Stocks Making the Biggest Premarket Moves: Capri, Tapestry, Applovin, Disney and More

Check out the companies making headlines before the bell.

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Capri and Tapestry: Capri Holdings experienced a remarkable surge of over 57%, while Tapestry declined by 3.2% during premarket trading. The market movement follows the announcement that luxury brand Tapestry, the parent company of Coach and Kate Spade, is set to acquire Capri Holdings in an approximately $8.5 billion transaction. Capri Holdings owns renowned brands like Versace, Jimmy Choo, and Michael Kors.

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AppLovin: AppLovin witnessed a substantial increase of 25.8% in early morning trading. The company's impressive second-quarter results and optimistic third-quarter revenue projection propelled this surge. AppLovin anticipates generating revenue ranging from $780 million to $800 million for the third quarter, surpassing the analyst consensus of $741 million. The company's second-quarter earnings per share of 22 cents also outperformed the projected 7 cents, according to Refinitiv.

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Sonos: Sonos experienced a 5% upswing after surpassing analysts' forecasts in its latest quarterly results. The wireless speaker manufacturer reported a loss of 18 cents per share on revenue amounting to $373 million for its fiscal third quarter. This performance outstripped expectations, as analysts polled by Refinitiv had projected a loss of 20 cents per share on revenue of $334 million. Sonos also revised its full-year EBITDA guidance upward.

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Alibaba Group: The U.S.-listed shares of Alibaba observed a gain of 3.8% subsequent to the Chinese tech company's impressive performance in the quarter ending in June. Alibaba exceeded analysts' projections, reporting non-GAAP per-share diluted earnings of CNY17.37, surpassing the consensus estimate of CNY14.59 according to StreetAccount. The company's revenue of CNY234.16 billion also exceeded the forecast of CNY224.75 billion.

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Wynn Resorts: Wynn Resorts achieved a 2.2% increase, surpassing expectations for its second quarter on both revenue and earnings. The casino operator reported adjusted earnings of 91 cents per share on revenue totaling $1.6 billion. This performance exceeded analyst expectations, as Refinitiv's survey had anticipated 59 cents per share on revenue of $1.54 billion.

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Walt Disney: The media giant's shares rose by approximately 2% in premarket trading following its announcement of a price increase for its ad-free streaming tier in October, coupled with a crackdown on password sharing. Despite reporting a 7.4% decrease in subscriber count last quarter, Disney's announcement impacted its stock positively. However, the company also reported $2.65 billion in one-time charges and impairments, resulting in an unusual quarterly net loss.

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Trade Desk: Shares of the advertising technology company witnessed a minor uptick of less than 1% following its second-quarter report, which surpassed expectations both in terms of revenue and earnings. Trade Desk reported 28 cents in adjusted earnings per share on revenue of $464 million. Analysts surveyed by Refinitiv had projected 26 cents per share on revenue of $455 million. The company also anticipates generating at least $485 million in revenue for the third quarter, surpassing the projected $480 million.

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Six Flags Entertainment: Shares of Six Flags Entertainment experienced a decline of 3% after the company reported second-quarter earnings that fell short of estimates. The amusement park company reported earnings of 25 cents per share on revenue totaling $444.0 million. This performance was below the expectations of analysts polled by Refinitiv, who had projected earnings per share of 78 cents on revenue of $459.0 million.

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Illumina: Illumina observed a decrease of 4.6% following the announcement of weaker-than-expected guidance. The DNA sequencing company exceeded expectations for the second quarter. However, it anticipates some challenges in the second half of the year due to a slower recovery in China and cautious consumer behavior. Illumina's full-year revenue forecast of a 1% rise year over year is below the 7.1% increase that analysts polled by Refinitiv had anticipated.

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