Stocks making the biggest moves premarket: Yelp, Sweetgreen, Novavax, Akamai Technologies and more
Check out the companies making headlines before the bell. Akamai Technologies — Shares of the cloud company fell more than 10% after issuing weak guidance for the second quarter. Akamai sees adjusted earnings ranging from $1.51 to $1.56 per share on revenue of $967 million to $986 million. Analysts polled by LSEG forecasted earnings of $1.63 per share and revenue of $1 billion. Sweetgreen — The salad chain popped 5% after Sweetgreen reported first-quarter revenue of $158 million, topping the LSEG consensus estimate of $152 million. The revenue forecast was basically in line with expectations. Array Technologies – The solar energy stock rallied nearly 17%. Array’s first-quarter adjusted earnings came in at 6 cents per share on revenue of $153.4 million. Analysts polled by FactSet called for a loss of 4 cents a share on revenue of $141.2 million. Gen Digital — Shares of the cybersecurity software company added about 4%. Gen Digital, which owns LifeLock and Norton, reported fiscal-fourth quarter adjusted earnings of 53 cents, reflecting a 15% increase from the year-ago period. Revenue came in at $967 million, a 2% increase over the same period. Bumble — The digital dating platform rose more than 2% after posting an earnings and revenue beat for the first quarter. Bumble also increased its share repurchase program to $450 million from $300 million. Management reiterated its full-year revenue guidance of 8% to 11% growth year-over-year, versus the consensus estimate of 9.3% growth, per Factset. Insulet — Shares of the medical device company fell slightly as higher marketing expenses weighed on its first-quarter profits. Management guided full-year revenue growth in a range between 14% and 18% in 2024, while analysts polled by StreetAccount had estimated 15.5%. Natera — Shares soared more than 20% on better-than-expected results. The DNA testing company posted a loss of 56 cents per share, while analysts had estimated a loss of 71 cents, per StreetAccount. Revenue of $367.7 million also topped forecasts of $316.3 million. Full-year revenue guidance also exceeded the consensus estimate of $1.34 billion. Unity Software — The tech stock dipped 2% after a wider-than-expected loss for the first quarter. Unity reported a loss of 75 cents per share versus 63 cents expected by analysts, according to LSEG. Second-quarter guidance for a key profitability metric was also lower than expected. Novavax — Shares soared 114% following the biotech company’s announcement it struck a multibillion-dollar dea l with Sanofi to co-commercialize its Covid vaccine and develop combination shots targeting the coronavirus and flu. 3M – The conglomerate’s shares gained 1% premarket after HSBC upgraded the stock to buy and raised its price target to $115 per share from $91.13, citing an improving macroeconomic backdrop that the firm said can drive growth for 3M. Yelp — The stock shed about 2% after the restaurant review site issued a light second-quarter revenue forecast postmarket Thursday. However, Yelp’s first-quarter earnings beat expectations, while revenue was in line with estimates. — CNBC’s Tanaya Macheel, Jesse Pound and Michelle Fox contributed reporting This post has been syndicated from a third-party source. View the original article here.
