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These Stocks are the Biggest Pre-Market Movers on Tuesday
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These Stocks are the Biggest Pre-Market Movers on Tuesday

TipRanks has compiled a list of Tuesday’s biggest pre-market stock movements. 

Today’s stock market is dominated by mixed market sentiment on company-specific news, 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 

Coupa Software Incorporated (COUP), a cloud-based business spending management platform, was the biggest laggard in pre-market trading, as the stock plunged about 30% at the time of writing. The negative sentiment follows the disappointing guidance provided by the company despite its upbeat fourth-quarter Fiscal 2022 results. For Q1 2023, the company expects to post revenues in the range of $189 million to $191 million, falling short of the consensus estimate of $196.1 million. Meanwhile, Q1 2023 adjusted EPS is expected in the range of $0.03-$0.06 versus the Street’s estimate of $0.05.

For Fiscal 2023, Coupa anticipates adjusted EPS in the range of $0.15-$0.19, much below analysts’ expectations of $0.74, while revenue is likely to range between $836 million and $840 million, compared with the consensus estimate of $877.5 million. 

Another loser, China-based hotel management company Huazhu Group Limited (HTHT), dove 10.1% in pre-market trading at the time of writing. This drop followed Monday’s decline of more than 18% in its stock price. Though there is no company-specific news explaining the downtrend, it seems that macro issues have driven investors’ anxiety. 

Meanwhile, GitLab Inc. (GTLB) rose in pre-market trading, recording gains of around 8.79% at the time of writing. A lower-than-expected fourth-quarter Fiscal 2022 (ended January 31) loss, upbeat revenue, and above expectation guidance drove investors’ optimism. For Fiscal Q1 2023, the company projects revenue in the range of $77 million to $78 million, versus the consensus estimate of $72.8 million, while loss is estimated in the range of $0.28-$0.27 per share, below analysts’ loss expectations of $0.30 per share. For Fiscal 2023, total revenue is forecast in the range of $385.5 million to $390.5 million, above the consensus estimate of $336.64 million, while loss per share is expected to range between $1.02 and $0.97, compared with the consensus estimated loss of $1.04 per share. 

American-based video game, consumer electronics, and gaming merchandise retailer GameStop Corp. (GME) jumepd over 5% in pre-market trading, at last watch. The upward movement followed a 15.7% drop in price at Monday’s close. Though the company has no fundamental news to explain the trading frenzy, it seems that weakness hinted in the overall video game sector has led to volatility. 

Another gainer, England-based Pearson plc (PSO), completes the list. The price climbed 8.6% in the pre-market session at the time of writing. It seems that the rejection of the takeover proposal from private-equity giant Apollo Global Management Inc. (APO) valued at about $8.5 billion has raised investors’ sentiments. The British multinational publishing and education company turned down the offer stating that it undervalued the company and its future prospects. 

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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