Stocks making the biggest moves premarket: Rivian, Kohl's, Novavax and more
Check out the companies making headlines before the bell.
Rivian — Shares of the electric vehicle maker tumbled more than 9% after the company posted mixed fourth-quarter results and an underwhelming production outlook. Revenue for the quarter came in at $663 million, falling well below analysts' estimates of $742 million, according to Refinitiv. Rivian reported a smaller-than-expected loss, however.
Sarepta Therapeutics — The biotech stock soared by 17% after Morgan Stanley upgraded Sarepta shares to overweight from equal weight. Analyst Matthew Harrison said the compay's path for SRP-9001, an investigational gene therapy for Duchenne muscular dystrophy (DMD), now appears "de-risked."
Spotify — The audio streaming giant's stock price rose 1.3%. Redburn upgraded the stock to buy earlier in the day, noting that it sees stronger margins as headwinds from investments, publishing royalty increases and foreign exchange wane.
Kohl's — Shares of the retailer fell more than 8% after Kohl's reported a surprise loss for the fourth quarter, with CEO Tom Kingsbury saying that sales were pressured by the "ongoing inflationary environment." Kohl's reported a loss of $2.49 per share on $5.78 billion of revenue. Analysts surveyed by Refinitiv had expected positive earnings of 98 cents per share on $5.99 billion of revenue.
Monster Beverage — Shares of the beverage company were down 4.8% after Monster released earnings after Tuesday's closing bell, posting quarterly earnings of 57 cents per share while analysts surveyed by StreetAccount anticipated 63 cents per share. Monster reported $1.51 billion in revenue, falling short of analysts' expectations of $1.6 billion.
Novavax — Shares dropped 25.4% in early morning trading after the vaccine developer said that "substantial doubt exists regarding our ability to operate as a going concern" through the next year.
AMC Entertainment — The meme stock dropped more than 8% after AMC posted a greater-than-forecast loss of 26 cents per share in its latest quarter, compared to the 21 cent per share loss expected by analysts surveyed by Refinitiv. Otherwise, AMC reported a revenue beat of $991 million, more than consensus estimates of $978 million.
Hewlett-Packard — HP gained 2.7% in early market trading after reporting first-quarter earnings on Tuesday. The technology company forecasted higher earnings per share for the second quarter, and also maintained its full-year earnings target on expectations that China's rollback of Covid restrictions will aid in demand recovery.
Lowe's — The home improvement retailer's fiscal fourth-quarter sales fell short of Wall Street's expectations, with revenue coming in at $22.45 billion versus the $22.69 billion expected, per Refinitiv. However, adjusted earnings per share of $2.28 topped a forecast of $2.21. Lowe's was essentially flat in the premarket, up 0.22%.
First Solar — The solar stock added 5.4% in premarket trading after First Solar issued full-year guidance that was ahead of expectations on per-share earnings and revenue. On Tuesday, First Solar reported a fourth-quarter loss of 7 cents per share compared with a 17 cent per-share loss forecasted by analysts surveyed by FactSet. The company's revenue came in line with expectations at $1 billion.
— CNBC's Sarah Min, Michelle Fox Theobald, Tanaya Macheel, and Jesse Pound contributed reporting.