Under Armour, Cigna, DraftKings and others
Take a look at the top companies that made headlines long before the bell rang.
Under Armour (UAA) – The athletic apparel maker posted an adjusted first-quarter loss of 1 cent per share, compared with a profit estimate of 6 cents per share. Under Armour has also released a less optimistic outlook for full-year profits than expected as it absorbs higher costs, supply chain disruptions and other factors. Premarket trading saw Under Armour drop 12.5%
Cigna (CI) – The insurance company reported an adjusted quarterly profit of $6.01 per share, compared with a $5.18 consensus estimate, and revenue was also above analyst forecasts. Cigna was able to report strong results due to its pharmacy benefits management company, as well as other factors.
DraftKings (DKNG) – DraftKings rallied 9.8% in premarket action following its quarterly results. Although the sports betting company reported a quarter loss, revenue was higher than anticipated due to increases in unique monthly paying customers and an average revenue per client. DraftKings raised its full-year revenue guidance.
Shake Shack (SHAK) – Shake Shack fell 2.8% in premarket trading despite a narrower-than-expected quarterly loss and revenue that beat Wall Street forecasts. The restaurant chain issued a lighter-than-expected outlook as it deals with rising costs for beef, chicken and other commodities.
Block (SQ) – Block surged 5% in the premarket, despite both profit and revenue missing analyst estimates. Operating earnings of the fintech company were higher than expected and they claimed that there had been no deterioration in consumer spend.
Virgin Galactic (SPCE) – Virgin Galactic slid 4.9% in premarket trading after the company said it would delay the launch of its commercial space flight service until the first quarter of 2023, blaming labor and supply chain issues. Analysts also worry about Virgin Galactic’s cash burn.
DoorDash (DASH) – DoorDash posted a wider-than-expected quarterly loss, but the food delivery service’s revenue exceeded analyst estimates with total orders topping the 400 million mark for the first time. Stock rose 6% during the premarket.
Peloton (PTON) – Peloton is exploring the sale of a sizable minority stake in the fitness equipment maker, according to people familiar with the matter who spoke to The Wall Street Journal. According to some, the stake under consideration is between 15% and 20%. However, it is not certain that any deal will be made. Peloton lost 1.8% during premarket trading.
Johnson & Johnson (JNJ) – Johnson & Johnson shares fell 1% in the premarket after the FDA limited the use of the company’s Covid-19 vaccine, following a study of blood clots in some recipients. Patients who cannot receive other vaccines due to medical reasons or are unable to find alternatives will be allowed the shot.
Zillow Group (ZG) – The real estate website operator’s shares tumbled 13.9% in the premarket after issuing a weaker-than-expected forecast, citing an uncertain real estate environment. Zillow’s latest quarter saw a higher-than-expected quarterly profit and revenue.
Live Nation (LYV) – The parent of Ticketmaster and other entertainment operations reported a smaller-than-expected loss for its latest quarter, with strong demand from customers and advertisers. Live Nation saw an increase of 2.2% in premarket sales.