US Premarket: Peloton, Novavax and other stocks making biggest moves
- Peloton shares trembled 25.8% in the premarket
- Novavax missed both top and bottom-line targets for its recent quarter
- Shares of Vroom surged 38% in premarket trading
Novavax tanked 23% in premarket action after the vaccine maker missed both top and bottom-line targets for its recent quarter. This miss comes as Novavax delivered just 31 million Covid-19 vaccine doses during the quarter, putting it well off the pace of its projected 2 billion shots for 2022. However, Novavax reiterated its previous 2022 revenue forecast saying it expected vaccine sales to accelerate during the current quarter.
Peloton shares trembled 25.8% in the premarket after the fitness equipment maker posted a wider-than-expected quarterly loss and projected current-quarter revenue below estimates due to declining demand.
Shares of Vroom surged 38% in premarket trading after the online used-vehicle seller posted a narrower than expected quarterly loss and revenue that beat analyst estimates. Vroom also said that chief operating officer Thomas Shortt would become CEO, replacing Paul Hennessey and unveiled a restructuring that will eliminate about 270 jobs.
Biohaven Pharmaceutical (BHVN)
The migraine drugmaker’s shares surged 72% in premarket after it agreed to be bought by Pfizer (PFE) in a deal worth $11.6 billion. Biohaven shareholders will receive $148.50 per share in cash, plus half a share in a new publicly-traded company that will hold some of the Biohaven drugs still in development. Pizer fell 1.4% after the announcement.
The food services company’s share jumped 2.3% in the premarket after news that it would separate its uniform services unit into a separate company. Separately, Aramark reported a quarterly profit in line with estimates, with revenue beating consensus.
Upstart plunged 51.2% in the premarket despite reporting better-than-expected quarterly results. The fall comes as the AI-powered lending platform operator slashed its outlook citing the current macroeconomic environment is likely to negatively impact loan volume.
AMC Entertainment (AMC)
AMC surged 6.8% in the premarket trading after reporting a smaller than expected quarterly loss as well as revenue that beat analyst estimates. AMC was helped by the release of popular big-budget movies like “The Batman,” and noted a jump in per-patron revenue above pre-pandemic levels.