Shares making the largest strikes forward of the market: Alibaba, Lyft, Aurora Hashish
Jack Ma, Chairman of Alibaba Group Holding Ltd., speaks during a fireplace interview at the Viva Technology conference in Paris on May 16, 2019.
Marlene Awaad / Bloomberg | Bloomberg | Getty Images
Check out the companies that are making the headlines before the bell:
Alibaba (BABA) – Alibaba stock is under pressure as the Chinese government has concerns about tighter regulation of large tech companies. The decline in Alibaba stocks has come despite an optimistic start to the e-commerce giant’s annual Singles Day event, which has a volume of more than $ 56 billion this morning. The stock fell 1.7% in premarket trading as of 7:33 a.m. ET.
Lift (LIFT) – Lyft lost more than $ 280 million in the third quarter, more than twice the amount it lost in the year-ago quarter. However, Lyft reported better-than-expected sales for the quarter and was working on developing a new grocery delivery service. Shares rose 5% in premarket trading as of 7:33 a.m. ET.
Aurora Cannabis (ACB) The cannabis producer announced plans to raise $ 125 million through a secondary stock offering. Under the terms of the offering, each share would be priced at $ 7.50 and the buyer would receive a warrant to purchase another share at $ 9 within 40 months. The stock fell 15% in premarket trading from 7:33 a.m. ET.
fuboTV (FUBO) – The streaming TV service reported a larger than expected loss for the last quarter, but revenue exceeded forecasts and the company also gave an optimistic outlook for the current quarter. The year is expected to end with 500,000 to 510,000 subscribers, up 58% to 62% year over year. The shares gained 30% in premarket trading starting at 7:33 a.m. ET.
Tencent Music (TME) – Tencent Music reported better-than-expected earnings and revenue for the last quarter, fueled by growth in paying users for its music streaming service. Tencent said it sees continuous improvement in the retention rate of paying users. As of 7:33 a.m.CET, the share gained 4% in premarket trading.
AT & T (T) – AT & T’s WarnerMedia unit is expected to lay off up to 1,750 employees – about 7% of the workforce, according to multiple reports. WarnerMedia – the operator of HBO, TBS, CNN, and television and film studio Warner Bros. – is planning an all-hand meeting today to provide staff with more information on the cuts.
Lemonade (LMND) – Lemonade posted a 57 cents per share loss, which was less than Wall Street’s expected loss of 64 cents, while the mobile insurance company’s revenue also beat projections. Lemonade also gave a better than expected current quarterly outlook.
Datadog (DDOG) – Datadog made an adjusted 5 cents per share last quarter, compared to a consensus estimate of 1 cent, while revenue also beat estimates. The cloud monitoring company also issued an optimistic outlook. The stock lost 8% in premarket trading as of 7:33 p.m. ET.
Fair Isaac (FICO) – Fair Isaac reported adjusted quarterly earnings of $ 3.25 per share, well above the consensus estimate of $ 2.32, while the company behind popular FICO credit scores also posted revenue above the Wall Street Forecasts recorded.
Sanmina (SANM) – Sanmina beat estimates 32 cents with adjusted quarterly earnings of $ 1.10 per share, with electronics maker’s sales also beating estimates. Sanmina also gave an optimistic outlook, saying that his strategy is working despite a challenging economic environment.
General Electric (GE) – GE has terminated its Corporate Audit Staff program as part of CEO Larry Culp’s efforts to simplify operations. The program allowed employees to rotate through various corporate divisions to prepare them for future leadership roles.
Tapestry (TPR) – The company behind the luxury brands Coach and Kate Spade was upgraded by Cowen at Cowen to “Outperform” of “Market Perform”, indicating a favorable price and profit margin mix and an updated marketing strategy for the company’s Coach Outlet activities.