As the markets gear up for another trading day, several stocks are poised to make significant moves. Here’s a glance at some of the notable pre-market developments:
- Uber (UBER): Uber shares rose by 2% after the company reported third-quarter gross bookings of $35.3 billion, surpassing its guidance range of $29 billion to $30 billion.
- UBS (UBS): Shares of the Switzerland-based bank climbed over 3% as UBS recorded an underlying operating profit before tax of $844 million, well exceeding consensus expectations. Despite $2 billion in expenses related to integrating fallen rival Credit Suisse, UBS posted a larger-than-expected net loss attributable to shareholders of $785 million for Q3.
- Planet Fitness (PLNT): The gym chain witnessed an 8.8% surge after beating third-quarter expectations and raising its full-year outlook. Planet Fitness reported earnings per share of 59 cents (excluding items) and revenue of $277.6 million, outperforming analyst estimates.
- Vivid Seats: The online ticket marketplace saw an 8.6% increase following its better-than-expected Q3 revenue results and a robust outlook for 2023 and 2024. Vivid Seats also announced a $240-million acquisition of Vegas.com.
- Tripadvisor (TRIP): Travel stock Tripadvisor gained over 10% after reporting Q3 results that exceeded analyst expectations. The company posted earnings of 52 cents per share on $533 million in revenue, beating estimates.
- Coterra Energy (CTRA): Shares rose by 3% in premarket trading following the company’s positive earnings report, surpassing analyst forecasts and raising its full-year production guidance.
- Sanmina (SANM): Shares tumbled 11.7% after the electronics manufacturer provided weak guidance, expecting fiscal Q1 revenue between $1.85 billion and $1.95 billion.
- Hims & Hers Health (HIMS): The telehealth company witnessed a 5% jump in premarket trading after reporting Q3 revenue that exceeded expectations, raising its full-year guidance, and unveiling a $50-million share repurchase program.
- Peloton (PTON): Peloton shares dropped over 5% after being downgraded by Deutsche Bank from buy to hold. The firm cited a lack of clarity in Peloton’s growth outlook and lowered its price target from $13 to $4 per share.
- DigitalOcean (DOCN): The cloud computing stock advanced 6.1% following a double-upgrade to buy from sell by Goldman Sachs. The firm highlighted underappreciated structural improvements in DigitalOcean, with its cyclical risks already factored into the current price.
As these stocks prepare to enter the trading arena, investors are keeping a close eye on the market dynamics, seeking potential opportunities and reacting to unfolding developments.