Stocks making the biggest moves premarket: Shopify, Home Depot, Live Nation Entertainment and more
Here are the businesses that are creating a buzz in the market before the opening bell.
— This operator in the e-commerce platform industry saw a 14% surge after declaring its third-quarter operational income at $283 million, a significant leap from $122 million from 2020’s same period. Shopify’s revenue, at $2.16 billion, exceeded FactSet’s estimate of $2.12 billion.
— The home improvement retail giant saw its shares increase by 1.7% after surpassing estimated earnings and raising its outlook for the full year. Sales displayed a year-over-year growth of more than 6%.
— The company’s shares grew by 5% after it outperformed earnings expectations for the third quarter. Despite revenue of $7.65 billion falling short of the predicted $7.75 billion, Live Nation announced $1.66 earnings per share, beating an LSEG estimate of $1.59 per share.
— The industrial heavyweight saw a 7% rise in shares after Elliott Management revealed a $5 billion stake in the company. Elliott also suggested a division of Aerospace and Automation, stating these entities could realize their potential as sector leaders and create long-term shareholder value.
— The company’s shares rose by 1.7% following an upgrade to overweight from equal weight by Wells Fargo. The bank expressed faith in Twilio’s ability to play a crucial role in the upcoming wave of AI-generated front office and communication-driven genAI applications.
— The company witnessed a 3% increase in shares following news that it’s considering the divestiture of home improvement marketplace Angi.
Crypto stocks — Well-known cryptocurrency stocks like Coinbase and Robinhood experienced a downturn of more than 1% each while Riot Platforms saw a decline of around 4%. Microstrategy, on the other hand, saw an increase of about 2%.
— The shares of Trump’s media company decreased by 4% after a nearly 5% increase during Monday’s trading. Last week, shares had increased over 4% following the victory of the president-elect.
— This security software stock fell 1.6% following a downgrade to hold from buy at Deutsche Bank. Recent customer feedback about Okta has been mixed, and the company seems to be growing at a slower pace than anticipated by Wall Street.
— The company saw a 1.6% rise in shares after Deutsche Bank upgraded shares to buy from hold. The July outage linked to CrowdStrike is expected to propel SentinelOne’s momentum. The Wall Street firm increased its price target for the cybersecurity company to $32 from $25, an approximately 18% upward shift from Monday’s closing.
