Foot Locker, Cinemark, Dell and others
Check out the companies making headlines before the bell:
Foot Locker (FL) – Foot Locker shares slumped 16.1% in the premarket after the athletic apparel and shoe retailer gave a weaker-than-expected full-year profit and comparable-store sales outlook. The company cited changes in its vendor mix as well as a decline in fiscal stimulus versus a year ago. Foot Locker reported better-than-expected results for its fiscal fourth quarter, including an unexpected rise in comp sales.
Cinemark (CNK) – Cinemark jumped 3.7% in the premarket after the movie theater operator reported an unexpected quarterly profit and revenue that beat Wall Street forecasts. Attendance jumped as Covid-19 restrictions loosened.
Dell Technologies (DELL) – Dell tumbled 9% in premarket action after saying it expected its order backlog to swell this quarter, with supply chain issues limiting its ability to fulfill strong order demand.
Block (SQ) – Block surged 16.5% in premarket trading after the payments company formerly known as Square reported better-than-expected profit and revenue for its latest quarter. Block also gave an upbeat forecast for the current quarter and the full year amid growing success for its Cash App.
LendingTree (TREE) – The financial services company’s stock added 2.6% in the premarket after reporting a narrower-than-expected loss and revenue that exceeded analyst forecasts. LendingTree saw strong performance in its consumer segment during the quarter.
Coinbase (COIN) – Coinbase reported quarterly earnings of $3.32 per share, well above the consensus estimate of $1.85, with the cryptocurrency company’s seeing revenue also topping Wall Street forecasts. However, Coinbase said volatility in the cryptocurrency market will result in lower transactions volume this quarter. Coinbase fell 2% in premarket trading.
Beyond Meat (BYND) – Beyond Meat slid 10.8% in the premarket after reporting a wider-than-expected quarterly loss and revenue that fell slightly short of Wall Street forecasts. The maker of plant-based meat substitutes also issued a weaker-than-expected forecast as it expects a temporary disruption of U.S. retail growth.
Etsy (ETSY) – Etsy shares surged 17.4% in premarket action after the online crafts marketplace beat quarterly estimates and issued a strong forecast. Etsy earned $1.11 per share for its latest quarter, compared with a consensus estimate of 79 cents, as it continues to see elevated demand that first developed during the pandemic.
Zscaler (ZS) – Zscaler took an 11.6% hit in the premarket despite beating quarterly estimates on the top and bottom lines. Investors are focusing on the cybersecurity company’s weaker-than-expected outlook, although it reported its strongest year-over-year revenue growth in three years.
Farfetch (FTCH) – Farfetch soared 30.5% in premarket action even though its adjusted quarterly loss of 3 cents per share merely matched estimates and revenue fell below the consensus estimate. The luxury fashion seller was profitable on an adjusted basis for 2021, encouraging investors after a recent tumble in the stock’s price.
KAR Auction Services (KAR) – Carvana (CVNA) is buying KAR Auction Services’ vehicle auction business in the U.S. for $2.2 billion, as the online used-car seller moves to boost its physical presence. KAR soared 66.2% while Carvana rose 0.8% in the premarket.