Stocks making the biggest moves premarket: Snap, Intel, Zoom Video, Boston Beer & more
Check out the companies making headlines before the bell:
Snap – Shares of the Snapchat parent plunged 19.5% in the premarket after the company warned of slowing growth due to the recent changes in Apple’s iOS privacy rules. Those rules make it more difficult to gather information from users and target ads. Snap did beat estimates by 9 cents with an adjusted quarterly profit of 17 cents per share, but its revenue was slightly short of Wall Street forecasts.
Intel – Intel tumbled 10% in premarket trading after the chip maker predicted lower profit margins over the next few years due to ongoing investments in new technology. Intel reported adjusted quarterly earnings of $1.71 per share, beating the consensus estimate of $1.11, but its sales were short of analyst projections.
Boston Beer – The brewer of Sam Adams beer reported an unexpected quarterly loss, due to a decline in sales of its Truly hard seltzer brand despite efforts to grow in that category. Boston Beer stock fell 3.3% in premarket action.
Whirlpool – The appliance maker’s stock fell 3.4% in the premarket, following a warning of “elevated” supply constraints. Whirlpool reported adjusted quarterly earnings of $6.68 per share, beating the $6.12 consensus estimate, but sales fell short of forecasts.
Digital World Acquisition – The SPAC that is merging with Trump Media & Technology Group is soaring another 59.8% in the premarket after more than quadrupling in Thursday’s trading. The company formed by former President Trump plans a beta rollout of its social network next month.
Mattel – Mattel surged 7.5% in premarket trading after the toy maker said supply chain disruptions would not prevent it from having a strong holiday season. Mattel also beat estimates on the top and bottom lines, reporting an adjusted quarterly profit of 84 cents per share compared to a 74 cent consensus estimate.
Honeywell – The industrial conglomerate beat estimates by 3 cents with adjusted quarterly earnings of $2.02 per share, although revenue was slightly short of forecasts. Honeywell said it is seeing strong growth across all its segments, but is still facing tough supply chain challenges.
American Express – The financial services giant earned $2.27 per share for the third quarter, beating the $1.80 consensus estimate, with revenue also topping Wall Street forecasts. Results were driven in part by record card member spending. American Express rose 1.4% in the premarket.
Urban Outfitters – The apparel retailer’s stock added 2.7% in the premarket after Citi upgraded it to “buy” from “neutral,” citing a more favorable risk-reward profile following a 25% slump in the stock since Urban Outfitters last reported quarterly earnings in August.
Zoom Video Communications – J.P. Morgan Securities upgraded the stock to “overweight” from “neutral,” saying the stock already reflects a post-pandemic slowdown in remote video communication. The firm said growth will bottom this quarter and then accelerate due to increasing adoption by businesses. Zoom gained 2.9% in premarket trading.
VF Corp. – The maker of The North Face and other apparel brands tumbled 8.1% in the premarket, after it missed both top and bottom line estimates for its latest quarter. VF said it is seeing accelerated demand but that its recovery has been impacted by further pandemic-related disruptions.