Take a look at some of the biggest movers in the premarket:
AMC Entertainment (AMC) – AMC was up 23.7% in pre-hours trading after rising 22.7% yesterday. That happened after the cinema operator raised more than $ 230 million in a stock sale to the hedge fund Mudrick Capital, which is said to have sold those stocks immediately for a profit.
Lands’ End (LE) – The clothing retailer reported unexpected earnings of 8 cents per share, compared to a consensus forecast for a quarterly loss of 29 cents per share. Revenue also beat estimates, aided by an increase in digital sales. Lands’ End gained 6.6% in pre-trading.
Ambarella (AMBA) – Ambarella beat estimates by 6 cents per share, with quarterly earnings of 23 cents per share. The video chips and components maker also posted sales that exceeded street forecasts, helped by strong growth in the company’s automotive business. There was also an optimistic outlook. Ambarella gained 4.9% in the premarket.
Advance Auto Parts (AAP) – The auto parts retailer earned $ 3.34 per share last quarter, beating the consensus estimate of $ 3.08 per share. Income was also above estimates. Like-for-like store sales rose 24.7%, slightly better than the consensus estimate of 23%. Advance Auto found a sales strength with both home improvement and professional customers.
Etsy (ETSY) – The online craft marketplace announced a deal to purchase fashion reseller Depop for $ 1.625 billion. The London-based company Depop will continue to operate as a separate marketplace after the transaction has been completed. Etsy rose 1% in the premarket.
Hewlett Packard Enterprise (HPE) – Hewlett Packard Enterprise reported quarterly earnings of 46 cents per share, beating estimates by 4 cents per share. Sales also exceeded Wall Street forecasts. The enterprise computing company saw its first year-over-year revenue growth since 2018, but it also reported a sequential decline in hardware profit margins. The share lost 1.8% in pre-trading.
Zoom Video (ZM) – Zoom came in above estimates at 33 cents per share and posted earnings of $ 1.33 per share for the quarter. The company’s video communications platform revenues also exceeded analysts’ projections, and the company was optimistic as staff returned to the offices. The Zoom share rose by 2.4% in the pre-trading period.
Taiwan Semiconductor (TSM) – The chip maker has started building a new chip factory in Arizona, according to Chief Executive Officer CC Wei. He said the proposed factory is still on track to start chip production in 2024.
Cinemark (CNK), IMAX (IMAX) – Goldman Sachs downgraded both stocks from “neutral” to “sell”, saying that an expected box office rebound in 2021 and 2022 is already being reflected in the prices of both stocks there is “increased” risk “to this recovery. Cinemark lost 2.8% in premarket promotions, while IMAX lost 2.5%
Tesla (TSLA) – Tesla was reportedly notified once in 2019 and once in 2020 by the Securities and Exchange Commission that it failed to properly approve tweets from CEO Elon Musk on two occasions. The Wall Street Journal cited documents received under the Freedom of Information Act that indicated a tweet about Tesla’s share price and another about production levels.
Moderna (MRNA) – The drug maker announced a partnership with life science company Thermo Fisher Scientific (TMO) to provide manufacturing and packaging services for Moderna’s Covid-19 vaccine to ramp up production.
Scotts Miracle-Gro (SMG) – Scotts has raised its financial outlook for the full year as the pandemic-induced surge in lawn and garden product sales is expected to continue as the pandemic subsides. Scotts now expects full-year revenue growth of 17% to 19%, compared to an earlier estimate of 8% to 12%. Scotts shares added 1% in premarket promotions.