TipRanks has compiled a list of Friday’s biggest pre-market stock movements.
Negative market sentiment on earnings releases and weak outlook, along with other variables, dominated the stock market on Friday.
Using TipRanks’ new Top Stock Gainers/Losers page, we’ve identified the top five pre-market stock movers, as detailed below.
Biggest Movers
Alleghany Corporation (Y), the provider of property and casualty reinsurance and insurance products in the United States and internationally, proved to be the biggest laggard in the pre-market trading session on Friday. The stock plunged around 94% at the time of writing. There is no fundamental news explaining this trading frenzy.
Another loser, American TV streaming platform Roku, Inc. (ROKU), plunged around 25% at the time of writing. The negative sentiment in the pre-market trading session follows the company’s disappointing fourth-quarter 2021 revenues and weak guidance. For the first quarter of 2022, the company expects to post revenues of $720 million against the consensus estimate of $748.5 million.
Redfin Corporation (RDFN) plummeted 24.9% at the time of writing. Though the real estate brokerage firm reported a smaller-than-expected loss for the fourth quarter of 2021 and upbeat revenues, it provided a weak outlook. Management has predicted to report a net loss in the range of $122 million to $115 million in the first quarter of 2022, above the loss of $109.6 million reported in 2021. Meanwhile, first-quarter 2022 revenues are anticipated to be between $535 million and $560 million versus the consensus estimate of $524.6 million.
Colorado-based Pilgrim’s Pride Corporation (PPC) dropped more than 18% in the pre-market trading session, at last watch. The withdrawal of the proposal by Brazilian meatpacking giant JBS SA to buy the remaining stake in the American multi-national food company raised investors’ concerns. JBS, which owns an 80% stake in Pilgrim’s, failed to reach an agreement with the company. Pilgrim’s is one of the largest chicken producers in the United States and Puerto Rico and the second-largest chicken producer in Mexico.
American fast-casual restaurant chain Shake Shack Inc. (SHAK) completes the list. Shares of the company slumped in the pre-market trading session, recording a loss of 13.5% at the time of writing. The negative sentiment follows the disappointing first-quarter 2022 revenue guidance provided by the company despite upbeat fourth-quarter Fiscal 2021 results. For the first quarter of 2022, the company expects to post revenues in the range of $196 million and $201.4 million against the consensus estimate of $210.87 million.
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