US Premarket: GoodRx, Novavax, Upstart and other stocks making biggest moves
- Novavax tumbled 32.3% after reporting an unexpected quarterly loss
- Upstart plunged 12.2% after missing both top and bottom line estimates
- Allbirds plunged 11.8% after it slashed its full-year forecast
The stock surged 39.6% in the premarket after the prescription drug comparison software provider posted better-than-expected quarterly results. It also said a dispute with a major grocery chain had been resolved.
Shares of the drugmaker tumbled 32.3% in premarket trading after reporting an unexpected quarterly loss and cutting its full-year revenue guidance in half. Novavax said it did not expect any further US sales of its Covid-19 vaccine this year amid low demand and a supply surplus.
The stock plunged 12.2% in the premarket after the cloud-based lending platform company missed market estimates on both top and bottom lines for its latest quarter. It also issued a weaker-than-expected revenue outlook, saying that banking partners have turned more cautious due to the uncertain economy.
The sneaker maker’s stock plunged 11.8% in the premarket after it slashed its full-year forecast, with the company saying external headwinds could pressure consumer spending in the back half of 2022.
Micron Technology (MU)
Shares of the chip maker fell 3.7% in premarket trading after it said that it expected negative free cash flow for the current quarter, declines in revenue, and profit margins. Chip shipments are falling due to a decline in demand from PC and video game companies.
Take-Two Interactive (TTWO)
Take-Two slipped 3.4% in premarket action after the video game publisher released a weaker-than-expected revenue forecast. Take-Two is the latest company to see its results impacted by a general slowdown in gaming after a pandemic-period boom.
Occidental Petroleum (OXY)
Shares of the energy producer jumped 2.3% in premarket trading after reports that Berkshire Hathaway (BRK.B) has increased its stake in Occidental to more than 20%. That means can record a part of Occidental’s profits as its own.
Signet Jewelers (SIG)
Signet shares gained 2% in premarket action after the jewelry retailer announced a deal to buy online jewelry seller Blue Nile for $360 million in cash.