Stocks making the biggest premarket moves: Tapestry, Credit Suisse, Disney and more
Check out the companies making the biggest moves in premarket trading:
Tapestry — The company reported adjusted fiscal second-quarter earnings before the bell of $1.33, beating StreetAccount's estimate of $1.27, and raised its fiscal 2023 earnings outlook. Tapestry rallied nearly 10% in the premarket.
Hilton Worldwide — The hotel operator reported adjusted fourth-quarter earnings of $1.59 per share before the bell, topping estimates of $1.22, per StreetAccount. Its revenue of $2.44 billion also came above the $2.35 billion expected. Hilton was up 1.2% in the premarket.
Credit Suisse -- The Swiss bank reported a fourth-quarter and annual loss that missed estimates and said it is expecting another "substantial" full-year loss in 2023. Credit Suisse slumped nearly 8% in premarket trading.
PepsiCo -- The beverage giant reported adjusted fourth-quarter earnings and revenue before the bell that beat expectations, thanks to price hikes that boosted sales. It also announced a 10% increase in its annualized dividend. Pepsi gained nearly 2% in the premarket.
Tesla — The electric-vehicle maker gained more than 3% in the premarket. On Wednesday, Tesla was cleared from blame in the crash of one of its vehicles in Texas. Earlier this week, CEO Elon Musk said he would unveil his "Master Plan 3" at investor day.
Disney — The entertainment company's shares jumped more than 6% following the company's better-than-expected earnings report. Disney reported a smaller-than-expected drop in subscribers, as well as a beat on the top and bottom lines. CEO Bob Iger, who returned to the company in November, also announced that Disney would be slashing 7,000 jobs as part of a broader cost-cutting and restructuring plan.
Affirm — The buy now, pay later finance company dropped 17.6% in premarket trading after reporting an earnings and revenue miss Wednesday. Affirm also announced layoffs of 19% of the workforce and was subsequently downgraded by RBC Capital Markets to sector perform from outperform.
Mattel — The toymaker lost 11% after fourth-quarter results that missed analyst estimates due to sagging holiday sales. Mattel's adjusted earnings per share was 18 cents, compared to the 29 cents expected, per Refinitiv, while revenue was $1.4 billion versus the $1.68 billion expected.
Robinhood — Shares of the brokerage platform rose more than 4% in premarket trading despite Robinhood's fourth quarter revenues coming short of expectations. The company reported $380 million in revenue, below the $397 million expected from analysts, according to Refinitiv. Robinhood also reported a net loss of $166 million for the quarter, though it saw improvements in metrics for operating expenses and average revenue per user.
Wynn Resorts — The hotel and casino operator rallied 5.2% after reporting $1 billion in revenue for the fourth quarter, topping analysts' expectations of $958 million, according to Refinitiv. The results prompted Jefferies to write in a note, "Vegas Is Starting to Sizzle."
MGM Resorts International — The casino operator gained 6.2% after beating Wall Street's expectations on fourth-quarter revenue, reporting $3.59 billion compared to estimates of $3.35 billion, according to Refinitiv. However, the company posted a wider-than-expected loss of $1.53 per share, versus the $1.36 loss per share predicted by analysts. Deutsche Bank on Thursday reiterated its buy rating on the stock, citing strong Las Vegas gaming.
— CNBC's Jesse Pound, Michael Bloom and Hakyung Kim contributed reporting.