Top Stock Moves, Earnings Surprises, and Guidance Updates in Premarket Trading

Explore the companies demonstrating significant movement in premarket trading:

Beyond Meat— Shares experienced a remarkable 59% surge following the plant-based meat company’s surpassing of fourth-quarter revenue estimates and announcement of significant cost reductions for the year. Revenue stood at $73.7 million, surpassing analyst expectations of $66.7 million according to LSEG polling.

Bumble— Shares took a sharp downturn of nearly 12% after the dating app company unveiled plans to lay off approximately 350 employees and an underwhelming revenue forecast in its fourth-quarter earnings report. Despite posting $273.6 million in revenue for the latest quarter, higher than the $241.6 million from the same period last year, Bumble incurred a loss of 19 cents per share, compared to a loss of 35 cents per share a year ago. The company also outlined plans to overhaul its app in an endeavor to attract more users.

Advance Auto Parts — Shares saw a 7% increase as the auto parts retailer provided optimistic guidance for the full year. AAP projected 2024 earnings per share to range between $3.75 and $4.25, surpassing the $3.65 forecast by analysts surveyed by FactSet. Fourth-quarter revenue aligned with estimates, although earnings fell short of expectations.

Beyond Meat soars 59%
Beyond Meat soars 59% on Q4 revenue beat and significant cost reduction plans. (Credits: Google Finance)

eBay— The online marketplace witnessed a 5% advance following its outperformance in fourth-quarter earnings and revenue, along with an upbeat projection for first-quarter earnings per share. Moreover, Ebay declared a dividend hike and authorized an additional $2 billion share buyback.

Baidu— U.S.-listed shares of the Chinese internet company declined by 2% after its fourth-quarter adjusted EBITDA failed to meet analyst estimates, and revenue fell short of expectations as reported by FactSet’s StreetAccount.

First Solar— Shares surged by nearly 7% following the announcement of an earnings beat for the fourth quarter. Earnings per share came in at $3.25, surpassing the consensus estimate of $3.13 according to LSEG. First Solar’s full-year guidance matched expectations.

Lemonade— The stock plummeted by 15.5% after the insurance company provided disappointing guidance for the first quarter and full year. Despite fourth-quarter adjusted EBITDA and revenue outperforming expectations, Lemonade’s forecasted first-quarter revenue of $111 million to $113 million fell short of the $119.8 million estimated by analysts polled by FactSet. The full-year revenue guidance of $505 million to $510 million also missed the $520.9 million consensus estimate.

Lemonade stock plunges 15.5%
Lemonade stock plunges 15.5% after disappointing Q1 and full-year revenue guidance. (Credits: Google Finance)

Revolve Group— Shares rose by 3% after the online fashion retailer’s fourth-quarter earnings and revenue surpassed analyst estimates. Revolve reported adjusted earnings before interest, taxes, depreciation, and amortization of $8.5 million on revenue of $257.8 million, exceeding the $3.4 million EBITDA on revenue of $246.2 million expected by analysts according to FactSet.

Applied Materials— The stock declined by 2% after the chipmaker disclosed receipt of subpoenas from the SEC and U.S. Attorney’s Office concerning shipments to Chinese customers. Applied Materials assured full cooperation with the authorities.

Viatris— The pharma company experienced a 2% drop after reporting disappointing revenue for the fourth quarter. Viatris’ revenue of $3.83 billion fell short of the $3.89 billion expected by analysts polled by FactSet. Adjusted net income also fell below estimates.

Ambarella— The semiconductor maker rallied approximately 9% after posting a smaller-than-expected loss of 24 cents per share in the latest quarter and revenue that aligned with analyst estimates. Revenue guidance for the first quarter was roughly in line with Wall Street estimates.

Urban Outfitters shares declined by nearly 10%
Urban Outfitters shares declined by nearly 10% following the clothing retailer’s fourth-quarter earnings and revenue missed estimates. (Credits: Google Finance)

TJX Companies— Shares rose by 2% following the stronger-than-expected quarterly revenue of TJ Maxx and Marshall’s parent company. Fourth-quarter revenue of $16.41 billion exceeded the $16.20 billion estimated by analysts surveyed by FactSet, while per-share earnings of $1.12 met estimates. TJX consolidated same-store sales rose by 5% in the fourth quarter, entirely driven by an increase in customer transactions.

Urban Outfitters— Shares declined by nearly 10% following the clothing retailer’s fourth-quarter earnings and revenue missed estimates. Earnings per share were 69 cents, below the consensus estimate of 74 cents according to FactSet. Revenue of $1.49 billion also fell short of the expected $1.5 billion.

Crypto stocks— Shares of cryptocurrency-related stocks surged as Bitcoin crossed the $60,000 mark. Coinbase climbed 6%, CleanSpark gained 8%, and Microstrategy, which acquired an additional 3,000 Bitcoins on Monday, saw a 9% increase.

Sajda Parveen
Sajda Parveen
Sajda Praveen is a market expert. She has over 6 years of experience in the field and she shares her expertise with readers. You can reach out to her at [email protected]
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