TipRanks has compiled a list of Thursday’s biggest pre-market stock movements.
Today’s stock market is dominated by mixed market sentiment on earnings releases, guidance, 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
Data Cloud company Snowflake, Inc. (SNOW) was the biggest laggard in pre-market trading, as the stock plummeted over 22% at the time of writing. The company reported a loss in the fourth quarter of Fiscal Year 2022 (ended January 31) despite revenues beating analysts’ expectations. Additionally, the company disappointed with the revenue guidance. For Q1 2023, the company forecasts product revenue in the range of $383-$388 million, representing 79% to 81% year-over-year growth. The consensus estimate is pegged at $410 million. For Fiscal 2023, product revenue is expected between $1.88 billion and $1.9 billion, representing year-over-year growth of 65% to 67%. The guidance fell short of analysts’ expectations of $2 billion.
Another loser, Veeva Systems Inc. (VEEV) plummeted 10.2% in pre-market trading, at last watch. Though the company posted upbeat fourth-quarter Fiscal Year 2022 results, the negative sentiment seems to have followed disappointing first-quarter Fiscal 2023 guidance. For Q1 2023, the company expects EPS of $0.91-$0.92, below the consensus estimate of $0.94 per share, while revenue is forecast in the range of $494-$496 million, compared with the Street’s estimate of $505.54 million. The American cloud-computing company is focused on pharmaceutical and life sciences industry applications.
New York-based Ralph Lauren Corporation (RL) lost 9.7% in pre-market trading at the time of writing. The fall in price followed the resignation of Howard Smith, the company’s chief commercial officer. A board investigation discovered that his behavior had violated the company’s code of conduct.
Meanwhile, Pure Storage, Inc. (PSTG), the developer of all-flash data storage hardware and software products, jumped in pre-market trading, recording gains of around 8.8% at the time of writing. Positive sentiment followed upbeat fourth-quarter Fiscal 2022 results and above expectations revenue guidance. For Q1 2023, the company expects revenue of $520 million, versus the consensus estimate of $512 million, while for Fiscal 2023, revenue is anticipated to be $2.6 billion, compared with the Street’s estimate of $2.48 billion.
Pittsburgh-based American Eagle Outfitters, Inc. (AEO) completes the list. It decreased 5.3% in pre-market trading after reporting in-line earnings and a revenue miss for the fourth quarter of Fiscal Year 2021. The American lifestyle, clothing, and accessories retailer reported Q4 earnings of $0.35 per share, in-line with the consensus estimate, while revenue of $1.51 billion missed the Street’s estimate of $1.52 billion.
Continue to watch this space for possible volatility upon market open. Tomorrow, we’ll have another up-to-date piece on stock Pre-Market Movers…
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