DraftKings, Roku, Deere and others
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See which companies are making the headlines even before the bell rings.
DraftKings (DKNG) – The sports betting company’s stock tumbled 13.2% in the premarket, despite a narrower-than-expected quarterly loss and revenue that beat estimates. DraftKings expects a larger-than-expected adjusted profit for the entire year due to rising costs.
Roku (ROKU) – Roku shares were down 26% in the premarket, despite better-than-expected earnings for its latest quarter. Video streaming device maker Roku’s revenue was below analyst expectations. The company issued a weaker than expected outlook because of higher component prices, supply chain disruptions and lower revenues.
Bloomin’ Brands (BLMN) – The restaurant operator beat estimates by 8 cents with an adjusted quarterly profit of 60 cents per share, with revenue slightly above consensus. Outback Steakhouse’s parent company announced an $125million share buyback program and reinstated the quarterly dividend. Premarket, the stock rose 6.6%.
Deere (DE) – The heavy equipment maker reported quarterly earnings of $2.92 per share, well above the $2.26 consensus estimate, with revenue also topping analyst forecasts. In response to increased demand, the company has also significantly raised its annual profit outlook.
Shake Shack (SHAK) – Shake Shack reported an adjusted quarterly loss of 11 cents per share, narrower than the 11-cent loss analysts were anticipating, while the restaurant chain’s revenue matched Wall Street forecasts. Shake Shack stated that customers were not returning to the restaurant due to its omicron-based burgers, which led some temporarily closing of several restaurants. In light of rising costs, it also released a negative forecast for the current quarter. Shake Shack fell 15.5% during premarket trading
Dropbox (DBX) – Dropbox beat estimates by 4 cents with adjusted quarterly earnings of 41 cents per share, and the software company’s revenue also topped Street projections. Premarket action saw a 6.3% drop in the stock, despite higher paid user numbers and an average revenue per user. However, its guidance for the current quarter profit margin was slightly lower than anticipated.
DuPont (DD) – DuPont finalized a deal to sell the majority of its materials unit to specialty materials maker CelaneseThe $11 Billion deal between (CE and DuPont) was a huge success. DuPont’s premarket share jumped by 4.1%, and Celanese saw an increase of 3.8%.
Pilgrim’s Pride (PPC) – Pilgrim’s Pride slumped 14.8% in premarket trading after Brazilian meatpacker JBSJBS has canceled plans to purchase the remaining poultry producer it does not already own. JBS has an 80% share in Pilgrim’s Pride. However, the sides couldn’t agree terms for the 20% remaining.
Intel (INTC) – Intel Chief Executive Officer Pat Gelsinger told an investor gathering that the chipmaker is aiming to achieve double-digit annual revenue growth in three to four years. Gelsinger indicated that Intel could be interested in joining any potential consortium to purchase British semiconductor company Arm Ltd. Intel lost 1% during premarket trading.
NortonLifeLock (NLOK) – NortonLifeLock pushed back the expected completion date of its deal to buy rival cybersecurity company Avast to April 4 from Feb. 24, saying it was still waiting for regulatory approvals in the U.K. and Spain. NortonLifeLock declined 1% in premarket.
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