Stocks making the biggest moves in the premarket: Virgin Galactic, Kohl’s, Cisco Systems & more

Market Insider

Take a look at some of the biggest movers in the premarket:

Virgin Galactic (SPCE) – Virgin Galactic shares surged 14.1% in the premarket after the space travel company said the next test flight of its SpaceShipTwo Unity will occur on May 22. Virgin Galactic said a maintenance review on VMS Eve – the mothership which will carry SpaceShipTwo Unity to altitude – had been completed.

Hormel Foods (HRL) – Hormel reported quarterly earnings of 42 cents per share, a penny a share above estimates. The food producer’s revenue also came in above analysts’ projections. The company behind brands like Spam, Dinty Moore and Jennie-O said demand in its various channels remains elevated compared to pre-pandemic levels.

BJ’s Wholesale (BJ) – The warehouse retailer reported quarterly earnings of 72 cents per share, 15 cents a share above estimates. Revenue beat estimates as well. The retailer’s comparable-store sales ex-fuel fell by 5%, but that was smaller than the 8.3% drop predicted by analysts who were surveyed by FactSet. BJ’s also said that the rest of 2021 remains difficult to forecast. Its shares sank 3.3% in premarket trading.

Kohl’s (KSS) – Kohl’s shares fell 3.6% in premarket action, despite beats on both the top and bottom lines for its latest quarter. Kohl’s earned $1.05 per share, compared to a 4 cents a share consensus estimate. Revenue topped forecasts and the retailer also raised its outlook.

Petco (WOOF) – Petco gained 1% in premarket action, after reporting quarterly earnings of 17 cents per share compared to a consensus estimate of 9 cents a share. The pet products retailer’s revenue also beat Wall Street forecasts, and it raised its full-year outlook.

Cisco Systems (CSCO) – Cisco beat estimates by a penny a share, with quarterly earnings of 83 cents per share. The networking equipment maker’s revenue also topped Wall Street forecasts, however Cisco issued weaker-than-expected current-quarter guidance. The company said its profit margins are under pressure from supply chain challenges. Cisco’s shares tumbled 5.6% in premarket trading.

L Brands (LB) – L Brands came in 4 cents a share above estimates, with quarterly profit of $1.25 per share. Revenue came in very slightly above consensus. Comparable-store sales at its Victoria’s Secret unit jumped 25%, while Bath & Body Works saw a same-store sales increase of 16%. The company is not providing guidance for the full year, and also said it is targeting the completion of its split into two separate companies for August. The company’s shares fell 2% in premarket action.

Squarespace (SQSP) – Squarespace remains on watch after the website hosting company’s stock fell during its first trading day. Squarespace went public via direct listing, with a reference price of $50 and initial trading at $48, but the value was below where it had been during a private stock sale earlier this year.

Synopsys (SNPS) – Synopsys shares rose 2.2 % in the premarket after it beat top and bottom line estimates for its latest quarter, with profits nearly doubling from a year ago for the maker of semiconductor testing and design software. The company said demand is strong and that it foresees a new wave of growth ahead.

Shoe Carnival (SCVL) – Shoe Carnival shares slid 7.2% in premarket trading after the footwear retailer predicted a drop in current-quarter sales compared to a year ago. The company did not provide an outlook for the second half of the year, citing supply chain issues and other potential uncertainties.

Coinbase (COIN) – Coinbase is on watch after the cryptocurrency exchange operator’s shares fell for the past six days in a row, now down more than 40% from its initial trade on April 14, the day it went public. Wedbush initiated coverage on the stock with an “outperform” rating, citing strong cryptocurrency adoption. Its shares rose 1.7% in premarket action.

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