Stocks making the biggest premarket moves: Beyond Meat, Bumble, Advance Auto Parts, Baidu and more

A package of Beyond Meat burgers arranged in a grocery store in Dobbs Ferry, New York, US, on Tuesday, May 9, 2023.
Tiffany Hagler-Geard | Bloomberg | Getty Images

The plant-based meat company Beyond Meat’s shares skyrocketed by 59% following its announcement of exceeding fourth-quarter revenue estimates and plans to drastically cut costs in the coming year.

On the other hand, Bumble’s shares tumbled by almost 12% when the dating app company shared its intentions to lay off approximately 350 employees. Despite a disappointing revenue forecast, the company revealed an increase in revenue compared to the previous year, alongside plans to revamp its app to attract more users.

Advance Auto Parts‘ shares saw an increase of 7% after the auto parts retailer provided a positive outlook for the full year, setting their sights on 2024 earnings per share surpassing analyst expectations. EBay’s shares also rose by 5% after it exceeded fourth-quarter earnings and revenue estimates, and announced a dividend increase and additional $2 billion share buyback.

Oppositely, the U.S.-listed shares of Chinese internet company Baidu slipped by 2% due to the company’s fourth quarter adjusted EBITDA and revenue falling short of analyst expectations.

First Solar’s Shares popped nearly 7% one day after reporting an earning beat for the fourth quarter. Earnings per share came in at $3.25 versus a consensus estimate of $3.13, according to LSEG. First Solar’s full-year guidance matched expectations. shares popped nearly 7% one day after reporting an earning beat for the fourth quarter. Earnings per share came in at $3.25 versus a consensus estimate of $3.13, according to LSEG. First Solar’s full-year guidance matched expectations.

Sadly, insurance company Lemonade’s shares plunged 15.5% following the release of disheartening guidance for the upcoming quarter and full year, despite topping expectations for its fourth-quarter adjusted EBITDA and revenue.

Revolve Group, an online fashion retailer, saw its shares increase by 3% after its fourth-quarter revenue and earnings outstripped analyst predictions. Conversely, Applied Materials witnessed its shares slide by 2% after the chipmaker announced that it had received subpoenas from the SEC and U.S. Attorney’s office regarding shipments to customers in China.

Pharma company Viatris’ shares also dropped by 2% when it reported underwhelming revenue for the fourth quarter.

The semiconductor maker  Ambarella rallied about 9% after it posted a smaller-than-expected loss of 24 cents a share in the latest quarter and revenue that matched analyst estimates. Revenue guidance for the first quarter was roughly in line with Wall Street estimates.

 TJX Companies enjoyed a 2% rise in its shares after its strong quarterly revenue performance. The parent company of TJ Maxx and Marshalls also reported a 5% increase in consolidated same-store sales for the fourth quarter, bolstered by an uptick in customer transactions. Unfortunately, Urban Outfitters didn’t share the same success, with its shares falling nearly 10% after their fourth-quarter revenue and earnings fell short of expectations.

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Stocks making the biggest premarket moves: Beyond Meat, Bumble, Advance Auto Parts, Baidu and more

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