TipRanks has compiled a list of Tuesday’s biggest pre-market stock movements.
Amid the ongoing tough environment, earnings releases, company-specific news, and other variables seem to have dominated today’s stock market. Using TipRanks’ new Top Stock Gainers/Losers page, we’ve identified the top five pre-market stock movers, as detailed below.
5 Biggest Movers
American camera and social media company Snap Inc. (SNAP) was the biggest laggard in pre-market trading, plunging over 30% in pre-market trading at the time of writing. Negative sentiment followed the company’s CEO Evan Spiegel’s warnings about the deteriorating economy and subsequent weaker outlook for the June quarter.
Spiegel commented, “Well, the macroeconomic environment has definitely deteriorated further and faster than we expected when we issued our guidance for the second quarter. So even though our revenue continues to grow year-over-year in the second quarter, it’s likely that revenue and EBITDA will come in below the low end of our guidance range.”
Another loser, Pinterest, Inc. (PINS) lost about 13% in pre-market trading at last glance. Disappointment followed the sell-off in the tech sector after the management of Snap issued warnings about the deteriorating economy. The company operates as a visual discovery engine in the U.S. and worldwide.
Meanwhile, biopharmaceutical company Roivant Sciences Ltd. (ROIV) surged 10.4% in pre-market trading, at the last check. Dermavant Sciences, a unit of Roivant, got U.S. Food and Drug Administration approval for its Vtama cream 1% driving optimism. The cream is designed for the topical treatment of plaque psoriasis in adults.
Medical device company Insulet Corporation (PODD) surged around 10% in pre-market trading at the time of writing. Positive sentiment followed the ongoing talks related to the potential takeover deal, under which Dexcom (DXCM) is expected to acquire Insulet.
Tech company Elbit Systems Ltd. (ESLT) completes the list. It declined about 8.1% in pre-market trading at last glance. Lower-than-expected first-quarter 2022 earnings despite revenue beat sparked investor anxiety. For Q1 2022, the company reported adjusted earnings of $1.22 per share, lower than the Street’s expectations of $1.90. Meanwhile, the revenue of $1.35 billion beat the consensus estimate of $1.22 billion.
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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