Stocks making the biggest moves premarket: Netflix, Paramount, Sunnova Energy & more

Take a look at these companies making waves pre-market.

Ulta

— The cosmetics retail giant dipped over 1% after a downgrade from buy to hold at Jefferies. Analyst Ashley Helgans pointed to rising competition from Sephora and a stagnating product range as reasons for the downward adjustment.

Netflix

— The streaming mammoth saw its shares plunge nearly 6% when it announced lower full-year revenue growth forecast than previously expected and said it would cease reporting quarterly subscriber additions. Despite this, Netflix delivered more than expected earnings and revenue for the first quarter.

Shopify

— The e-commerce powerhouse from Canada experienced a 3% stock surge. Morgan Stanley upgraded Shopify to an overweight ranking, showing faith in the company’s growth prospects and positive operating leverage.

First Solar

— The firm saw its stock increase by 1.5% after an upgrade to overweight by Wells Fargo. The bank stated several positive factors, including the anticipation of the Biden Administration lifting tariff exemptions and potential restrictions on Chinese panels.

Sunnova Energy

— The company’s stock fell by nearly 4% following a Wells Fargo downgrade to equal weight. The bank felt that an extended period of higher rates could negatively impact Sunnova’s impending debt obligations and tight liquidity.

SLB

— This energy company’s stock declined 1.7% despite a first-quarter report that largely met expectations. SLB announced adjusted earnings per share of 75 cents on $8.71 billion in revenue. There was, however, a reported fall in revenue from North America.

Intuitive Surgical

— The shares of this robotic surgery company surged 3% after reporting a first quarter earnings and revenue beat. Intuitive Surgical announced adjusted earnings of $1.50 per share, surpassing the $1.41 estimate by LSEG.

Western Alliance

— Shares dropped 2% as the company fell short of the earnings expectations for its recent quarter. Western Alliance recorded earnings of $1.60 per share, falling short of the $1.64 per share estimate by FactSet.

KB Home

— The residential construction firm’s stock rose 1.6% after unveiling a share buyback plan worth up to $1 billion. KB Home also announced a 25% hike in its quarterly cash dividend, now standing at 25 cents per share due on May 23.

Paramount

— The entertainment titan’s share price skyrocketed 10% as reports emerged from the New York Times and Bloomberg that Sony Pictures Entertainment and Apollo Global Management might jointly acquire Paramount. This comes amid ongoing talks of a merger between Paramount and production company Skydance Media.

Bentley Systems

— Schneider Electric, the French energy management and automation firm announced preliminary discussions about a potential strategic deal with Bentley Systems, resulting in a marginal increase in the software company’s stock.

Proctor & Gamble

— The consumer goods manufacturer posted mixed results for its latest quarter. Although earnings of $1.52 per share exceeded analysts’ expectations, revenue was slightly below expectations, achieving $20.20 billion against the anticipated $20.41 billion.

American Express

— Despite exceeding FactSet estimates for first-quarter earnings and revenue, shares of the financial services firm dipped 1.5%. The company also confirmed that its full-year guidance would align with expectations.

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Stocks making the biggest moves premarket: Netflix, Paramount, Sunnova Energy & more

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