TipRanks has compiled a list of Wednesday’s biggest pre-market stock movements.
Mixed market sentiment on earnings releases 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
Lyft, Inc. (LYFT) was the biggest laggard in pre-market trading, plunging over 25% at the time of writing. Though the ride-hailing company reported upbeat results in the first quarter of 2022, the company’s discussions during the call related to increasing investments in drivers and marketing for the second quarter stoked investor anxiety.
Meanwhile, Livent Corporation (LTHM), the producer of performance lithium compounds, jumped 21.4% in pre-market trading at last glance. Positive sentiment followed the company’s upbeat first-quarter 2022 results on rising demand for lithium. Additionally, Livent provided better-than-expected revenue guidance for 2022, with expectations in the range of $755 million to $835 million, above the consensus estimate of $575.6 million.
Herbalife Nutrition Ltd. (HLF) plunged almost 16% in pre-market trading at the time of writing. Though the company reported better-than-expected first-quarter 2022 earnings, the bleak outlook for 2022 sparked negative sentiment. Now, for 2022, Herbalife expects net sales to decrease in the range of 4% to 10% on a year-over-year basis, down from prior expectations of flat to 6% growth. Additionally, EPS is guided to land between $3.50 to $4, compared with the previous EPS guidance range of $4.25 to $4.75.
Cybersecurity and computing company Akamai Technologies, Inc. (AKAM) tumbled 14.7% in pre-market trading at the time of writing. Disappointing earnings for the first quarter of 2022 raised investor anxiety despite the revenue beat. The company reported EPS of $1.39, below analysts’ expectations of $1.42. Meanwhile, revenue for the quarter stood at $904 million, above the consensus estimate of $903.88 million.
IDEXX Laboratories, Inc. (IDXX) completes the list. It lost around 11.7% in pre-market trading at the last check. Negative sentiment followed disappointing first-quarter 2022 revenues despite an earnings beat. Including certain items, for 2022, the company guided the EPS range of $8.11 to $8.35, while revenues are expected to land between $3.39 billion and $3.465 billion. The global company is engaged in the development, manufacture, and distribution of products and services for companion animal veterinary, livestock and poultry, water testing, and dairy markets.
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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