TipRanks has compiled a list of Wednesday’s biggest pre-market stock movements.
Today’s stock market is dominated by mixed market sentiment on company-specific news, 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
Hexcel Corporation (HXL) was the biggest laggard in pre-market trading, dropping 16.5% at the time of writing. The American public industrial materials company has no fundamental news to explain the trading frenzy.
Chewy, Inc. (CHWY), an American online retailer of pet food and other pet-related products, plummeted in pre-market trading, recording losses of around 14.04% at last glance. The company reported a wider-than-expected fourth-quarter Fiscal 2021 loss and disappointing revenues, reflecting supply and cost pressures. Chewy recorded a Q4 loss of $0.11 per share, compared with the consensus estimated loss of $0.08 per share, while revenue for the quarter stood at $2.39 billion, missing analysts’ expectations of $2.42 billion.
Meanwhile, Vir Biotechnology, Inc. (VIR) climbed 11.16% in the pre-market session at the time of writing. The upward movement followed the news of the inclusion of the company in the S&P SmallCap 600 list, effective April 4. Vir is a commercial-stage immunology company that develops therapeutic products to treat and prevent infectious diseases.
Texas-based battery manufacturer Microvast Holdings, Inc. (MVST) dove 7.68% in pre-market trading at the time of writing. The company reported a net loss in fourth-quarter 2021, highlighting elevated operating expenses and a reduction in gross profit, compared with the same quarter last year. Meanwhile, for 2022, the company expects revenue to grow 35%-45% on a year-over-year basis. For Q1 2022, revenue is forecast to land between $32 million and $34 million, representing a growth of 115%-128%.
Canadian athletic apparel retailer Lululemon Athletica Inc. (LULU) completes the list. It jumped about 7.53% in pre-market trading, at last watch. The upward movement followed upbeat fourth-quarter Fiscal 2021 earnings and above-expectation guidance despite its revenue miss. Crossing the $6 billion mark in revenues in 2021, Lululemon forecasts EPS of $9.15-$9.35 for Fiscal 2022, versus the consensus estimate of $9.06, while revenue is expected between $7.49 billion and $7.615 billion, above the Street’s estimate of $7.3 billion. For Fiscal Q1 2022, the company anticipates EPS in the range of $1.38-$1.43, versus the consensus estimate of $1.29. Revenues are projected to land between $1.525 billion and $1.55 billion, higher than analysts’ expectations of $1.41 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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