Robinhood, Coinbase, Roku, Nike and more
Check out the companies making headlines before the bell:
Robinhood (HOOD), Coinbase (COIN) — Shares of the retail trading app and cryptocurrency exchange fell in premarket trading after China signaled that it was intensifying its crackdown on cryptoThis is. The country’s central bank said Friday that all cryptocurrency-related activities are illegal. Coinbase’s shares plunged more than 3.6% and Robinhood fell 2%.
Roku (ROKU) — Shares of the streaming video platform fell in premarket trading after Wells Fargo downgraded Roku to equal weight from overweight. According to the firm, Wall Street expects Roku’s revenue growth to be too strong as Roku competition grows. Roku shares were 2.3% lower.
Nike (NKE) — The apparel giant’s stock was under pressure on Friday after Nike cut its revenue forecasts due to supply chain issues. The company said it expects full-year sales growth in the mid-single digits for the 2022 fiscal year, down from a previous forecast of low double-digit growth. Premarket trading saw Nike shares fall by more than 4 percent.
Under Armour (UAA) — The athletic apparel retailer’s stock fell in premarket trading after rival Nike cut its guidance. In premarket trading, shares of Under Armour fell more than 2%.
Costco (COST) — The retailer beat expectations on the top and bottom lines in its fiscal fourth-quarter report on Thursday afternoon. It reported adjusted earnings of $3.90 per share which easily beat expectations at $3.57. The quarter’s net sales rose by more than 17% year-over-year to $3.90. Premarket trading saw the stock trade slightly higher.
Merck (MRK) — The pharmaceutical giant, along with AstraZeneca, announced on Friday morning that a treatment using the drug Lynparza slowed the progression of prostate cancer in a phase three trial. Merck’s shares rose by more than 1 percent in premarket trade.
Cheesecake Factory (CAKE), Dave & Buster’s (PLAY) — The restaurant stocks rose slightly in premarket trading after Jefferies upgraded the stocks to buy from hold. According to the firm, full-service restaurants saw traffic remain steady despite the introduction of the delta version.