Take a look at some of the biggest movers in the premarket:
Walmart (WMT) – Walmart slumped 7% in premarket trading after missing bottom-line expectations for the first quarter. The retail giant earned $1.30 per share, 18 cents a share below estimates as inflationary pressures offset the positive impact of better-than-expected sales.
Home Depot (HD) – Home Depot added 2.7% in the premarket after the home improvement retailer reported better-than-expected profit, revenue and comparable sales for the first quarter, while also raising its full-year forecast. Home Depot earned $4.09 per share for the quarter, compared to a consensus estimate of $3.68 a share.
Citigroup (C) – Citi rallied 5.4% in the premarket following news that Berkshire Hathaway (BRK.B) took a nearly $3 billion stake in the bank during the first quarter. Berkshire’s latest 13-F filing also showed that the company sold nearly all of an $8.3 billion stake in Verizon (VZ), whose shares fell 1%.
United Airlines (UAL) – United Airlines shares rallied 4.6% in premarket action after the airline raised its current-quarter revenue forecast, saying it expects its busiest summer since before the pandemic began.
Twitter (TWTR) – Twitter fell 1% in the premarket as Tesla CEO Elon Musk continues to cast doubt on whether his deal to buy Twitter for $54.20 per share will be completed. Musk is suggesting that he could seek a lower price, saying there could be at least four times the number of spam or fake accounts than the company has said.
Take-Two Interactive (TTWO) – Take-Two jumped 4.9% in the premarket despite a quarterly miss in its key bookings metric as well as weaker-than-expected guidance. Analysts have pointed to a history of conservative guidance from the video game maker, and are also expecting a more upbeat outlook once its pending acquisition of Zynga (ZNGA) closes.
JD.com (JD) – JD.com surged 9% after beating top-line and bottom-line estimates for its latest quarter, as the China-based e-commerce giant saw increased demand amid new Covid-related lockdowns. JD.com is also among tech stocks benefiting from hopes for relaxed regulatory curbs on tech companies, along with Pinduoduo (PDD), up 8.6%, and Baidu (BIDU), gaining 4.1%.
Tencent Music Entertainment (TME) – Tencent Music shares jumped 6.5% in premarket trading, despite a 15% slide in quarterly revenue. Tencent Music shares are also benefiting from those hopes for looser regulatory curbs.
Lordstown Motors (RIDE) – Lordstown CFO Adam Kroll said doubts about the electric vehicle maker’s ability to stay in business will remain in place until it secures more funding. Lordstown originally issued a “going concern” warning in June 2021. The stock fell 1.8% in premarket trading.
