Stocks with the biggest gains before the market: SQ, LYV, CVNA, BKNG | Private Equity Weekly
Check out the companies making headlines before the market opens. Intuit — Shares of Intuit fell 1% after the financial software company issued weaker-than-expected third-quarter profit guidance. Live Nation Entertainment — The entertainment platform’s fourth-quarter revenue beat estimates, sending its shares up nearly 5%. Revenue was $5.84 billion, higher than the $4.79 expected by analysts polled by LSEG. Booking Holdings—The online travel booking company issued lower-than-expected first-quarter gross bookings and EBITDA guidance, overshadowing better-than-expected quarterly results, causing the company’s stock price to fall more than 8%. Insulet — Shares of the medical device company fell 6% after the company forecast revenue growth that fell short of analysts’ expectations. Insulet expects first-quarter revenue to rise 17% to 20% annually, below FactSet’s forecast of 24.3%. However, on the other hand, the company reported unexpectedly higher fourth-quarter earnings and revenue numbers. Block — Shares of Block surged more than 14% after the payments company reported surprising quarterly earnings and issued strong full-year gross profit guidance. Carvana – Shares of Carvana surged 33% in pre-market trading after the troubled company reported its first annual profit. While the company reported stronger fourth-quarter earnings than analysts expected, quarterly profit and revenue results were weaker than analysts expected. Carvana also expects stronger-than-expected earnings for the current quarter. Following the results, Carvana was upgraded to market perform from market perform by William Blair and by Raymond James to market perform from underperform. MercadoLibre — Shares of MercadoLibre fell 7% after the e-commerce platform’s fourth-quarter profit was flat compared with a year earlier. Operating income was lower than expected. Rivian — Shares fell 2.4%, after falling nearly 26% the day before. The electric car maker reported a fourth-quarter loss of $1.36 per share on Thursday, beating expectations, and its 2024 production forecast also fell short of estimates. On Friday, UBS downgraded the stock to sell from buy and lowered its target price to $8 from $24. Fox — Mass Media shares rose 2% after Citigroup upgraded the stock to “buy” from “neutral.” Analyst Jason Bazinet pointed to the recent sports joint venture between Fox, ESPN and Warner Bros. Discovery Channel as a catalyst for the upgrade. “We believe the lack of share price reaction to the joint venture, coupled with our view that there is room for upside in both valuation and P/E, creates an attractive entry point for the stock’s current valuation,” he wrote. Penumbra — Due to Fourth The medical device maker’s shares fell more than 7% after mixed quarterly results and bleak full-year guidance. J.P. Morgan also downgraded the stock to “neutral” from “overweight,” noting that “Penumbra will be placed on the penalty spectrum until it can demonstrate to investors that it can guide to levels where it can consistently beat and improve.” DraftKings — Shares of the sportsbook rose more than 3% after Barclays upgraded the stock to overweight from equal weight. The investment firm said DraftKings should be able to defend its leadership position in the still-growing sports betting industry. NIO — Shares of NIO fell 1.5% after JPMorgan downgraded the Chinese electric vehicle maker to an underweight rating. As reasons for the change, the bank cited potential negative impacts on consensus volume and revenue expectations, as well as a lack of new models compared to competitors. Warner Bros. Discovery — Warner Bros. Discovery shares fell 0.7% after reporting disappointing fourth-quarter results. The media conglomerate lost 16 cents per share on revenue of $10.28 billion. Analysts polled by London Stock Exchange Group (LSEG) had expected a loss of 7 cents per share on revenue of $10.35 billion. —CNBC’s Michelle Fox, Hakyung Kim, Tanaya Macheel, Sarah Min, Jesse Pound and Samantha Subin contributed reporting.
