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Stocks Making the Biggest Premarket Moves: Enbridge, Roku, Gitlab and More

September 6, 2023
minute read

Check out the companies making headlines in premarket trading on Wednesday.

Roku: The streaming company saw a remarkable increase of 12.5% in its stock price after announcing its intention to reduce its workforce by 10%. Roku also revised its third-quarter revenue guidance, now expecting it to be between $835 million and $875 million, as opposed to the previous estimate of $815 million. In addition to staff reductions, Roku plans to streamline its office space and evaluate its content portfolio to cut costs.

Zscaler: Despite reporting earnings for its fiscal fourth quarter that exceeded expectations and providing strong guidance for the current quarter, the cloud security company experienced a minor decline of 1.2% in its stock price. Zscaler posted adjusted earnings of 64 cents per share, surpassing analyst expectations of 49 cents. Revenue also exceeded consensus estimates by $25 million, reaching $455 million. Furthermore, Zscaler expressed confidence that its earnings and revenue would surpass analysts' projections for the ongoing quarter.

Enbridge and Dominion Energy: Enbridge shares dropped by 7.1% in premarket trading after Dominion Energy, which was down 1.1%, announced plans to sell its three natural gas distribution companies to Enbridge for $9.4 billion.

ResMed: Shares of the medical technology device manufacturer rose by 2% following an upgrade from Needham, changing its rating from "hold" to "buy." ResMed, known for producing CPAP devices for sleep apnea, had faced a 30% decline in the third quarter, primarily due to concerns regarding the potential impact of weight-loss drugs on the demand for its devices.

Gitlab: The technology platform saw a 6.5% increase in its stock price during premarket trading after posting a strong second-quarter report the previous evening. GitLab reported adjusted earnings of 1 cent per share on $140 million in revenue, surpassing analysts' expectations of a 3-cent loss per share and revenue of $130 million. The company's revenue outlook for the current quarter also exceeded analyst predictions.

Toast: Shares of the restaurant technology company rose by 3.8% following an upgrade from UBS, which changed its rating from "neutral" to "buy." UBS cited improved potential for quarterly net new additions and margin expansion as reasons for the upgrade.

Asana: Despite delivering strong financial results and outlook, shares of the work management company declined by 5.7%. Asana reported an adjusted loss of 4 cents per share on revenue of $162.5 million, outperforming analysts' expectations of an 11-cent loss per share on $158 million in revenue. Additionally, Asana raised its full-year guidance, anticipating a lower loss of 39 to 43 cents per share, down from the previous expectation of 50 to 55 cents per share.

Southwest Airlines: Shares of the Dallas-based carrier fell by more than 4% after the company reported that August bookings were at the "lower-end" of expectations. Southwest also anticipates that its third-quarter revenue per average seat mile will fall at the low end of its previous guidance, attributing this to rising fuel costs.

C3.ai: The artificial intelligence software company experienced a 1.5% increase in its stock price ahead of its earnings report, scheduled for release after the market's close on Wednesday. Analysts expected an adjusted loss of 12 cents per share on $73.8 million in revenue for the second quarter and an adjusted loss of 4 cents per share on $78 million in revenue for the third quarter.

Novo Nordisk: Shares of the pharmaceutical giant gained 0.8% in premarket trading. Novo Nordisk launched its Wegovy weight loss drug in the U.K. on Monday, despite supply constraints, advancing the drug's rollout in Europe.

AeroVironment: Shares of the unmanned aircraft systems maker surged by 15.8% after beating analysts' expectations in its fiscal first quarter. AeroVironment reported adjusted earnings of $1 per share on revenue of $152 million, surpassing analysts' forecasts of earnings of 26 cents per share on revenue of $129 million.

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

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