TipRanks has compiled a list of Thursday’s biggest pre-market stock movements.
Today’s stock market seems to be dominated by earnings releases 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
Cloud computing firm Nutanix, Inc. (NTNX) was the biggest laggard in pre-market trading, plunging around 35% in pre-market trading at the time of writing. Negative sentiment followed the company’s disappointing fourth-quarter outlook despite upbeat third-quarter Fiscal 2022 results. For Fiscal Q4 2022, the company expects revenue in the range of $340 million to $360 million, down from the consensus estimate of $439 million. Also, billings are expected to fall between $175 million and $185 million, compared with analysts’ expectations of $215.8 million.
Another loser, Data Cloud company Snowflake (SNOW) lost 14.3% in pre-market trading, at the last check. The firm reported upbeat revenues in the first quarter of its Fiscal 2023 (ended April 30). Meanwhile, the company indicated slow growth in the July quarter amid macroeconomic headwinds that are impacting customers’ consumption, which raised investor concerns.
Meanwhile, China-based iQIYI, Inc. (IQ), the provider of internet video streaming services, was the biggest gainer in pre-market trading, surging 9.2% at the time of writing. Upbeat first-quarter 2022 results drove investor optimism. Membership services revenue came in at RMB 4.5 billion ($705.4 million), up 4% year-over-year. The adjusted net income attributable to shareholders was RMB 162.2 million ($25.6 million), compared with the adjusted loss of RMB 1 billion in the same quarter last year.
Home products retailer Williams-Sonoma, Inc. (WSM) rose 8.73% in pre-market trading at the time of writing. Better-than-expected results for the first quarter of Fiscal 2022 (ended May 1) sparked positive sentiment. The company reported an adjusted EPS of $3.50, topping the consensus estimate of $2.90. Additionally, total sales came in at $1.89 billion in the quarter, beating analysts’ expectations of $1.81 billion.
Matson, Inc. (MATX) completes the list. The provider of logistics and transportation services recorded gains of 7.86% in pre-market trading at last glance after rising 3.24% at Wednesday’s close. The disclosure of insider selling of shares seems to have driven volatility in the stock. Insiders at Matson recently sold shares worth $7.5 million at an average price of $95.18 per share.
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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