Stocks making the biggest moves premarket: Eli Lilly, Under Armour, Warner Bros. Discovery and more
Here’s a snapshot of businesses making waves in premarket trading.
Eli Lilly – The pharmaceutical stock rallied with an 8% surge in premarket trading following the announcement of remarkable Q2 earnings and revenue. Eli Lilly also raised its annual revenue forecast by $3 billion, predominantly driven by the growing sales of its hit diabetes medication Mounjaro and the weight loss solution Zepbound.
Under Armour – The sportswear company’s stocks leaped 6% as it surprised the market with a profit of 1 cent per share. Revenues reached $1.18 billion, exceeding projections.
Viatris – This pharma stock grew by 2.1% after posting Q2 earnings that marginally beat expectations. Viatris reported earnings of 69 cents per share (excluding certain factors) on revenues of $3.79 billion.
Warner Bros. Discovery – The media colossus saw a 10.4% slide due to a $9.1 billion write-down connected to its TV networks, and its Q2 revenue fell short of analysts’ predictions.
Klaviyo – The marketing solutions provider’s shares rocketed by 18.4% following better than expected earnings. Klaviyo’s revenue of $222 million and 15 cents EPS beat LSEG’s estimate of $212 million and 10 cents per share.
Bumble – Shares dipped by 40% as the dating app company’s Q3 revenue forecast disappointed analysts. The Q2 sales of $269 million also fell short of LSEG’s $273 million estimate.
Dutch Bros – The coffee franchise’s shares dimmed by 22% due to its expectations for new store openings in 2022 being at the low end of the predicted 150 to 165 range. This overshadowed its robust quarterly results.
JFrog – The software supply chain stock went down by 26.6% as a result of its modest Q3 forecast. JFrog’s projection for EPS and revenue fell short of LSEG’s estimates.
SolarEdge Technologies – The solar product manufacturer’s stocks dropped roughly 15.9% due to underwhelming Q2 earnings. However, the company’s revenue beat the estimates, reaching $265 million against the projected $262 million.
Fastly – The cloud stock saw an 18.6% slump after announcing a disappointing annual outlook. Fastly’s expected EPS and revenue fell short of LSEG’s estimates. Post the report, the stock was downgraded to neutral by Piper Sandler.
Sonos – The stock dropped 16% after Sonos revised its fiscal 2024 forecast downwards due to issues with its new app rollout. The company’s quarterly results beat expectations, but Morgan Stanley maintained that the lowered projection weakens the investment case for Sonos.
Lattice Semiconductor – The chipmaker’s stock rose 1.7% after an upgrade by Raymond James to outperform its prior market performance. The firm suggested that traders could leverage a cyclical market bottom before a positive shift in the stock outlook.
Topgolf Callaway – The overseer of golf-related brands saw a slide of 1.1% following a downgrade by KeyBanc to sector weight from overweight, after its earnings report.
Celsius Holdings – The stock for this energy drink maker dipped 4.3% on a downgrade by Bank of America to underperform its neutral standing. The bank cited that the shrinking energy category would disproportionally impact Celsius.
