Airlines, Coupa Software, GitLab and more
Check out these premarket movers:
Delta Air Lines (DAL), United Airlines (UAL), Southwest Airlines (LUV) – Delta rallied 3.7% in the premarket while United jumped 3.9% and Southwest added 2.9%. According to all three carriers, revenue forecasts have been raised by each airline. They believe that air travel has rebounded from the slump caused earlier by the Covid Omicron variant.
Coupa Software (COUP) – Coupa plunged 29.5% in premarket trading after the business software company issued a much weaker-than-expected full-year outlook, although Coupa reported better-than-expected profit and revenue results for its most recent quarter.
GitLab (GTLB) – Gitlab shares surged 8.9% in the premarket after the development operations platform company reported upbeat results for its latest quarter as well as issuing a better-than-expected outlook.
Toyota Motor (TM) – Toyota announced additional production cuts due to semiconductor shortages, a few days after cutting its domestic production target by as much as 20%. The latest announcement would have an impact on production of approximately 14,000 minivans. Toyota gained 2.8% on the premarket.
Moderna (MRNA) – The vaccine maker’s stock rallied 4.3% in premarket action, after rising 11.9% Monday following the surge in Covid cases in China’s Shenzhen region.
Alibaba (BABA) – Alibaba dropped 4.7% in premarket trading after falling for the past three days and losing more than 27% over the past nine trading sessions. Both fears about a Covid-related slowdown in China’s economy and the possibility of delisting by the United States are putting pressure on China’s e-commerce company. These fears are also affecting other Chinese stocks listed in the U.S. JD.com(JD). Bidu (BIDU). JD.com dropped 3.8%, while Bidu fell 5.1%.
Vimeo (VMEO) – Vimeo said its February revenue was up 23% compared to a year ago, with the video software company also reporting an 8% increase in subscribers and a 13% jump in average revenue per user. Vimeo saw an increase of 2.5% in premarket.
Hormel (HRL) – Goldman Sachs downgraded the food producer’s shares to “sell” from “neutral,” noting its recent outperformance compared with the Staples group and pointing to worries about the impact of increasing inflationary pressures. Hormel lost 1.5% in premarket trades.
Peloton (PTON) – The fitness equipment maker’s stock rose 1.5% in the premarket after Bernstein began coverage with an “outperform” rating, noting Peloton’s healthy underlying business, new management and its recent stock price plunge.