Tanaya Macheel contributed to the reporting
Leave a Reply