Monster Beverage Corp. drinks.
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Find out which companies are making headlines before the bell.
Rivian – Shares in the electric vehicle maker fell more than 9% after the company reported mixed fourth-quarter results and a disappointing production outlook. Revenue for the quarter was $663 million, well below analyst estimates of $742 million, according to Refinitiv. Rivian, however, reported a lower than expected loss.
Sarepta Therapeutics – The biotech stock soared 17% after Morgan Stanley upgraded Sarepta shares to overweight from equal weight. Analyst Matthew Harrison said the company’s path for SRP-9001, an experimental gene therapy for Duchenne muscular dystrophy (DMD), now appears “safe”.
Spotify — The audio streaming giant’s share price rose 1.3%. Redburn upgraded the stock to buy earlier in the day, noting it sees stronger margins as investment headwinds, the release of royalty increases and currency declines.
Kohl’s – The retailer’s shares fell more than 8% after Kohl’s announced a surprise fourth-quarter loss, with CEO Tom Kingsbury saying sales were under pressure from the “ongoing inflationary environment”. Kohl’s reported a loss of $2.49 per share on $5.78 billion in revenue. Analysts polled by Refinitiv had expected positive earnings of 98 cents per share on $5.99 billion in revenue.
Monster Beverage – Shares of the beverage company fell 4.8% after Monster reported results after the closing bell on Tuesday, posting quarterly earnings of 57 cents per share while analysts polled by StreetAccount expected 63 cents per share. Monster reported revenue of $1.51 billion, below analysts’ expectations of $1.6 billion.
Novavax – Shares fell 25.4% in early morning trading after the vaccine developer said “substantial doubt exists about our ability to operate as a going concern” throughout next year.
AMC Entertainment – The meme stock fell more than 8% after AMC posted a better-than-expected loss of 26 cents per share in its latest quarter, compared to a loss of 21 cents per share expected by the analysts interviewed by Refinitiv. Otherwise, AMC reported revenue of $991 million, higher than consensus estimates of $978 million.
Hewlett-Packard — HP gained 2.7% in early trading after reporting its first-quarter results on Tuesday. The technology company forecast higher earnings per share for the second quarter and also maintained its full-year profit target on the expectation that China’s dismantling of Covid restrictions will help the recovery of the asked.
Lowe’s – The home improvement retailer’s fourth fiscal quarter sales were below Wall Street expectations, with revenue of $22.45 billion versus $22.69 billion expected, according to Refinitiv. However, adjusted earnings per share of $2.28 beat a forecast of $2.21. Lowe’s was essentially flat in the pre-market, up 0.22%.
First Solar – Solar stock rose 5.4% in premarket trading after First Solar released full-year guidance that was ahead of expectations for earnings and revenue per share. On Tuesday, First Solar reported a loss of 7 cents per share in the fourth quarter, compared to a loss of 17 cents per share expected by analysts polled by FactSet. The company’s revenue is in line with expectations at $1 billion.
– CNBC’s Sarah Min, Michelle Fox Theobald, Tanaya Macheel and Jesse Pound contributed reporting.