Stocks making the biggest moves premarket: Netflix, Paramount, Sunnova Energy & more
Take a look at these companies making waves pre-market.
— The cosmetics retail giant dipped over 1% after a downgrade from buy to hold at Jefferies. Analyst Ashley Helgans pointed to rising competition from Sephora and a stagnating product range as reasons for the downward adjustment.
— The streaming mammoth saw its shares plunge nearly 6% when it announced lower full-year revenue growth forecast than previously expected and said it would cease reporting quarterly subscriber additions. Despite this, Netflix delivered more than expected earnings and revenue for the first quarter.
— The e-commerce powerhouse from Canada experienced a 3% stock surge. Morgan Stanley upgraded Shopify to an overweight ranking, showing faith in the company’s growth prospects and positive operating leverage.
— The firm saw its stock increase by 1.5% after an upgrade to overweight by Wells Fargo. The bank stated several positive factors, including the anticipation of the Biden Administration lifting tariff exemptions and potential restrictions on Chinese panels.
— The company’s stock fell by nearly 4% following a Wells Fargo downgrade to equal weight. The bank felt that an extended period of higher rates could negatively impact Sunnova’s impending debt obligations and tight liquidity.
— This energy company’s stock declined 1.7% despite a first-quarter report that largely met expectations. SLB announced adjusted earnings per share of 75 cents on $8.71 billion in revenue. There was, however, a reported fall in revenue from North America.
— The shares of this robotic surgery company surged 3% after reporting a first quarter earnings and revenue beat. Intuitive Surgical announced adjusted earnings of $1.50 per share, surpassing the $1.41 estimate by LSEG.
— Shares dropped 2% as the company fell short of the earnings expectations for its recent quarter. Western Alliance recorded earnings of $1.60 per share, falling short of the $1.64 per share estimate by FactSet.
— The residential construction firm’s stock rose 1.6% after unveiling a share buyback plan worth up to $1 billion. KB Home also announced a 25% hike in its quarterly cash dividend, now standing at 25 cents per share due on May 23.
— The entertainment titan’s share price skyrocketed 10% as reports emerged from the New York Times and Bloomberg that Sony Pictures Entertainment and Apollo Global Management might jointly acquire Paramount. This comes amid ongoing talks of a merger between Paramount and production company Skydance Media.
— Schneider Electric, the French energy management and automation firm announced preliminary discussions about a potential strategic deal with Bentley Systems, resulting in a marginal increase in the software company’s stock.
— The consumer goods manufacturer posted mixed results for its latest quarter. Although earnings of $1.52 per share exceeded analysts’ expectations, revenue was slightly below expectations, achieving $20.20 billion against the anticipated $20.41 billion.
— Despite exceeding FactSet estimates for first-quarter earnings and revenue, shares of the financial services firm dipped 1.5%. The company also confirmed that its full-year guidance would align with expectations.
