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Stocks Making the Biggest Premarket Moves: Box, Insulet, Hp and More

August 30, 2023
minute read

Check out the companies making headlines before the bell.

Align Technology: In the early morning trading session, shares of Align Technology experienced a 2.5% rise following HSBC's initiation of coverage with a buy rating. The firm's assessment underscored the strong brand presence of Invisalign, the maker's product, and its potential for gaining market share in the digital orthodontics sector.

Hewlett Packard Enterprise: Prior to the market opening, the tech stock encountered a decline of nearly 2% during premarket trading. This movement was triggered by the company's quarterly report, wherein Hewlett Packard Enterprise (HPE) disclosed adjusted earnings of 49 cents per share for its fiscal third quarter. This figure exceeded Refinitiv's estimate by 2 cents. Notably, the reported revenue of $7 billion precisely matched expectations.

Insulet: Insulet's shares witnessed a notable increase of 4.4% in response to the recent disclosure made by CEO James Hollingshead. He revealed his purchase of 5,550 shares of the medical device manufacturer. In a separate development, Insulet introduced its insulin delivery system, Omnipod 5, in Germany. This launch marks the system's third market entry after the U.S. and U.K.

Box: The stock experienced a premarket decline of 10.2% subsequent to the release of a mixed second-quarter report by the California-based cloud storage company. Notably, Box's revenue figure of $261 million aligned with Wall Street's estimates as per Refinitiv data. Additionally, the company reported adjusted earnings of 36 cents per share, surpassing analysts' expectations by 1 cent. However, Box issued relatively subdued financial guidance for both the ongoing quarter and full-year revenue, according to FactSet data.

Texas Instruments: In premarket trading on Wednesday, the semiconductor stock faced a decline of nearly 2.1%. This movement followed Bernstein's decision to downgrade the shares from market perform to underperform. The downgrade was motivated by concerns revolving around Texas Instruments' capital-intensive strategy for expanding in-house chip production in the long term.

HP: Shares of the PC and printer manufacturer observed an uptick of 0.7%. This gain followed the company's revenue report for the fiscal third quarter, which fell short of Wall Street's estimates. HP reported revenue of $13.2 billion, slightly below analysts' projection of $13.37 billion as indicated by Refinitiv data. However, earnings per share aligned with expectations at 86 cents, excluding exceptional items.

Ambarella: Ambarella's shares encountered a significant decline of over 20% driven by guidance that was softer than anticipated. Despite exceeding expectations for the second quarter in terms of both revenue and earnings, the company's projection for third-quarter revenue of $50 million fell short of analysts' estimate of $67.6 million as per Refinitiv data.

PVH: The parent company of Calvin Klein, PVH, observed an upward movement of 2.6% subsequent to a robust earnings report. PVH reported earnings per share of $1.98, excluding exceptional items, on $2.21 billion in revenue. This performance exceeded analysts' forecasted earnings of $1.76 per share and revenue of $2.19 billion, as per Refinitiv's survey. Furthermore, the company reaffirmed its full-year revenue guidance and enhanced its outlook for earnings per share for the year.

Adan Harris
Managing Editor
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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