The Snapchat application on a smartphone arranged in Hastings-on-Hudson, New York, US, on Wednesday, Feb. 1, 2023.
Tiffany Hagler-Geard | Bloomberg | Getty Images
Check out the companies making the biggest moves in premarket trading:
15 hours ago
Snap, Meta — Snap rallied 6%, while Meta rose 1.5% following a Wall Street Journal report that the Biden administration said competitor TikTok could be banned unless it is sold by its Chinese owner, ByteDance. A separate report by Bloomberg said TikTok is considering splitting from ByteDance if a deal with the U.S. fails.
Regional banks — Regional banks continued their slide amid the fallout of Silicon Valley Bank’s failure. First Republic Bank tumbled nearly 28%, and Zions Bancorporation lost 3.6%. Comerica shed 1.6%.
Adobe — Shares of the software giant rose 5.4% after the company lifted its profit forecast for fiscal 2023 and announced its quarterly results beat Wall Street estimates. It increased income and net new recurring revenue projections for its digital media business for the full year.
Occidental Petroleum — Shares rose nearly 1% after Warren Buffett’s Berkshire Hathaway bought another 7.9 million shares, totaling $466.7 million.
UiPath — The automation software company surged nearly 16% after reporting fourth-quarter adjusted earnings per share of 15 cents, beating the StreetAccount estimate of 6 cents per share. Revenue came in at $308.5 million, well above the $278.6 million expect.
PagerDuty — Shares rallied nearly 6% after the digital operations management platform’s earnings and revenue topped estimates for the fourth quarter. Adjusted earnings per share came in at 8 cents per share, versus the 2 cents expected, per Refinitiv. Revenue was $101 million, topping the $98.8 million expected.
Five Below — The discount retailer shed more than 3% after it gave a muted outlook for the first quarter. However, Five Below’s revenue beat analysts’ estimates, per Refinitiv, and earnings were in-line with expectations.
Motorola — The telecommunications equipment company gained 1.8% following an upgrade by JPMorgan to overweight from neutral. The Wall Street firm said the stock has fallen to levels that are attractive.