March 30, 2023

Great Indian Mutiny

Complete IndianNews World

Stocks making the biggest moves before the market: RIVN, KSS, NVAX

Monster Beverage Company.

David Paul Morris | bloomberg | Getty Images

Check out the companies making headlines before the bell.

Rivian — Shares of the electric car maker fell more than 9% after the company reported mixed fourth-quarter results and a disappointing production forecast. Revenue for the quarter came in at $663 million, well below analyst estimates of $742 million, according to Refinitiv. However, Rivian reported a smaller-than-expected loss.

Sarepta Therapeutics — The biotech stock rose 17% after Morgan Stanley upgraded shares of Sarepta to a similar weight gain. Analyst Matthew Harrison said the company’s path for SRP-9001, an investigational gene therapy for Duchenne muscular dystrophy (DMD), now looks “risky.”

Spotify – The podcasting giant’s share price rose 1.3%. Redburn upgraded the stock to buy earlier in the day, noting that it sees stronger margins as headwinds from investments, posting royalties increase and foreign exchange rate decline.

Kohl’s — Shares of the retailer fell more than 8% after Kohl’s reported a surprising fourth-quarter loss, with CEO Tom Kingsbury saying sales were pressured by an “ongoing inflationary environment.” Kohl’s reported a loss of $2.49 per share on revenue of $5.78 billion. Analysts surveyed by Refinitiv were expecting positive earnings of 98 cents per share on revenue of $5.99 billion.

Monster Beverage Shares of the beverage company fell 4.8% after Monster released earnings after the closing bell on Tuesday, reporting quarterly earnings of 57 cents a share while analysts polled by StreetAccount had expected 63 cents a share. Monster reported revenue of $1.51 billion, which fell short of analyst expectations of $1.6 billion.

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Novavax Shares fell 25.4% in early morning trading after the vaccine developer said “there is significant doubt about our ability to operate as a going concern” over the next year.

AMC Entertainment — The meme company’s stock fell more than 8% after AMC posted a larger-than-expected loss of 26 cents per share in the fourth quarter, compared to the 21% loss per share expected by analysts surveyed by Refinitiv. Otherwise, AMC posted earnings of over $991 million, more than the consensus estimate of $978 million.

Hewlett-Packard HP gained 2.7% in early market trade after reporting first-quarter earnings on Tuesday. The tech company projected higher earnings per share for the second quarter, and it also maintained a full-year earnings target on expectations that China’s rollback of Covid restrictions will help a demand recovery.

Louise — The home improvement retailer’s fiscal fourth-quarter fiscal sales fell short of Wall Street expectations, with revenue of $22.45 billion versus the $22.69 billion expected per Refinitiv. However, adjusted earnings per share of $2.28 beat expectations of $2.21. Lowe’s was basically flat in the premarket, up 0.22%.

First Solar Solar stock added 5.4% in pre-market trading after First Solar issued full-year guidance that beat expectations for earnings per share and revenue. On Tuesday, First Solar reported a fourth-quarter loss of 7 cents per share, compared to a loss of 17 percent per share expected by analysts surveyed by FactSet. The company’s revenue came in line with expectations at $1 billion.

— CNBC’s Sarah Main, Michelle Fox Theobald, Tanaya Machell and Jesse Pound contributed reporting.

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