Stocks Making The Biggest Moves In The Pre-Market: Virgin Galactic, Callaway Golf, Palantir & More
Check out some of the largest moving companies on the pre-market:
Virgin Galactic (SPCE) – Virgin Galactic’s shares were up 19.9% prior to entering the market. The company lost 55 cents per share in the most recent quarter, more than double the analysts’ anticipated 27 cents stock loss. Billionaire Richard Branson’s space company also said it was reviewing a schedule for its next test flight, citing the need to analyze wear issues on its Eve mothership.
Callaway Golf (ELY) – Callaway gained 7.5% in premarket trading after rising well above its 14-cents consensus estimate with quarterly earnings of 62 cents per share. The golf equipment and clothing manufacturer’s revenues were also well above forecasts. Callaway said demand for its products has been “unprecedented” as the pandemic has receded.
L Brands (LB) – The retailer has decided to outsource its Victoria’s Secret operation instead of selling it. L Brands will be split into two separate public companies, Victoria’s Secret and Bath & Body Works. The move comes after listings for Victoria’s Secret failed to meet L Brands’ expectations. The plans were first published in the New York Times Deal Book. L Brands shares fell 1.9% in premarket trading.
Palantir Technologies (PLTR) – The data analytics firm was in line with Wall Street projections with quarterly earnings of 4 cents per share while revenue beat estimates. Annual sales growth of 30% or more through 2025 was also expected. Shares fell 6.6% ahead of the IPO.
Hanesbrands (HBI) – The clothing manufacturer earned 39 cents per share in the last quarter, beating the consensus estimate of 26 cents per share. Sales were slightly above the analysts’ forecasts, but both the forecast for the current quarter and for the year as a whole fell short of expectations. The share fell 11.3% in the pre-market. Hanesbrands also announced a three-year plan to increase sales and profit margins.
Perrigo (PRGO) – The consumer self-care products maker saw its shares drop 3% in premarket trading after quarterly earnings and sales fell below the Wall Street consensus. Perrigo reiterated its previous full-year guidance, noting the tough comparisons with a year ago when consumers stocked up on products during the pandemic.
RealReal (REAL) – The luxury goods retailer beat Street’s forecasts with a quarterly loss of 49 cents per share, with estimates beating sales. Research firm BTIG confirmed the company’s solid first quarter in a new analyst report, but downgraded the stock from “buy” to “neutral” due to the lack of forward catalysts. The share fell 6.4% in the pre-market.
Roblox (RBLX) – Roblox reported a 161% increase in quarterly bookings in the gaming platform company’s first report since going public. Roblox’s gaming activity spiked amid the pandemic as more people played games like Jailbreak and MeepCity, and spent more of the company’s digital currency, Robux, on in-game purchases. In premarket trading, shares rose 2%.
Novavax (NVAX) – Novavax shares fell 11.9% in the pre-market after the drug maker postponed its schedule for applying for Covid vaccine approvals. Novavax has now announced that it will not apply for regulatory approval in the US, UK and Europe until the third quarter and has moved its full production schedule from the third quarter to the fourth quarter.
Simon Property (SPG) – Simon Property reported quarterly earnings of $ 1.36 per share, beating consensus forecasts by 40 cents, while the mall operator’s revenue was slightly above estimates. However, Simon also lowered his full-year forecast, saying that occupancy would not return to 2019 levels until 2022 at the earliest. Their shares fell 3.6% in premarket trading.
3D Systems (DDD) – 3D Systems earned 17 cents per share in the last quarter, exceeding the 2 cents stock consensus estimate. The 3D printer maker’s sales also exceeded Wall Street’s forecasts. 3D Systems said it had improved its profit margins through cost controls. Your shares rose 9.2% in the pre-market.
NortonLifeLock (NLOK) – NortonLifeLock stock gained 2.5% in the pre-market after beating estimates for the last quarter in both the upper and lower ranges. The cybersecurity firm also announced a $ 1.5 billion increase in its share buyback program.