Stocks making the biggest moves premarket: EBay, Tesla, Taiwan Semiconductor, Alaska Air and more
Here’s a rundown of the companies generating headlines before the opening bell:
Taiwan Semiconductor Manufacturing
— Despite surpassing revenue and profit estimates for the first quarter, shares of the Taiwanese chipmaker, traded in the U.S, dipped by 2.4%. The firm suffered no structural harm from the Taiwan earthquake in April, but a few wafers “had to be scrapped.” The majority of the compromised production is expected to be regained in the second quarter. With their sights set on robust growth in 2024, TSMC is projecting second-quarter revenue to fall between $19.6 billion and $20.4 billion.
— Following a Deutsche Bank downgrade from ‘buy’ to ‘hold’, shares of the electric car manufacturer saw a decrease of over 2%. The bank flagged that the postponement of Model 2 could result in a lack of new consumer vehicle releases for an extended period, which could potentially apply additional downward pressure on Tesla’s volume and pricing.
— The homebuilder’s shares saw a 3.3% increase after surpassing expectations in its fiscal second quarter. D.R. Horton recorded $3.52 earnings per share and revenue of $9.11 billion, eclipsing LSEG predictions of $3.06 per share and revenue of $8.27 billion.
— Following stronger-than-anticipated first-quarter results, the airline’s shares increased by nearly 3%. The 92 cents per share loss, excluding items, was less than the LSEG’s anticipated $1.05. With revenue of $2.23 billion, they exceeded the expected $2.19 billion.
— Despite reporting first-quarter earnings of 98 cents per share, slightly above the LSEG consensus estimates of 96 cents, the asset manager’s shares declined by 2.2% following a dividend cut from 94 cents to 83 cents per share.
— The aluminum producer saw a 2.4% increase in shares after surpassing first-quarter revenue predictions with $2.6 billion, outperforming the LSEG consensus estimate of $2.56 billion. Conversely, the company reported an unexpectedly large loss of 81 cents per share, excluding items, which was higher than the estimated loss of 55 cents per share.
— The e-commerce giant’s shares climbed nearly 4% after receiving a double upgrade from Morgan Stanley, shifting from ‘underweight’ to ‘overweight’, indicating the stock is undervalued compared to its peer Etsy.
— Following a Morgan Stanley downgrade from ‘equal weight’ to ‘underweight’, shares of the e-commerce platform dropped nearly 5%. The firm noted constraints on margin expansion and expressed bearish sentiments regarding Etsy’s outlook for medium-term growth.
— The company’s shares slipped nearly 2% following a Morgan Stanley downgrade from ‘overweight’ to ‘equal weight’, citing a slowdown in online dating growth.
— The health insurance firm’s shares rose 3.3% after surpassing estimated earnings and increasing its annual guidance. The company reported first-quarter earnings of $10.64 per share, excluding items, which was higher than the FactSet estimated $10.52, despite revenue coming in slightly below estimates.
— The software firm’s shares increased around 2% following an upgrade from Rosenblatt Securities from ‘neutral’ to ‘buy’. The firm expressed a positive outlook towards Zoom’s “refocused” channel strategy and solid financial position.
