Take a look at some of the biggest pre-market movers:
Novavax (NVAX) – The drugmaker’s stock fell 32.3% in premarket after posting an unexpected quarterly loss and halving its full-year revenue forecast. Novavax said it did not expect further U.S. sales of its Covid-19 vaccine this year amid weak demand and a glut of supply.
GoodRx (GDRX) – GoodRx soared 39.6% in premarket trading after the prescription drug comparison software provider reported better-than-expected quarterly results, and also said an issue with a large grocery chain had been resolved.
Allbirds (BIRD) – Shares of the sneaker maker plunged 11.8% in the pre-market after slashing its full-year guidance as the company said external headwinds could put pressure on spending on consumption in the second half of 2022.
Micron Technology (MU) – The chipmaker said it expects negative free cash flow for the current quarter, along with lower revenues and profit margins. Chip shipments are down due to weaker demand from PC and video game companies. Micron lost 3.7% in premarket action.
Take-Two Interactive (TTWO) – Take-Two fell 3.4% in pre-market after the video game publisher released a weaker-than-expected revenue forecast. Take-Two is the latest company to see its results impacted by a general slowdown in gaming following a pandemic-era boom.
Occidental Petroleum (OXY) – The energy producer’s stock rose 2.3% pre-market after news that Berkshire Hathaway (BRK.B) had increased its stake in Occidental to more than 20%. This means Berkshire can record some of Occidental’s profits as its own.
Signet Jewelers (SIG) – The jewelry retailer has announced a deal to buy online jewelry seller Blue Nile for $360 million in cash. Shares of Signet added 2% in premarket.
Upstart (UPST) – Upstart stock fell 12.2% in premarket trading after the cloud-based lending platform company missed Wall Street estimates of higher and lower earnings for its latest quarter . He also issued a weaker than expected revenue forecast, saying banking partners have become more cautious due to economic uncertainty.
CarGurus (CARG), Vroom (VRM) – The two online used-car sellers saw their shares plunge in premarket action after reporting weaker-than-expected quarterly results. CarGurus fell 14.9% while Vroom slipped 11.4%.
SoFi (SOFI) – Shares of the online financial services company fell 3.4% in premarket trading after Japan’s SoftBank announced it would take all or part of its 9% stake in SoFi.