Stocks making the biggest moves premarket: JetBlue Airways, Arista Networks, Tripadvisor and more
Witness the JetBlue Airbus A321LR proudly unveiled at the 54th International Paris Air Show in Le Bourget Airport, Paris, France on June 20, 2023.
Benoit Tessier | Reuters
Keep an eye on these companies that are creating a buzz in the early trade.
— JetBlue Airways shares escalated by over 15% once respected investor, Carl Icahn, announced his 10% stake in the company, perceiving it as having untapped value.
— Despite surpassing fourth-quarter estimates, this computer networking firm saw a decline of over 7% in its stock. Arista Networks has projected its first-quarter revenue to oscillate between $1.52 billion and $1.56 billion, conflicting with the $1.53 billion estimate. Several market pundits, including Goldman Sachs, anticipated a raised full-year outlook.
— Tripadvisor shares surged nearly 12% following the formation of a special committee comprised of independent directors to review potential business transaction proposals.
— The beverage giant’s shares remained relatively stable despite mixed Q4 results. The company reported adjusted earnings of 49 cents per share, in line with the LSEG estimate, and revenue of $10.85 billion, surpassing the $10.68 billion forecast.
— Hasbro shares dipped 9% following a disappointing fourth quarter. The toymaker reported earnings of 38 cents per share (excluding items) and revenue of $1.29 billion, falling short of the LSEG forecast of 66 cents per share and $1.36 billion revenue. The company projects a softer gross margin and a decline in full-year revenue due to weak consumer product sales.
— Despite exceeding Q4 top and bottom line expectations, the e-commerce giant saw a 12% drop in shares. Shopify announced adjusted earnings of 34 cents per share, higher than the FactSet consensus estimate of 30 cents, and revenue of $2.14 billion, surpassing the anticipated $2.08 billion.
— The software stock saw a decline of over 4% following an unimpressive guidance. Datadog anticipates an adjusted earnings per share between 33 cents and 35 cents for Q1 and between $1.38 and $1.44 for the full year. These fall short of the 39 cents and $1.83 per share earnings expected by LSEG analysts. However, Q4 revenue exceeded Wall Street’s estimates.
— The market intelligence stock soared 15% on robust earnings and slightly better-than-expected Q1 earnings per share outlook. ZoomInfo reported earnings of 26 cents per share (excluding items) on revenue of $316 million, surpassing the EPS of 25 cents and revenue of $311 million forecast by LSEG analysts.
— Despite topping Q4 estimates, Cadence Design Systems shares dipped 8% after projecting weaker Q1 guidance. The company expects revenues between $990 million and $1.01 billion during the current period, falling short of the FactSet estimate of $1.09 billion.
— Shares of Lattice Semiconductor dropped 7% after mixed Q4 results and disappointing guidance were reported. Despite surpassing earnings expectations, revenue of $171 million fell short of the expected $176 million. The company anticipates earnings between $130 million and $150 million for the current period, lower than the $174 million estimate.
— Biogen’s shares took a hit of more than 4% following lackluster Q4 results. The biotech company’s earnings and revenue both fell short of Wall Street’s expectations, reporting earnings of $2.95 per share (excluding items) on $2.39 billion in revenue.
Restaurant Brands International
— This fast-food operator’s shares remained relatively stable in premarket trading, despite reporting robust Q4 financial results, powered by sales growth across Tim Hortons, Burger King, and Popeyes’ brands. Earnings of 75 cents per share adjusted on revenue of $1.82 billion beat analysts’ expectations of 73 cents per share on revenue of $1.81 billion, according to LSEG.
— The children’s clothing retailer saw its shares decline by 12% following a downgrade from BTIG to sell from a neutral rating, citing a high risk/reward balance. The firm adjusted its price target to depict over 75% downside. The company recently announced that it’s exploring new financial options with advisors.
— The beer maker’s shares rose nearly 3% following a Q4 earnings beat. Adjusted earnings per share were $1.19, greater than the $1.12 expected by FactSet analysts. Revenue also slightly beat projections at $2.79 billion, compared to the consensus estimate of $2.78 billion.
