Check out some of the biggest movers in the premarket:
Novavax ( NVAX ) – Shares of the drugmaker tumbled 32.3% in premarket trading after reporting an unexpected quarterly loss and cutting full-year revenue estimates in half. Novavax said it does not expect further US sales of its Covid-19 vaccine this year amid weak demand and oversupply.
GoodRx (GDRX) – GoodRx jumped 39.6% in premarket trading after the prescription drug comparison software provider reported better-than-expected quarterly results and also said a problem with a major grocery chain had been resolved .
Allbirds ( BIRD ) – Shares of the sneaker maker fell 11.8% in premarket trading after it cut its full-year forecast, with the company saying external headwinds could put pressure on consumer spending in the back half of 2022 .
Micron Technology ( MU ) – The chipmaker said it expects negative free cash flow for the current quarter, as well as a decline in revenue and profit margins. Chip shipments are falling as demand from PC and video game companies weakens. Micron lost 3.7% in previous market action.
Take-Two Interactive (TTWO) – Take-Two fell 3.4% in the market after the video game publisher posted a weaker-than-expected revenue forecast. Take-Two is the latest company to have its results hit by a general slowdown in gaming after the pandemic-era boom.
Occidental Petroleum ( OXY ) – Shares of the energy producer added 2.3% in the market after news that Berkshire Hathaway ( BRK.B ) increased its stake in Occidental to more than 20%. That means Berkshire can write off some of Occidental’s earnings as its own.
Signet Jewelers ( SIG ) – The jewelry retailer announced a deal to buy online jewelry retailer Blue Nile for $360 million in cash. Signet shares added 2% in premarket trading.
Upstart ( UPST ) — Shares of Upstart tumbled 12.2% in premarket trading after the cloud-based lending platform company missed Wall Street estimates on both its top and bottom lines for its most recent quarter. It also issued a weaker-than-expected earnings forecast, saying banking peers had become more cautious due to an uncertain economy.
CarGurus ( CARG ), Vroom ( VRM ) — Both online used car sellers saw their shares fall in premarket action after reporting weaker-than-expected quarterly results. CarGurus sank 14.9%, while Vroom was down 11.4%.
SoFi ( SOFI ) – Shares of the online financial services company fell 3.4% in premarket trading after Japan’s SoftBank said it would acquire some or all of its 9% stake in SoFi.
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