TipRanks has composed a list of Wednesday’s biggest pre-market stock movements.
Mixed market sentiment and earnings releases, along with some other variables, seem to have dominated today’s stock market.
Using TipRanks’ new Top Stock Gainers/Losers page, we’ve picked the top 5 pre-market stock movers, as listed below.
5 Biggest Movers
In the pre-market session, Exelon Corporation (EXC) was the biggest laggard, as the stock lost over 32% at the time of writing, without any fundamental news supporting the slide in the stock price. It is the largest electric parent company in the United States by revenue, and the largest American regulated electric utility, with about 10 million customers.
Another loser, PayPal Holdings, Inc. (PYPL), dived almost 17% in the pre-market trading, at last watch. The digital payments platform reported a fourth-quarter 2021 earnings miss, along with disappointing first-quarter 2022 and full-year 2022 earnings guidance, negatively impacting investors’ sentiment. For Q1 2022, the company forecast adjusted EPS of $0.87, much below the consensus estimate of $1.16. Additionally, for 2022, adjusted earnings are expected in the range of $4.60-$4.75 per share, versus analysts’ expectations of $5.25 per share.
Meanwhile, California-based chipmaker Advanced Micro Devices, Inc. (AMD) gained around 11.5% at the time of writing. Investors’ positive sentiment was driven by the company’s upbeat fourth-quarter 2021 results, along with strong first-quarter 2022 and full-year 2022 guidance. For Q1 2022, the company anticipates revenue in the range of $4.9 billion to $5.1 billion, surpassing the consensus estimate of $4.32 billion. Additionally, for 2022, revenue is forecast to be $21.5 billion, compared with the Street’s estimate of $19.27 billion.
Another gainer, Alphabet Inc. (GOOGL), the parent company of Google, recorded a gain of about 10.7% in the pre-market trading at the time of writing. Another strong quarter reported by the company, driven by outstanding advertising business, boosted investors’ confidence. The fourth-quarter 2021 results exceeded both revenue and earnings expectations. Alphabet also disclosed that the Board of Directors had approved and declared a 20-for-one stock split, pending shareholders’ approval.
Xilinx, Inc. (XLNX), which is primarily a supplier of programmable logic devices, completes the list. The stock gained 10.6% at the time of writing, without any fundamental news explaining the uptrend. It seems that continued positive sentiment is driven by the approval obtained late last week from China’s State Administration for Market Regulation regarding its merger with Advanced Micro Devices.
Continue to watch this space. Tomorrow, we’ll have another up-to-date piece on stock Pre-Market Movers…
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