Stocks making biggest moves premarket: Carvana, eBay, Microsoft, Uber Technologies and more

Carvana

• Stock prices rocketed by over 19% following an impressive third-quarter performance that saw revenues and earnings surpassing projections. Carvana’s earnings stood at 64 cents per share on a revenue of $3.65 billion, surpassing the 25 cents per share and $3.45 billion revenue predicted by LSEG analysts. The online used car dealer also revised its full-year outlook, predicting results to be “significantly above the high end” of its earlier range.

Roku

• The streaming giant’s shares dipped by 14% after its adjusted EBITDA forecast of $30 million for Q4 came in below the FactSet consensus of $34.4 million. Despite this, Roku anticipates higher than expected Q4 revenue and managed to surpass analysts’ projections for Q3 adjusted EBITDA and revenue.

eBay

• Shares dropped around 9% after the e-commerce platform’s Q4 forecast fell short of Wall Street’s expectations. eBay’s predicted revenue of between $2.53 billion and $2.59 billion is below the average analyst estimate of $2.65 billion, as per StreetAccount. However, eBay’s just concluded quarter earnings exceeded expectations.

Peloton

• Stock prices increased by over 8% following the news that Ford’s Peter Stern is set to become the company’s new CEO. The fitness equipment and media firm also posted robust Q1 fiscal year results and increased its full-year profit forecast.

Microsoft

• The tech titan saw a nearly 4% decrease in shares after its current quarter forecasts were weaker than anticipated. Microsoft predicts a revenue range of $68.1 billion to $69.1 billion, lower than the analysts’ projection of $69.8 billion according to LSEG. Despite this, Microsoft’s Q1 fiscal year results outperformed analysts’ expectations.

Booking Holdings

• The online travel company’s stock prices soared 6.1% after a strong Q3 earnings report. Booking Holdings’ adjusted earnings stood at $83.39 per share on a revenue of $7.99 billion, outshining LSEG analysts’ estimates of $77.52 per share and revenue of $7.63 billion.

Robinhood

• The stock trading platform’s shares dropped by 11% following Q3 results that fell short of expectations. Robinhood’s earnings were 17 cents per share on a revenue of $637 million, below the LSEG analysts’ projections of 18 cents per share and a revenue of $658 million. The company attributed the lackluster revenue to the cost of marketing promotions aimed at acquiring new clients.

Uber Technologies

• Shares dropped over 6% following the company’s failure to meet Q3 gross bookings expectations. Uber’s gross bookings of $40.97 billion was below the estimated $41.25 billion as per StreetAccount. Despite this, Uber’s revenue exceeded Street predictions.

Comcast

• Stocks rose nearly 6% after the theme park and media company’s Q3 earnings and revenue outperformed analyst expectations. Earnings were at $1.12 per share, surpassing the $1.06 per share anticipated by LSEG analysts. Revenue of $32.07 billion also topped the $31.66 billion consensus estimate.

Super Micro Computer

• Shares of the high-efficiency server manufacturing company went down around 5%, continuing the 32% drop from Wednesday after concerns were raised about the board’s independence and accounting practices, leading to the auditor’s resignation.

Meta Platforms

• Company shares, owner of Facebook and Instagram, dipped by 3%. Although Meta’s results exceeded Wall Street’s expectations, its user numbers were under the predicted 3.31 billion. Meta also increased its annual capital expenditure forecast and expressed optimism about growth in 2025 due to AI investments.

Cigna

• Shares of this insurance company rose more than 2% after Q3 earnings and revenue surpassed analyst expectations. Cigna earned $7.51 per share (excluding one-off items) on an adjusted revenue of $63.70 billion, above FactSet analysts’ prediction of $7.23 per share and a revenue of $59.58 billion.

Etsy

• The unique and vintage e-commerce platform’s stocks jumped 4% after Q3 results exceeded analysts’ predictions. Etsy reported an adjusted EBITDA of $183.6 million, higher than the FactSet consensus of $177.4 million and a revenue of $662.4 million, above the forecasted $652.5 million.

Coinbase

• The crypto exchange platform’s shares tumbled by over 2% after Q3 earnings and revenue fell short of Street expectations. Coinbase reported earnings of 28 cents on a revenue of $1.21 billion, beneath the LSEG consensus estimate of 41 cents and revenue of $1.26 billion.