DocuSign, Vail Resorts, Stitch Fix and others
Take a look at the top companies that made headlines long before the bell rang.
DocuSign (DOCU) – The electronic-signature technology company’s stock plunged 26.1% in the premarket after its quarterly profit and revenue fell short of Wall Street forecasts. DocuSign previously stated that it could be affected by a return of post-Covid working conditions.
Vail Resorts (MTN) – Vail Resorts rallied 6.7% in premarket trading after the resort operator posted better-than-expected quarterly results. Vail saw a decrease in restrictions on Covid and was successful in its efforts to draw visitors beyond peak ski season.
Stitch Fix (SFIX) – Stitch Fix shares slumped 15.4% in premarket action after the online clothing styler posted a wider than expected quarterly loss and gave weaker than expected revenue guidance. Stitch Fix said that it was going to cut 330 jobs. That’s about 4%.
Rent The Runway (RENT) – The fashion rental company posted a smaller-than-expected quarterly loss while its revenue came in above Wall Street forecasts. Rent The Runway released a positive current quarter revenue forecast and sales doubled in comparison to a year ago. The premarket saw shares rise 8.2%.
Illumina (ILMN) – The maker of gene-based therapies saw its shares decline 4.2% in the premarket after announcing the departure of Chief Financial Officer Sam Samad, who is taking the CFO role at Quest Diagnostics (DGX).
Netflix (NFLX) – Netflix slid 4.7% in premarket trading after Goldman Sachs downgraded the stock to “sell” from “neutral” and cut the price target to $186 per share from $265. Goldman claimed that the company was shifting its focus to profitability, as well as lower investor tolerance and lower long-term investing. This is due to Netflix’s maturation and other internet-based businesses. Goldman reported that the company also reduced to “sell” from “neutral”, a video game company. RobloxRBLX (down 4.7% premarket) and eBay (EBAY), up 3.6%
Angi (ANGI) – The home services company reported a 24% jump in May revenue, compared with a year earlier, even as service requests fell 7%. Separately the company announced Jeff Pederson, its Chief Financial Officer.
CME Group (CME) – The exchange operator’s stock gained 2.3% in the premarket after Atlantic Equities upgraded it to “overweight” from “neutral.” According to the firm, CME offers the best fundamental background among U.S-based exchanges. A recent stock drop provides an attractive entry point.
Kontoor Brands (KTB) – Goldman Sachs downgraded the stock to “neutral” from “buy,” noting that increasing cost pressures have been weighing on results and earnings growth for the parent of the Lee and Wrangler apparel brands. Kontoor Brands declined 1% in Premarket.