TipRanks has compiled a list of Thursday’s biggest pre-market stock movements.
Today’s stock market is dominated by mixed market sentiment on company-specific news, earnings releases, macro factors, and other variables. Using TipRanks’ new Top Stock Gainers/Losers page, we’ve identified the top five pre-market stock movers, as detailed below.
5 Biggest Movers
UiPath Inc. (PATH) was the biggest laggard in pre-market trading, plummeting 14.77% at the time of writing. Negative sentiment followed disappointing revenue guidance despite upbeat fourth-quarter Fiscal 2022 results. For fiscal Q1 2023, the global software company that makes robotic process automation software expects revenue in the range of $223-$225 million, below the consensus estimate of $243.1 million. Additionally, for fiscal 2023, the company forecasts revenue to land between $1.075 billion and $1.085 billion, versus analysts’ expectations of $1.16 billion.
Meanwhile, Vipshop Holdings Limited (VIPS), a Chinese company that operates the ecommerce website VIP.com specializing in online discount sales, jumped in pre-market trading, recording gains of around 8.14% at last glance. It seems that the new share repurchase authorization worth $1 billion of Vipshop’s American depositary shares or Class A ordinary shares over the next 24 months, announced by the company, has driven investors’ optimism.
Ontario-based cannabis company Canopy Growth Corporation (CGC) moved 3% in pre-market trading at the time of writing. The positive sentiment seems to be driven by the hope of federal cannabis legalization.
Chinese digitized brokerage and wealth management platform Futu Holdings Limited (FUTU) fell 5.8% in pre-market trading, at last watch. The downward movement followed the news of the inclusion of the company in the provisional list of the Securities and Exchange Commission (SEC) for potential delistings. The list includes foreign companies that refrain from permitting U.S. regulators to inspect their audits for three consecutive years.
China-based iQIYI, Inc. (IQ) completes the list. It dropped 5.6% in the pre-market session at the time of writing. The inclusion of the provider of internet video streaming services in the SEC’s provisional list to be delisted seems to have sparked investors’ anxiety.
Continue to watch this space for possible volatility upon the market opens. Tomorrow, we’ll have another up-to-date piece on stock Pre-Market Movers…
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