Stocks making the biggest moves premarket: Snowflake, Nvidia, BJ’s Wholesale and more
Check out the companies making headlines before the bell. Snowflake – Shares surged more than 21% following the company’s better-than-expected third-quarter results and strong guidance. Snowflake posted adjusted earnings of 20 cents per share on revenue of $942 million. Analysts surveyed by LSEG were looking for 15 cents in earnings per share on revenue of $897 million. Palo Alto Networks – The cybersecurity stock fell 2% after the company issued fiscal second-quarter guidance largely in-line with expectations. Palo Alto Networks guided for adjusted earnings of $1.54 to $1.56 per share on revenue of $2.22 billion to $2.25 billion. That was roughly in line with the Street’s forecast of $1.55 per share in earnings and $2.23 billion in revenue, per FactSet. Palo Alto also announced a 2-for-1 stock split. Nvidia – Shares of the chipmaker fell around 1% despite its third-quarter earnings results topping Wall Street’s expectations . The company posted 81 cents in adjusted earnings per share on revenue of $35.08 billion, while analysts had penciled in 75 cents in earnings per share on revenue of $33.16 billion, according to LSEG. Crypto-related stocks – Stocks tied to bitcoin moved higher after the price of the cryptocurrency hit $98,000 for the first time . MicroStrategy soared about 11%, while Coinbase jumped nearly 4%. Others linked to the cryptocurrency like miner Mara Holdings and financial services platform Robinhood also saw gains, rising almost 10% and more than 3%, respectively. Baidu – U.S. shares of the Chinese search engine fell more than 1% after the company’s third-quarter revenue declined by 3% compared to the year-ago period . That said, Baidu posted a 12% increase in its non-online marketing revenue, which was mainly driven by its artificial intelligence cloud business. BJ’s Wholesale Club – The stock popped nearly 8% after the warehouse club reported a third-quarter earnings beat and raised its full-year guidance. BJ’s also announced a plan to repurchase $1 billion shares and said it will raise its membership fee. Merus – Shares gained 2.5% after Goldman Sachs initiated coverage of the cancer therapeutics company with a buy rating, saying it sees big gains ahead on the back of Merus’ cancer treatment. — CNBC’s Sarah Min, Hakyung Kim and Michelle Fox Theobald contributed reporting.
