Finance

Stocks making the biggest moves premarket: Under Armour, Cigna, DraftKings and others

Check out the companies making headlines before the bell:

Under Armour (UAA) – The athletic apparel maker posted an adjusted loss of 1 cent per share in the company’s transition quarter, compared with a profit estimate of 6 cents per share. The company is changing its fiscal year, with the first quarter of fiscal 2023 beginning April 1. Under Armour also issued a weaker-than-expected outlook for its full-year profit as it absorbs the impact of higher costs and supply chain disruptions. Under Armour plunged 12.5% in premarket trading.

Cigna (CI) – The insurance company reported an adjusted quarterly profit of $6.01 per share, compared with a $5.18 consensus estimate, and revenue was also above analyst forecasts. Cigna’s results were boosted by strong growth in its pharmacy benefits management business, among other factors.

DraftKings (DKNG) – DraftKings rallied 9.8% in premarket action following its quarterly results. The sports betting firm reported a loss for the quarter but revenue was better than expected with increases in monthly unique paying customers and average revenue per customer. DraftKings also raised its full-year revenue guidance.

Shake Shack (SHAK) – Shake Shack fell 2.8% in premarket trading despite a narrower-than-expected quarterly loss and revenue that beat Wall Street forecasts. The restaurant chain issued a lighter-than-expected outlook as it deals with rising costs for beef, chicken and other commodities.

Block (SQ) – Block surged 5% in the premarket, despite both profit and revenue missing analyst estimates. The fintech firm’s operating earnings exceeded forecasts, and it said it had not seen any deterioration in consumer spending.

Virgin Galactic (SPCE) – Virgin Galactic slid 4.9% in premarket trading after the company said it would delay the launch of its commercial space flight service until the first quarter of 2023, blaming labor and supply chain issues. Analysts are also concerned about Virgin Galactic’s cash burn levels.

DoorDash (DASH) – DoorDash posted a wider-than-expected quarterly loss, but the food delivery service’s revenue exceeded analyst estimates with total orders topping the 400 million mark for the first time. The stock surged 6% in the premarket.

Peloton (PTON) – Peloton is exploring the sale of a sizable minority stake in the fitness equipment maker, according to people familiar with the matter who spoke to The Wall Street Journal. The stake being discussed is said to be around 15% to 20%, although there is no guarantee a deal will be finalized. Peloton fell 1.8% in premarket trading.

Johnson & Johnson (JNJ) – Johnson & Johnson shares fell 1% in the premarket after the FDA limited the use of the company’s Covid-19 vaccine, following a study of blood clots in some recipients. The shot will now only be allowed for patients who are not medically eligible for other vaccines or where there are no alternatives available.

Zillow Group (ZG) – The real estate website operator’s shares tumbled 13.9% in the premarket after issuing a weaker-than-expected forecast, citing an uncertain real estate environment. Zillow reported better-than-expected profit and revenue for its latest quarter.

Live Nation (LYV) – The parent of Ticketmaster and other entertainment operations reported a smaller-than-expected loss for its latest quarter, with strong demand from customers and advertisers. Live Nation added 2.2% in the premarket.

CORRECTION: This article has been updated to correct that Under Armour reported financial results from its transition quarter on Friday.

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