Stocks making the biggest moves premarket: Dollar Tree, Petco, Tesla and more
Take a look at what companies are trending in the early hours:
— The discount chain’s stocks took a 7% hit following underwhelming quarterly reports and news of several store shutdowns. The company reported an adjusted profit of $2.55 per share, but it wasn’t apparent if this was similar to a StreetAccount estimate of $2.66 per share. Furthermore, Dollar Tree plans to shutter almost 1,000 of their locations.
— Following Dollar Tree’s less-than-ideal earnings release, competitor Dollar General’s shares fell by 2%. Dollar General’s earnings are due to be unveiled this Thursday morning.
— The pet retailer’s shares saw a 3.5% increase following a beat in Q4 revenue. Petco reported adjusted earnings per share of 2 cents on revenues of $1.67 billion, aligning with LSEG analysts’ projections.
— Stocks dipped 2% after Wells Fargo downgraded the electric auto manufacturer from equal weight to underweight, citing “risk to volume as price cuts are having a diminishing impact.”
— Cruise line operators Carnival and Royal Caribbean enjoyed gains of 1.7% and 1.8% respectively after Goldman Sachs began issuing buy ratings on both companies.
Crypto stocks – Stocks tied to Bitcoin’s performance rose in light of the cryptocurrency reaching a new record. Companies like Microstrategy, Marathon Digital, CleanSpark, Riot Platforms, Iris Energy, and Bitdeer all experienced gains.
— A 5% drop in shares was seen following GE HealthCare Technologies’ announcement of a secondary offering of 13 million shares.
— A 1.5% increase in shares came after Baird upgraded the eatery chain to outperform due to its robust traffic.
— Pharmaceutical company Eli Lilly announced a partnership with Amazon Pharmacy to facilitate delivery of specific prescription drugs, including weight loss treatment Zepbound. This resulted in a near 1% boost in Eli Lilly’s shares, while Amazon’s were slightly down.
