Check out some of the biggest drivers in the front market:
IMAX (IMAX) – IMAX is losing 21 cents a share, one cent more per share than analysts had expected. The revenue of the movie theater operator is higher than the estimates of Wall Street. Sales have been boosted by stronger performances in Asian markets, and the company expects better results as consumers return to theaters this year. IMAX shares lost 3.7% in pre-trading.
CoreLogic (CLGX) – CoStar Group (CSGP) has dropped its bid to buy CoreLogic, with commercial property data provider saying rising interest rates would hurt CoreLogic’s value. CoStar’s last bid was $ 6.6 billion or $ 90 per share, compared to a previous higher bid of $ 6.9 billion or $ 95.76 per share. CoreLogic – a real estate data provider competing with Zillow (Z) – last month accepted a buyout offer from Stone Capital and Insight Partners, private equity firms, for $ 6 billion or $ 80 a share. CoStar jumped 5.5% in pre-trading, while CoreLogic fell 3.4%.
Big Lots (BIG) – The discount retailer reported a quarterly earnings of $ 2.59 per share, 9 cents per share above estimates. However, revenue is in line with the forecasts, and a comparable sales increase of 7.9% was shy of the consensus FactSet estimate of 8.4%. Big Lots said it expects the results to be significantly affected by the pandemic this year. Shares rose 1.3% in pre-trading.
Costco (COST) – Costco reported quarterly earnings of $ 2.14 per share, without the $ 2.45 per share consensus estimate. The revenue of the warehouse dealer came above the forecast. Costco’s comparable sales increased by 13%, while digital sales increased by 76%. The company also experienced supply chain problems that resulted in higher costs. Costco shares fell 1.9% in market trading.
Norwegian Cruise Line (NCLH) – The shares of the cruise line operator fell 7% in trading to the market after announcing a public offering of 47.58 million shares. Norwegian plans to use the proceeds to deduct current debt owned by private equity firm L Catterton.
Gap (GPS) – The parent of Gap, Old Navy and Banana Republic predicts a recovery in clothing sales this year as the Covid-19 pandemic subsides and people return to offices and schools. Sales in the most recent quarter were lower than Wall Street forecasts, although an online sales survey could offset a decline in in-store pandemic traffic. Shares jumped 3.2% in action before the market.
Broadcom (AVGO) – The disc maker beat the estimate by 6 cents per share, with quarterly earnings of $ 6.61 per share. The company’s revenue came in slightly above estimates. Shares fell 1% in the futures market as semiconductor sales were below analysts’ forecasts. The company and its peers are still affected by a shortage of materials used to make chips.
Virgin Galactic (SPCE) – The chairman of the space company, Chamath Palihapitya, sold his personal holding of 6.2 million shares for about $ 213 million, according to a statement from the Securities and Exchange Commission. He still owns 15.8 million shares with investment partner Ian Osborne. Its shares fell 3.1% in the forex market.
The Trade Desk (TTD) – The Trade Desk is on the lookout again after losing 20% in value over the past two days. The provider of programmatic advertising technology was hit after Google from Alphabet (GOOGL) said it would not use ad tracking technology to track people individually on the internet. The stock lost another 1.4% in the forex market.
Western Digital (WDC) – Western Digital shares rose 2.5% in pre-market performance after the disk drive and memory chip maker was upgraded to buy ‘neutral’ at Goldman Sachs. Goldman cites, among other things, a better outlook for prices for memory chips.
Boeing (BA) – According to reports from Bloomberg and Reuters, the aircraft manufacturer has approached a group of banks looking for a new $ 4 billion credit facility. Boeing told analysts in January that the company had sufficient liquidity, but that it wanted to raise more debt because it was considering options to strengthen its balance sheet.
Van Eck Vectors Social Sentiment ETF (BUZZ) – The new exchange traded fund is being watched again today after falling 3.6% on Thursday in its Wall Street debut. The ETF is designed to focus on equities that attract the attention of investors on Reddit, Twitter (TWTR) and other social media platforms.
Fifth Third Bancorp (FITB) – The bank has been added to Goldman Sachs on the “Conviction Buy” list, which predicts a significant improvement in net interest income for Fifth Third, based on current trends in both long- and short-term rates. Fifth Third increased by 1.2% in the action before the market.