Stocks make the biggest moves premarket: RIVN, KSS, NVAX

Drinks from Monster Beverage Corp.

David Paul Morris | Bloomberg | Getty Images

Check out the companies making headlines before the bell rings.

Rivian – Shares of the electric vehicle maker fell more than 9% after the company published mixed fourth-quarter results and disappointing production prospects. Revenue for the quarter was $663 million, which was well below analyst estimates of $742 million, according to Refinitiv. However, Rivian reported a smaller-than-expected loss.

Sarepta Therapeutics – Biotech stock rose 17% after Morgan Stanley upgraded Sarepta’s stock from an equal weight to overweight. Analyst Matthew Harrison said the company’s path for SRP-9001, an investigational gene therapy for Duchenne muscular dystrophy (DMD), now appears “risk-free.”

Spotify – The share price of the audio streaming giant rose by 1.3%. Redburn upgraded the stock to buy earlier in the day, noting it sees stronger margins amid investment headwinds, publishing royalty increases and declining exchange rates.

Kohl’s – Shares of the retailer fell more than 8% after Kohl’s reported a surprise loss for the fourth quarter, with CEO Tom Kingsbury saying sales were pressured by the “ongoing inflationary environment”. Kohl’s reported a loss of $2.49 per share on sales of $5.78 billion. Analysts polled by Refinitiv had expected positive earnings of 98 cents per share on revenue of $5.99 billion.

Monster Beverage — Shares of the beverage company fell 4.8% after Monster announced earnings after Tuesday’s closing bell, posting quarterly earnings of 57 cents per share, while analysts polled by StreetAccount expected 63 cents per share. Monster reported revenue of $1.51 billion, which fell short of analysts’ expectations of $1.6 billion.

Novavax – Shares fell 25.4% in early morning trading after the vaccine developer said there is “substantial doubt about our ability to operate as a going concern over the next year.”

AMC Entertainment – Meme share fell more than 8% after AMC posted a larger-than-expected loss of 26 cents per share in its last quarter, compared to the 21 cents per share loss expected by analysts polled by Refinitiv . Otherwise, AMC reported revenue of $991 million, beating consensus estimates of $978 million.

HP Inc. – HP gained 2.7% in early market trading after reporting first quarter results on Tuesday. The tech company forecast higher earnings per share for the second quarter and also maintained its full-year profit target on expectations that the rollback of China’s Covid restrictions will help demand recovery.

Lowe’s – The home improvement retailer’s revenue in the fiscal fourth quarter fell short of Wall Street expectations, with sales of $22.45 billion, versus the $22.69 billion expected by Refinitiv. However, adjusted earnings per share of $2.28 beat the $2.21 forecast. Lowe’s was essentially flat in premarket, up 0.22%.

First Solar — Solar stock added 5.4% in premarket trading after First Solar issued a full-year forecast that beat expectations on earnings and revenue per share. On Tuesday, First Solar reported a loss of 7 cents per share in the fourth quarter, compared to a loss of 17 cents per share predicted by analysts polled by FactSet. The company’s revenue came in line with expectations at $1 billion.

– CNBC’s Sarah Min, Michelle Fox Theobald, Tanaya Macheel and Jesse Pound contributed to the reporting.


Leave a Reply

Your email address will not be published. Required fields are marked *