Stocks making the biggest moves premarket: FedEx, Coinbase, Bumble and more
Check out the companies making headlines before the bell. Bumble — The online dating service surged 16% premarket after disclosing $40 million in annual cost savings from firing staff, with most of the proceeds being reinvested back into the business. Bumble also raised its second quarter guidance, to $244 million to $249 million, up from $235-$243 million, and adjusted EBITDA to $88-$93 million from $79-$84 million previously, FactSet said. Rubrik — Shares of the data management software vendor rose 1% after it agreed to buy startup Predibase , a company that helps deploy artificial intelligence models. A person familiar with the transaction said Rubrik intends to pay as much as $500 million as part of the deal, CNBC reported. BlackBerry — The cybersecurity stock popped 7% after first-quarter revenue and profit topped analyst estimates. BlackBerry also raised its full-year guidance for revenue and adjusted earnings before interest, taxes, depreciation, and amortization. Coinbase — Shares rose about 3% on the back of Bernstein’s bullish investment opinion. Analyst Gautam Chhugani kept an outperform rating on Coinbase but lifted his price target by 65%, or $200, highlighting that Coinbase dominates the U.S. crypto trading market and has continued to defy analysts’ bearish arguments. Yum Brands — Shares of the KFC, Taco Bell and Pizza Hut parent rose more than 1% after JPMorgan upgraded the chain to overweight from neutral. The bank said that strong free cash flow generation, among other catalysts, could send shares higher. FedEx — The Memphis-based shipper dropped 5% after earnings guidance for the current quarter came in weaker than expected. FedEx forecast adjusted earnings per share of $3.40 to $4.00, while analysts had penciled in $4.05, according to FactSet. Results for the fiscal fourth quarter just ended beat expectations. QuantumScape — Shares soared more than 35% after the startup, which develops solid-state lithium-metal battery technology, announced the integration of its advanced Cobra separator process into baseline cell production. Cobra is designed to enable faster and more energy-efficient production, QuantumScape said in a press release . — CNBC’s Jesse Pound, Sean Conlon and Michelle Fox contributed reporting.
