IMAX, CoreLogic, CoStar Group & more
Check out some of the largest moving companies on the pre-market:
IMAX (IMAX) – IMAX lost 21 cents per share, one cent per share more than analysts expected. The cinema operator’s revenues exceeded Wall Street estimates. Sales were aided by stronger performance in Asian markets and the company expects improved results as consumers hit theaters again this year. IMAX shares lost 3.7% in premarket trading.
CoreLogic (CLGX) – The CoStar Group (CSGP) has dropped its offer to purchase CoreLogic. The commercial real estate data provider said rising interest rates would hurt CoreLogic’s value. CoStar’s most recent offer was valued at $ 6.6 billion, or $ 90 per share, compared to a previous higher bid of $ 6.9 billion or $ 95.76 per share. CoreLogic – a real estate data provider that competes with Zillow (Z) – accepted a takeover bid from private equity firms Stone Capital and Insight Partners for $ 6 billion, or $ 80 per share, last month. CoStar rose 5.5% in premarket trading, while CoreLogic fell 3.4%.
Big Lots (BIG) – The discounter reported quarterly earnings of $ 2.59 per share, 9 cents per share above estimates. However, sales were in line with projections and a like-for-like sales increase of 7.9% fell short of the consensus FactSet estimate of 8.4%. Big Lots expected this year’s results to be significantly impacted by the pandemic. In premarket trading, shares rose 1.3%.
Costco (COST) – Costco reported quarterly earnings of $ 2.14 per share, falling short of the consensus estimate of $ 2.45 per share. The warehouse company’s sales exceeded forecasts. Costco’s like-for-like sales rose 13% while digital sales rose 76%. The company also had supply chain issues, which resulted in higher costs. The Costco share fell 1.9% in premarket trading.
Norwegian Cruise Line (NCLH) – The cruise company’s shares fell 7% in premarket trading after a public offering of 47.58 million shares was announced. Norwegian plans to use the proceeds to redeem exchangeable debt from private equity firm L Catterton.
Gap (GPS) – The parent company of Gap, Old Navy and Banana Republic predicts a rebound in clothing sales this year as the Covid-19 pandemic recedes and people return to offices and schools. Sales for the last quarter were below Wall Street projections, although an increase in online sales helped offset a pandemic-induced decline in store traffic. Shares rose 3.2% prior to going public.
Broadcom (AVGO) – The chip maker beat estimates by 6 cents per share with quarterly earnings of $ 6.61 per share. The company’s sales were slightly above estimates. In the pre-market, however, the shares fell 1% as semiconductor sales were below the forecasts of the analysts. The company and its colleagues continue to suffer from a shortage of materials to make chips.
Virgin Galactic (SPCE) – Space company’s chairman Chamath Palihapitya sold his personal inventory of 6.2 million shares for approximately $ 213 million. This is based on a message from the Securities and Exchange Commission. He still owns 15.8 million shares with investment partner Ian Osborne. Their shares fell 3.1% in the pre-market.
The Trade Desk (TTD) – The Trade Desk is being monitored again after losing 20% in value in the past two days. The programmatic advertising technology provider was hit after Google announced by Alphabet (togetL) that it would not use ad tracking technology to track people individually across the internet. The share lost another 1.4% in the pre-market.
Western Digital (WDC) – Western Digital shares rose 2.5% prior to entry after the hard drive and memory chip maker at Goldman Sachs switched from neutral to buy. Goldman cited, among other things, an improved outlook on memory chip prices.
Boeing (BA) – The jet maker has reached out to a group of banks to apply for a new $ 4 billion credit facility, according to reports from Bloomberg and Reuters. Boeing told analysts in January that the company had sufficient liquidity but was open to further debt as it considered options to strengthen its balance sheet.
Van Eck Vectors Social Sentiment ETF (BUZZ) – The new exchange-traded fund is back in action today after falling 3.6% on Thursday’s Wall Street debut. The ETF is intended to focus on stocks that will be watched by investors on Reddit, Twitter (TWTR) and other social media platforms.
Fifth Third Bancorp (FITB) – The bank has been added to Goldman Sachs’ “Conviction Buy” list, which sees a significant improvement in net interest income for Fifth Third based on current trends in both long-term and short-term interest rates. The fifth third rose 1.2% before entering the market.