Stocks making the biggest moves in the premarket: Paramount Global, Logitech, Chegg and more
Take a look at some of the biggest movers in the premarket:
Paramount Global (PARA) – Paramount Global fell 4.3% in the premarket, despite quarterly profit that beat Wall Street estimates. Revenue came in below analysts’ forecasts for the media company, amid increasing video streaming competition and weak ad sales growth.
Logitech (LOGI) – Logitech slid 5.3% in the premarket after reporting a 20% drop in sales from a year earlier, as the maker of computer mice, keyboards and other peripherals faced tough comparisons to a pandemic-fueled surge last year.
Chegg (CHGG) – The online education company saw its shares plummet 39.2% in premarket trading after it cut its revenue outlook, saying current economic conditions are prompting consumers to prioritize “earning over learning.”
Nutrien (NTR) – Nutrien reported surging quarterly profit and raised its full-year forecast, with the world’s largest fertilizer maker seeing its results boosted by surging prices for crop nutrients. The stock rallied 4.8% in the premarket.
Hilton Worldwide (HLT) – The hotel operator beat estimates by 6 cents a share, with quarterly earnings of 71 cents per share, helped by a rebound in travel demand. Hilton also issued a lower-than-expected full-year outlook.
Biogen (BIIB) – The drugmaker earned $3.62 per share for its latest quarter, short of the $4.38 a share consensus estimate. Revenue was slightly above forecasts. Results were hurt by cheaper competition for its multiple sclerosis drug Tecfidera. Biogen also announced that CEO Michel Vounatsos will step down, and its shares fell 2.6% in the premarket.
Pfizer (PFE) – Pfizer reported a first-quarter profit of $1.62 per share, 15 cents a share above estimates. Revenue topped forecasts as well. The drugmaker cut its full-year outlook due to an accounting change. Pfizer shares fell 1.3% in premarket action.
Expedia (EXPE) – Expedia lost 47 cents per share for its latest quarter, but that was less than the 62 cents a share loss that analysts had anticipated for the travel services company. Revenue exceeded estimates, as travel demand remained strong despite concerns about Covid, Ukraine and other factors. Expedia shares gained 1.5% in the premarket.
Rocket Lab USA (RKLB) – Rocket Lab shares gained 2% in premarket action after the company successfully caught a rocket booster out of midair and dropped it into the ocean, as it tested ways to recover used rockets.
BP (BP) – BP reported better-than-expected profit and sales for its latest quarter, although it did take a $25.5 billion charge for exiting its Russian operations. The stock jumped 4.8% in premarket trading.
Avis Budget (CAR) – The car rental company’s stock surged 6.8% in the premarket after it reported a much better than expected quarterly profit and also announced a $3 billion increase in its share repurchase authorization.
Clorox (CLX) – Clorox fell 2.1% in the premarket after it reported better-than-expected quarterly profit and revenue, but cut its full-year forecast due to higher costs for commodities and manufacturing.