Stocks that are making the biggest moves in the premarket: Snowflake, Vertex Pharmaceuticals, Chewy & more
Take a look at some of the biggest movers in the premarket:
Snowflake (SNOW) – Snowflake shares fell 3.7% in pre-trading hours after the cloud computing company unveiled its financial targets at its Investor Day meeting. Snowflake’s goal is to achieve annual product sales of $ 10 billion by 2029, compared to $ 554 million in the fiscal year that ended in January.
Vertex Pharmaceuticals (VRTX) – The drug maker stopped developing an experimental drug to treat a rare genetic disease called AAT deficiency. Vertex said the drug raised levels of a deficient protein, but not enough to get any substantial benefit. Vertex slumped 13.9% in the premarket.
Chewy (CHWY) – Chewy made 9 cents a share in the most recent quarter, compared to consensus predictions for a 3 cents a share loss. The pet product retailer’s sales also beat estimates and gave an optimistic sales outlook. Chewy also warned of labor shortages and supply chain issues that are affecting product availability.
Dave & Buster’s (PLAY) – Dave & Buster’s reported a surprising profit of 40 cents per share in the first quarter. Analysts had predicted a loss of 16 cents per share for the restaurant chain. Dave & Buster’s said the rebound in its business continued through the first part of the current quarter, and its stocks rose 5.5% ahead of the launch.
Royal Caribbean (RCL) – According to Royal Caribbean’s Celebrity line, two passengers on board their Millennium cruise ship tested positive for Covid-19. The passengers traveling together are asymptomatic and have been isolated, and the cruise line is currently conducting a contact trace. Royal Caribbean lost 1.3% in pre-trading.
Biogen (BIIB) – Biogen rose 1.4% before the IPO after UBS upgraded the drug manufacturer’s share from “neutral” to “buy” and Bernstein upgraded its rating from “market performance” to “outperform”. Both companies are basing their upgrades on the potential revenue growth from the Food and Drug Administration’s approval of Aduhelm’s Alzheimer’s treatment earlier this week.
AMC Entertainment (AMC), GameStop (GME), Clover Health (CLOV) – These “meme stocks” are still volatile, with AMC up 8%, GameStop by 5.7% and Clover Health by 3%.
Tesla (TSLA) – Tesla unveiled its Model S plaid at an event at its Fremont, California facility. The new high-end version of the Model S costs just under 130,000 US dollars. Regardless, Goldman Sachs reiterated its “buy” rating on the stock.
American Airlines (AAL) – American Airlines is investing $ 25 million in electric air taxi startup Vertical Aerospace. American plans to purchase up to 250 of the electric aircraft slated for an initial test flight later this year.
Callaway Golf (ELY) – Callaway Golf will supersede GrubHub (GRUB) in the S&P MidCap 400 Index, effective prior to opening June 15th. GrubHub is currently being acquired by the British company Just Eat Takeaway. Callaway – a leading manufacturer of golf clubs and other golf products – is being replaced by Apollo Medical (AMEH) in the S&P SmallCap 600. Callaway lost 3.7% in pre-trading while Apollo gained 11.9%.
Livent (LTHM) – The lithium power specialist’s shares fell 2% on the premarket after a public offering of 13 million shares at $ 17.50 per share was announced. Livet plans to use the proceeds for general corporate purposes to pay off debt and increase capital expenditures.
Monday.com (MNDY) – The Israel-based work management software maker is on the alert ahead of its second day of trading, having valued its IPO at $ 155 per share and closing at $ 178.87 on Thursday.