Starbucks, SolarEdge, Shopify, Qualcomm, Palantir, DoorDash, Uber, Lyft, Roku, Peloton, Airbnb, Moderna, Clorox, and e.l.f. Beauty are among the companies making headlines before the bell.
Shares of Starbucks surged 5.6% as the coffee giant’s quarterly earnings and revenue exceeded analysts’ expectations. The company’s same-store sales also saw an 8% increase, driven higher average checks and a 3% rise in customer traffic to Starbucks cafes. Domestic locations performed exceptionally well.
On the other hand, solar stock SolarEdge experienced a significant drop of 16.6% after posting disappointing third-quarter results and drastically reducing its outlook for the current quarter’s revenue. The company was downgraded multiple firms, including Truist, BMO Capital Markets, and Guggenheim.
In contrast, Shopify’s shares skyrocketed 17.2% as the company’s earnings surpassed Wall Street’s expectations. Shopify reported third-quarter earnings of 24 cents per share, excluding items, on revenue of $1.71 billion. Analysts had predicted earnings of 15 cents per share on revenue of $1.67 billion.
Wireless tech company Qualcomm also saw a positive turn as its shares gained 5.6% after exceeding analysts’ revenue and earnings estimates in its fiscal fourth quarter.
Data analytics firm Palantir experienced a 14% jump in shares after posting better-than-expected third-quarter numbers and raising its revenue guidance for the full year to between $2.216 billion and $2.22 billion.
Food delivery company DoorDash rallied 11% following the release of better-than-expected quarterly results. DoorDash reported a loss of 19 cents per share on $2.16 billion in revenue, surpassing analysts’ expectations of a loss of 40 cents per share on $2.09 billion in revenue.
In response to wage-theft allegations from drivers in New York state, Uber and Lyft agreed to pay a total of $328 million. This news resulted in a 3.8% increase in Uber shares and a 2.5% rise in Lyft shares.
Streaming video platform Roku witnessed an 18% surge in stock after its third-quarter revenue and fourth-quarter guidance exceeded expectations. With over 75 million active accounts, Roku generated $912 million in revenue compared to the predicted $855 million Wall Street analysts.
Peloton, on the other hand, faced a plunge of about 6.4% in premarket trading due to a larger-than-expected quarterly loss of 44 cents per share on revenue of $595.5 million. Analysts had predicted a loss of 34 cents per share on revenue of $591 million. The company also provided a tepid holiday forecast.
Vacation rental platform Airbnb saw its shares decline 1.7% after announcing that its fourth-quarter revenue will fall short of analysts’ estimate. The company stated that booked nights in the fourth quarter will be lower compared to the previous three-month period.
Moderna’s shares sank nearly 7% following the drugmaker’s report of a significant earnings loss for the third quarter. The loss was attributed to a write-down for unused Covid vaccines.
Clorox experienced a notable increase of 11.7% in shares after surpassing revenue expectations for the fiscal first quarter. The consumer goods company reported revenue of $1.39 billion, surpassing analysts’ estimates of $1.31 billion.
Cosmetics and skincare company e.l.f. Beauty also witnessed a positive surge of 14.2% after surpassing Street expectations and raising its full-year guidance for the second quarter in a row. In the second fiscal quarter, e.l.f. Beauty reported 82 cents in adjusted earnings per share and $215.5 million in revenue, outperforming analysts’ predictions of 53 cents on revenue of $197.1 million.
The above companies are generating significant buzz in the market, and their latest performances are shaping investor sentiment.