Stocks with the biggest gains before the market: SNOW, CRM, AI, OKTA | Private Equity Weekly
Check out the companies making headlines before the market opens. Snowflake — Shares of Snowflake fell after the cloud data company issued disappointing first-quarter product revenue guidance and announced that Chief Executive Frank Slootman was retiring. Snowflake said it expects product revenue in the current period to be between $745 million and $750 million, below the $759 million expected by analysts polled by StreetAccount. Morgan Stanley also downgraded Cloud stock to equal weight. C3.ai — The artificial intelligence software stock rose more than 15% on strong earnings. C3.ai reported an adjusted loss of 13 cents per share, below expectations. Revenue also beat expectations. Salesforce — Salesforce fell less than 1%. The software giant’s fiscal fourth-quarter results beat Wall Street expectations, but its revenue forecast for the new fiscal year fell short of expectations. The company said it expects revenue to grow by single digits. Okta — Shares of the identity management company soared more than 25% on stronger-than-expected outlook for the quarter and current period. Okta said it expected revenue to be between $603 million and $605 million, beating FactSet’s forecast of $583.8 million. Bank of America doubled its rating on the stock to buy. Duolingo — Shares of Duolingo rose 20% after the education technology company reported fourth-quarter profit and revenue that beat analysts’ expectations. Duolingo reported earnings of 26 cents per share on revenue of $151 million, above the 17 cents per share on revenue of $148 million expected by analysts polled by LSEG. The company also reported strong first-quarter and full-year revenue forecasts. Birkenstock – The footwear retailer reported fiscal first-quarter revenue of 303 million euros, beating analysts’ expectations of 288.7 million euros, according to LSEG, sending its shares up more than 3% in premarket. Earnings for the same period were lower than expected, at 4 euro cents per share, compared with expectations of 9 euro cents per share. AMC Entertainment — AMC Entertainment shares fell more than 10%. The movie theater stock’s revenue topped Wall Street forecasts, but its loss of 83 cents per share topped estimates. Paramount Global — Shares of Paramount Global rose 2% a day after the media company reported unexpected fourth-quarter earnings. Paramount earned 4 cents a share, while analysts polled by LSEG expected earnings of 1 cent a share. On Tuesday, sources told CNBC that Warner Bros. Discovery is no longer pursuing a merger with Paramount. FIGURE 1: The apparel company’s shares fell 16% after fourth-quarter sales fell short of expectations and news that its chief financial officer will leave in April. Figs reported fourth-quarter revenue of $145 million. Analysts polled by London Stock Exchange Group (LSEG) forecast the company’s valuation at $150 million. The company said revenue was partially affected by accounting changes related to Canadian customers. Celsius – The energy drink maker fell 4.4% despite a stronger-than-expected earnings report. Celsius earned 17 cents per share in the fourth quarter on revenue of $347.4 million. Both figures were higher than the consensus estimate of analysts surveyed by London Stock Exchange Group (LSEG), which had expected earnings of 15 cents a share on revenue of $331.5 million. Best Buy — Shares of Best Buy rose 2.6% after the consumer electronics retailer reported quarterly results that beat analysts’ expectations. Best Buy reported adjusted earnings per share of $2.72 in the fourth quarter, above the $2.52 forecast by analysts polled by FactSet. Revenue reached $14.65 billion, beating the FactSet consensus estimate of $14.56 billion. Nutanix — The cloud computing stock rose 4% after beating Wall Street’s quarterly forecasts. Nutanix reported earnings of 46 cents per share on revenue totaling $565 million. Pure Storage — Shares of Pure Storage rose more than 9% on stronger-than-expected fourth-quarter earnings and upbeat first-quarter guidance. The data storage company reported earnings of 50 cents per share on revenue of $790 million. HP – Slowing demand for personal computers (PCs) has impacted HP, with the technology company’s first-quarter revenue missing expectations as customers delayed system upgrades and cut spending, sending the company’s shares down 2.2%. —CNBC’s Alex Harring, Tanaya Macheel, Michelle Fox, Lisa Han, Jesse Pound, Sarah Min and Pia Singh contributed reporting.
