TipRanks has compiled a list of Wednesday’s biggest pre-market stock movements.
Today’s stock market is dominated by mixed market sentiment on earnings releases, guidance, and other variables.
Using TipRanks’ new Top Stock Gainers/Losers page, we’ve identified the top 5 pre-market stock movers, as detailed below.
5 Biggest Movers
American luxury department store chain Nordstrom, Inc. (JWN) was the biggest gainer in pre-market trading, as the stock jumped 32% at the time of writing. The company posted better-than-expected fourth-quarter Fiscal 2021 results and provided upbeat Fiscal 2022 earnings guidance. Management expects Fiscal 2022 EPS of $3.15-$3.50 against the consensus estimate of $2.01 per share.
Meanwhile, First Solar, Inc. (FSLR) plummeted 15.6% in pre-market trading, at last watch. The negative sentiment followed mixed fourth-quarter 2021 results and disappointing 2022 guidance. Earnings beat expectations, while revenues disappointed. For 2022, the company expects EPS of $0.00-$0.60, much below the consensus estimate of $1.92 per share, while revenue is forecast in the range of $2.4-$2.6 billion, compared with the Street’s estimate of $2.76 billion. The company is a manufacturer of solar panels and a provider of utility-scale PV power plants and supporting services.
Stockholm-based Telefonaktiebolaget LM Ericsson (publ) (ERIC) lost 14.3% in pre-market trading at the time of writing. The fall in price followed the deepening of the company’s Iraq crisis as it breached the U.S. deferred prosecution agreement for the second time, according to the U.S. Department of Justice (DoJ). DoJ said that the Swedish multinational networking and telecommunications company’s disclosure related to the internal investigation into Iraq was “insufficient.”
American online personal finance company SoFi Technologies, Inc. (SOFI) jumped in pre-market trading, recording gains over 12% at the time of writing. Positive sentiment followed a smaller-than-expected loss and upbeat revenue for fourth-quarter 2021, along with strong revenue guidance for 2022. For 2022, the company forecasts revenue of $1.57 billion against the consensus estimate of $1.45 billion.
California-based ChemoCentryx, Inc. (CCXI) completes the list. It decreased 12.8% in pre-market trading after reporting fourth-quarter 2021 loss as expected and below expectations revenue. The biopharmaceutical company reported a Q4 loss of $0.58 per share, in line with the consensus estimate, while revenue of $2.3 million missed the Street’s estimate of $4.22 million.
Continue to watch this space. Tomorrow, we’ll have another up-to-date piece on stock Pre-Market Movers…
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