Stocks making the biggest moves premarket: Palantir, Skyworks, Under Armour & more

May 9, 2023 by admin 0 Comments

A pedestrian passes a banner displaying Palantir Technologies signage during the company’s initial public offering (IPO) in front of the New York Stock Exchange (NYSE), Sept. 30, 2020.

Michael Nagle | Bloomberg | Getty Images

Check out the companies making headlines before the bell:

16 hours ago

3D Systems — 3D Systems dropped 9.8% after posting disappointing first-quarter results. The maker of 3D printers reported an adjusted loss of 9 per share on revenue of $121 million. Analysts had forecasted a per-share loss of 7 cents on revenue of $128 million, per Refinitiv. Additionally, the firm cut 6% of its workforce. It also reaffirmed full-year revenue guidance, though it raised its full-year adjusted EBITDA forecast. Jeffrey Graves, president and CEO of 3D Systems, said the results are due to “continued softness in our dental orthodontic market, which we attribute to reported sluggishness in consumer discretionary spending.”

Skyworks Solutions — Skyworks Solutions shed more than 9% after issuing weaker-than-expected fiscal third-quarter guidance. The semiconductor firm forecasts non-GAAP per-share earnings of around $1.67, lower than consensus estimates of $2.06, according to StreetAccount. It also expects revenue of $1.05 billion and $1.09 billion, while analysts were expecting guidance to come in at $1.15 billion. Otherwise, the firm reported second-quarter earnings that were in line with expectations, while revenue beat, according to StreetAccount.

Under Armour — Shares of the apparel company fell nearly 5% in premarket trading despite Under Armour’s fiscal-fourth quarter results beating expectations on the top and bottom lines, according to Refinitiv. The company’s full-year outlook for revenue and earnings per share came up short of expectations, however. Under Armour projected earnings between 47 cents per share and 51 cents per share over the next year, compared to 61 cents expected by analysts, according to StreetAccount.

Fisker — Fisker slid 12.5% in the premarket after first-quarter earnings missed estimates. The automotive company reported a greater-than-expected loss of 38 cents per share, while analysts estimated a loss of 30 cents per share, according to Refinitiv.

Western Digital — The chip stock rose about 2% in premarket after the company reported a revenue beat in the latest quarter. Investor appeared to shrug off wider-than-expected quarterly loss. Wedbush reiterated its outperform rating Tuesday after the earnings report, on optimism about its earnings potential as well as its belief that investors like Elliott and Apollo will eventually drive a strategic outcome for the stock.

PayPal Holdings — Shares of the payments company fell more than 5%, hit by weak current-quarter earnings guidance in an otherwise positive report. Earnings guidance for the full year was more upbeat and the company posted better-than-expected earnings and revenue, according to Refinitiv.

Lucid Group — The electric vehicle maker fell nearly 11% in premarket trading after reporting a larger than expected quarterly loss. The company reported revenue of $149.4 million against Refinitiv analyst expectations of $209.9 million.

Trex Company — Trex Company popped 4.8% in premarket trading after exceeding analysts’ expectations on the top and bottom lines in the first quarter and issuing better-than-expected second-quarter revenue guidance. The maker of wood-alternative decking and railing expects second-quarter revenue between $310 and 320 million, while analysts forecasted guidance of $309.0 million, according to FactSet.

McKesson — McKesson rose 4.6% after posting better-than-expected quarterly results. The company reported adjusted earnings of $7.19 per share, just topping a StreetAccount forecast of $7.18 per share. It issued revenue of $68.91 billion, greater than estimates of $68.08 billion.

— CNBC’s Brian Evans, Yun Li, Tanaya Macheel and Jesse Pound contributed reporting

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