Top Premarket Stock Moves: Kraft Heinz, Paramount, Airbnb, Tripadvisor, And More

‍Devon Energy

After the energy company revealed fourth-quarter earnings and revenue that both fell short of the corresponding consensus estimates of analysts surveyed by Refinitiv, shares dropped 6.4%.

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Airbnb

After reporting fourth-quarter earnings that were above analysts' projections, the home-sharing company increased by about 10% in the premarket. Refinitiv estimates that Airbnb earned 48 cents per share as opposed to the 25 cents analysts had predicted. Its earnings came in at $1.90 billion, exceeding the $1.86 billion estimate.

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Generac

After the manufacturer of power generators released its fourth-quarter earnings results, shares increased by more than 2%. Generac's earnings of $1.78 per share were higher than the $1.75 per share that Trade Algo's analysts surveyed had predicted. Generac's $1.05 billion in reported revenues, however, fell short of the average estimate of $1.07 billion.

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Analog Devices

After the company posted better-than-expected earnings for the fiscal first quarter, shares increased 6.7% in premarket trade. The chip manufacturer reported adjusted earnings per share of $2.75, exceeding the $2.61 forecasted by Trade Algo's analysts. Overshooting Wall Street's forecast of $3.15 billion, its sales came in at $3.25 billion.

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Kraft Heinz

Following the food and beverage company's announcement that earnings for this fiscal year will range between $2.67 and $2.75 per share, shares fell 2.2%. That is less than the $2.77 per share analyst consensus forecast compiled by Trade Algo. However, the company's third-quarter results exceeded experts' predictions.

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Paramount Global

According to the most recent regulatory filings, shares surged 2.5% premarket after Berkshire Hathaway boosted its ownership in the dominant streaming company. More than 93 million shares of the entertainment company are currently held by Warren Buffet's company.

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Roblox Corp

After the firm reported fourth-quarter revenue of $579 million, up 2% year over year, shares of the online gaming platform surged 16%. According to Trade Algo, the company reported bookings of $899.4 million, exceeding the 875.3 million bookings anticipated by analysts.

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Biogen

Following the release of Biogen's fourth-quarter earnings, shares of the biotech company decreased by less than 1% in pre-market trade. According to Trade Algo, the company announced adjusted earnings per share of $4.05, exceeding the $3.49 projected by analysts. However, even if Biogen receives a positive decision in a European Union dispute that is anticipated next month, the company did estimate a reduction in sales for 2023.

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American Eagle Outfitters

After Jefferies downgraded the garment company from buy to hold and cited the historically poor performance of the clothing and footwear category across the previous eight recessions, shares slumped 3.4%.

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Tripadvisor

After reporting fourth-quarter revenue, earnings, and cash flow that were above analysts' expectations, the online travel company's shares increased by 9%.

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Taiwan Semiconductor Manufacturing

Following what looked to be a U-turn by Warren Buffett's Berkshire Hathaway on the Taiwanese company, shares of the multinational chip manufacturer fell 5%. An investor known for holding shares for the long term, Berkshire reduced its ownership by roughly 86% from the third quarter to the fourth, which was an extraordinary move. Currently, Berkshire only has $618 million.

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GoDaddy

After the product developer reported quarterly earnings of 62 cents per share, below Trade Algo's estimate of 64 cents, shares dropped 2.6%.