Stocks making the biggest moves premarket: Cava, Spotify Technologies, Rocket Lab and more
Check out the companies making headlines before the bell. Cava — The fast-casual restaurant chain surged nearly 19% after third-quarter results exceeded analysts’ expectations. Earnings of 15 cents per share topped the 11-cent consensus estimate from analysts polled by LSEG, while revenue of $244 million revenue was also above the $234 million estimate. EchoStar — EchoStar dipped 1% after reporting earnings that disappointed investors. DirecTV’s proposed acquisition of EchoStar subsidiary Dish was likely dead after a group of bondholders rejected a proposed debt offer. Spotify — The music streaming platform climbed 8% after a fourth-quarter profit forecast topped analysts’ estimates. Spotify monthly active users in the third quarter totaled about 640 million, up 11% from a year earlier and above the 639 million analysts had forecast, according to FactSet. Yet, Spotify’s third-quarter earnings and revenue trailed expectations. Skyworks Solutions — Shares fell 6% after the semiconductor company’s fiscal first-quarter guidance was lighter than analysts had expected. Despite this, Skyworks third-quarter earnings beat analyst estimates while revenue matched expectations. Maplebear — The owner of the Instacart grocery delivery business slid 6% after guidance for fourth-quarter adjusted EBITDA came in below analysts’ expectations, according to FactSet. Meanwhile, Maplebear reported third-quarter earnings and revenue that both beat analyst estimates. Rivian Automotive — Shares popped 7% after the electric vehicle manufacturer announced its joint venture with Volkswagen Group in a deal worth $5.8 billion. The first Volkswagen models to use Rivian’s software and electrical architecture could arrive as early as 2027. Rocket Lab — Shares of the satellite company soared almost 25% after posting strong third-quarter financial results and announcing the first customer for its Neutron vehicle. Quarterly revenue of $104.8 million exceeded analysts’ expectation of $102 million, according to LSEG. The company also forecast revenue for its fourth quarter in a range above what analysts had predicted. Flutter Entertainment — The online gambling company jumped 5% after third-quarter adjusted earnings per share of 43 cents topped the 10 cents that analysts polled by LSEG had expected. Flutter’s $3.25 billion revenue also exceeded an estimated $3.07 billion. Rocket Companies — The home lender tumbled 12% after guiding for fourth-quarter revenue of $1.05 billion to $1.20 billion, while analysts had estimated $1.36 billion, according to LSEG. On the other hand, Rocket’s third-quarter revenue of $1.32 billion beat the $1.29 billion analysts had expected and its per-share earnings of 8 cents was in line with forecasts. SoundHound AI — The voice recognition stock retreated 6%, despite fourth-quarter revenue beating estimates while the quarterly loss was narrower than analysts had expected, according to LSEG. SoundHound also guided for fiscal year 2024 and 2025 revenue ranges that were in line with Street estimates. Amgen — The drugmaker added 2% after saying it didn’t see an association between the administration of its experimental weight-loss injection, MariTide, and changes in bone mineral density. Amgen fell 7% Tuesday after Wall Street analysts said additional data from an early-stage trial showed the highest dose of MariTide was linked to loss of bone mineral density. Spirit Airlines — Shares plummeted nearly 67% after The Wall Street Journal reported that the budget airline could file for bankruptcy within weeks following failed merger talks with competitor Frontier Group Holdings . Spirit said on Tuesday that it’s in talks with creditors in an effort to boost liquidity. Starbucks — The coffeehouse chain edged down more than 1% after Redburn Atlantic downgraded the stock to sell, saying further declines are possible. The struggling stock has underperformed this year, rising 2.9% compared to the S & P 500’s rally of more than 25%. — CNBC’s Michelle Fox, Alex Harring, Sarah Min and Pia Singh contributed reporting.
