US Premarket: Nikola, GameStop and other stocks making biggest moves

Darden Restaurants (DRI)

Darden slipped 1.7% in premarket. The parent company of Olive Garden and other restaurant chains reported quarterly earnings of $1.93 per share, below the consensus estimate of $2.10, with revenue and comparable-store sales also below analyst forecasts. Darden in a statement said the omicron variant significantly impacted guest demand, staffing levels and expenses in January, but the environment consequently improved.

Also Read | Maruti Suzuki appoints Hisashi Takeuchi as new CEO

KB Home (KBH)

KB Home shares plunged 3.6% in premarket action. The company reported quarterly earnings of $1.47 per share, 9 cents down the market estimates. KB Home said it was facing supply and labour issues that hampered its ability to complete home construction.

Spotify Technology (SPOT)

Spotify shares climbed 3.7% in the premarket trading after it signed an agreement with Alphabet’s (GOOGL) Google that allows subscribers to sign up for the service through the Google Play store.

Also Read | Americans want President Joe Biden to be tougher on Russia: Poll

Nikola (NKLA)

Nikola shares surged 15.1% in premarket trading after announcing electric truck production started at its Coolidge, Arizona, factory last week, achieving a goal that had been articulated during its most recent quarterly earnings report last month.

GameStop (GME)

GameStop shares plunged 5.2% in premarket as the stock remains on watch after the videogame retailer’s stock jumped 14.5% on Wednesday, posting gains for the seventh straight day after Chairman Ryan Cohen bought 100,000 more shares and increased his holding to 11.9%.

Also Read | North Korean missile, probably ballistic, lands in Japan economic zone

Trip.com (TCOM)

Trip.com shares surged 6.2% in the premarket after the China-based travel services provider reported better-than-expected profit for its recent quarter and revenue that beats analyst forecasts.

HB Fuller (FUL)

HB Fuller rallied 5.7% in the premarket after the industrial adhesives and speciality chemicals maker reported unexpected profit and revenue for the quarter, and raised its full-year forecast. Fuller said it implemented price increases to deal with higher raw materials and logistics costs and is ready to do so again, if necessary.

Also Read | China plane crash: Search area widened to find second black box

Steelcase (SCS)

Steelcase shares plunged 5.4% in premarket trading after reporting an unexpected loss for its latest quarter, although revenue crosses analyst estimates. It also issued a weaker-than-expected forecast. Steelcase said its results were impacted by supply chain issues and inflationary pressures.

Also Read | Top US airlines urge Joe Biden to scrap COVID travel mandates as cases dip

Logitech (LOGI)

The computer hardware maker added 3.5% in the premarket action after Bank of America Securities began coverage with a “buy” rating. Bank of America said the stock is at an attractive entry point considering Logitech’s growth prospects and a strong record of execution.