Check out the companies that make the headlines before the doorbell rings:
Canopy Growth (CGC) – The Canadian cannabis producer’s stocks rose 1.9% ahead of the market after posting an unexpected quarterly profit on rising marijuana demand and cost reductions. Profit comes even if revenue falls short of Wall Street forecasts.
Gannett (GCI) – USA Today publisher made 10 cents a share last quarter, compared to a forecast of 36 cents a share. Sales also exceeded Wall Street forecasts. The company saw digital subscriber numbers up 41% year over year, and the stock rose 6.3% pre-IPO.
DraftKings (DKNG) – The sports betting company’s stock rose 3.5% ahead of the market after it reported better-than-expected quarterly earnings and sales and raised its full-year sales forecast. DraftKings saw significant gains on a number of key metrics, including a 26% increase in monthly revenue per user.
Novavax (NVAX) – Novavax shares fell 11.7% in early trading after the drug maker announced it would postpone its Covid-19 vaccine application until the fourth quarter. Novavax also posted an unexpectedly large loss and posted a drop in sales below Wall Street projections.
Didi Global (DIDI) – Didi gained 4.1% in premarket measures after a Bloomberg report said the China-based ride-hailing company is considering relinquishing control of its data in response to a Chinese government regulatory investigation to solve.
Zillow Group (ZG) – Zillow reported adjusted quarterly earnings of 44 cents per share, 20 cents above estimates, with real estate website operator earnings also above estimates. Zillow also gave an optimistic forecast for growth as the company expands its home flipping business and expected sales to top $ 2 billion for the first time this quarter. Zillow gained 1.8% in the premarket.
Virgin Galactic (SPCE) – Virgin Galactic lost 39 cents per share last quarter, 6 cents more than expected, despite the space company reporting much better-than-expected earnings. It also announced it would sell seats for space tourism flights starting at $ 450,000. The share gained 3.1% in pre-market trading.
Beyond Meat (BYND) – Beyond Meat lost 3.7% pre-market after posting a quarterly loss of 31 cents per share, 7 cents more than expected. The sales of the manufacturer of plant-based meat alternatives were above the forecasts of Street, but gave a cautious outlook due to more “conservative” orders from its customers due to the uncertainty surrounding Covid.
Dropbox (DBX) – Dropbox shares rose 3.5% in pre-IPO trading after adjusted earnings of 40 cents per share beat estimates by 7 cents and the cloud storage company’s revenue also surpassed projections.
Cornerstone OnDemand (CSOD) – Cornerstone has agreed to be acquired by the private equity firm Clearlake Capital Group. Clearlake will pay approximately $ 3.8 billion, or $ 57.50 per share, in cash for the cloud computing company. Cornerstone gained 13.3% in the premarket.
Zynga (ZNGA) – Zynga shares tumbled 15.8% early on the market after the mobile gaming company issued a disappointing forecast for the year and anticipated a slowdown in gaming. Zynga also reported adjusted quarterly earnings of 4 cents per share, 5 cents below estimates, with sales also below estimates.
Carvana (CVNA) – Carvana stock rose 11.3% in pre-trading hours after the online used car dealer posted an unexpected profit – its first ever – for its final quarter. The company’s sales also far exceeded analyst forecasts. Since the pandemic started last year, auto sales in general have been enjoying a boom in demand.
Yelp (YELP) – Yelp made 5 cents a share in the most recent quarter, compared to the consensus forecast for a 9 cents a share loss. The online reviews site operator also reported better-than-expected revenue and raised its full-year forecast as advertising revenue continues to grow. The shares rose by 12.9% before the IPO.