Take a look at some of the biggest pre-market movers:
Walmart (WMT) – Walmart fell 7% in premarket trading after missing first-quarter earnings expectations. The retail giant earned $1.30 per share, 18 cents per share below estimates, as inflationary pressures offset the positive impact of better-than-expected sales.
Home Depot (HD) – Home Depot added 2.7% in the pre-market after the home improvement retailer reported better-than-expected first-quarter earnings, revenue and comparable sales, while raising its forecast for the whole year. Home Depot earned $4.09 per share for the quarter, versus consensus estimate of $3.68 per share.
Citigroup (C) – Citi rose 5.4% pre-market after news that Berkshire Hathaway (BRK.B) took a nearly $3 billion stake in the bank during the first quarter. Berkshire’s latest 13-F filing also showed the company had sold nearly all of an $8.3 billion stake in Verizon (VZ), whose shares fell 1%.
United Airlines (UAL) – Shares of United Airlines rose 4.6% in premarket action after the airline raised its revenue forecast for the current quarter, saying it expects its busiest summer since the start of the pandemic.
Twitter (TWTR) – Twitter fell 1% premarket as Tesla CEO Elon Musk continues to doubt whether he will complete his deal to buy Twitter for $54.20 a share. Musk suggests he might be looking for a lower price, saying there could be at least four times more spam or fake accounts than the company advertised.
Take-Two Interactive (TTWO) – Take-Two jumped 4.9% pre-market despite a quarterly failure in its leading bookings metric as well as weaker-than-expected forecasts. Analysts pointed to a history of conservative guidance from the video game maker and also expect a more optimistic outlook once its pending acquisition of Zynga (ZNGA) closes.
JD.com (JD) – JD.com jumped 9% after beating revenue and net income estimates for its latest quarter as the China-based e-commerce giant saw increased demand in under the new Covid-related lockdowns. JD.com is also among the tech stocks benefiting from hopes of easing regulatory restrictions on tech companies, with Pinduoduo (PDD) up 8.6% and Baidu (BIDU) up 4.1%. .
Tencent Music Entertainment (TME) – Shares of Tencent Music jumped 6.5% in premarket trading, despite a 15% decline in quarterly revenue. Tencent Music shares are also benefiting from these hopes of looser regulatory restrictions.
Lordstown Motors (RIDE) – Lordstown chief financial officer Adam Kroll has said doubts about the electric vehicle maker’s ability to stay in business will remain in place until it secures more funding. Lordstown originally issued a “going concern” warning in June 2021. The stock fell 1.8% in premarket trading.