Paramount Global, Logitech, Chegg and more
Check out these premarket movers:
Paramount Global (PARA) – Paramount Global fell 4.3% in the premarket, despite quarterly profit that beat Wall Street estimates. The media company’s revenue came in lower than analysts expected, despite increasing competition from video streaming and slow growth of ad sales.
Logitech (LOGI) – Logitech slid 5.3% in the premarket after reporting a 20% drop in sales from a year earlier, as the maker of computer mice, keyboards and other peripherals faced tough comparisons to a pandemic-fueled surge last year.
Chegg (CHGG) – The online education company saw its shares plummet 39.2% in premarket trading after it cut its revenue outlook, saying current economic conditions are prompting consumers to prioritize “earning over learning.”
Nutrien (NTR) – Nutrien reported surging quarterly profit and raised its full-year forecast, with the world’s largest fertilizer maker seeing its results boosted by surging prices for crop nutrients. Premarket, the stock rose 4.8%.
Hilton Worldwide (HLT) – The hotel operator beat estimates by 6 cents a share, with quarterly earnings of 71 cents per share, helped by a rebound in travel demand. Hilton released a less optimistic outlook for the full year.
Biogen (BIIB) – The drugmaker earned $3.62 per share for its latest quarter, short of the $4.38 a share consensus estimate. The revenue was slightly higher than expected. The lower cost of Tecfidera, its drug for multiple sclerosis, hampered results. Biogen announced the resignation of Michel Vounatsos, its CEO. The shares also fell 2.6% on premarket.
Pfizer (PFE) – Pfizer reported a first-quarter profit of $1.62 per share, 15 cents a share above estimates. The revenue also exceeded expectations. An accounting adjustment caused the drugmaker to reduce its full-year outlook. In premarket action, Pfizer shares dropped 1.3%
Expedia (EXPE) – Expedia lost 47 cents per share for its latest quarter, but that was less than the 62 cents a share loss that analysts had anticipated for the travel services company. The revenue exceeded expectations, with travel demand remaining strong, despite fears about Covid and Ukraine. Expedia shares rose 1.5% on the premarket.
Rocket Lab USA (RKLB) – Rocket Lab shares gained 2% in premarket action after the company successfully caught a rocket booster out of midair and dropped it into the ocean, as it tested ways to recover used rockets.
BP (BP) – BP reported better-than-expected profit and sales for its latest quarter, although it did take a $25.5 billion charge for exiting its Russian operations. In premarket trading, the stock rose 4.8%.
Avis Budget (CAR) – The car rental company’s stock surged 6.8% in the premarket after it reported a much better than expected quarterly profit and also announced a $3 billion increase in its share repurchase authorization.
Clorox (CLX) – Clorox fell 2.1% in the premarket after it reported better-than-expected quarterly profit and revenue, but cut its full-year forecast due to higher costs for commodities and manufacturing.