Stocks making the biggest moves premarket: Nvidia, Foot Locker, Safehold, Kohl’s and more

Market Insider

A sign is posted in front of the Nvidia headquarters on May 10, 2018 in Santa Clara, California.
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Check out the companies making headlines in premarket trading.

Nvidia — Shares of the chipmaker ticked up 0.7% in heavy premarket trading. Nvidia will report second-quarter results after the closing bell on Wednesday.

Peloton — Stock in the exercise bike stock plummeted more than 27% after posting quarterly results. Peloton reported an adjusted loss of 68 cents per share on $642.1 million in revenue, while analysts polled by Refinitiv had forecasted a 38-cent loss and $639 million.

Novavax — Shares rose nearly 2% in early trading. The move higher comes one day after the biotech company said its new Covid vaccine is effective against the Eris variant of the virus. On Tuesday, the stock surged more than 13%

Kohl’s — The stock added 2.6% after beating expectations for the second quarter. The company reported adjusted earnings of 52 cents per share, while analysts polled by Refinitiv expected 22 cents. Revenue came in slightly lower, however, with the company reporting $3.68 billion against a forecast of $3.69 billion.

Apellis Pharmaceuticals – Shares of the pharmaceutical company surged nearly 30% in premarket trading after Apellis released a safety update about Syfovre, a drug used to treat a degenerative eye disease. Apellis said that no direct cause has been found between a side effect and a particular filter needle used with Syfovre, but that practitioners should use a different filter needle instead.

Foot Locker — The stock plunged more than 32% before the bell after the sneaker retailer slashed its outlook for the second time this year. Adjusted earnings came in at 4 cents per share, in line with expectations for the fiscal second quarter, but revenues fell short of the $1.88 billion anticipated. Foot Locker also suspended its quarterly dividend.

Safehold — Stock in the real estate fell 0.6% after Goldman Sachs initiated coverage of the company with a buy rating earlier in Wednesday.

Dicks Sporting Goods — Shares were trading 2% lower a day after the company reported lower-than-expected earnings and cut its forward guidance.

— CNBC’s Samantha Subin, Jesse Pound and Sarah Min contributed reporting.

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