Check out the companies making headlines in premarket trading.
Paramount Global – The media company slumped 10.4% after reporting quarterly profit and revenue that missed analyst forecasts, and slashing its quarterly dividend to 5 cents per share from 24 cents.
PacWest Bancorp – PacWest tumbled 37% in premarket trading after the banking company said it was considering various strategic options. PacWest said it had not seen any acceleration in deposit outflows since First Republic Bank was sold to JPMorgan Chase earlier this week.
Shopify – The e-commerce platform reported-better-than expected quarterly results and also announced the sale of parts of its fulfillment operation as well as its logistics division. Shopify surged 15.6% in the premarket.
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First Horizon – The banking and financial services company's stock plunged 46% after First Horizon and Toronto Dominion Bank said they had called off their $13.4 billion takeover deal. The companies cited uncertainty over whether regulatory approvals could be obtained in a timely manner.
Peloton Interactive – The fitness equipment maker added 2.6% in premarket trading after revenue beat expectations and it issued a better than expected forecast.
Qualcomm – Qualcomm slumped 7.7% in premarket trading after the chipmaker issued a weaker than expected current quarter forecast, hurt by sagging smartphone sales. Qualcomm did report better than expected revenue for its latest quarter, with earnings matching Wall Street estimates.
Money Report
Shake Shack – Shake Shack jumped 7% in the premarket after it reported a smaller than expected quarterly loss, with revenue and same-restaurant sales exceeding Wall Street forecasts.
Tripadvisor – Tripadvisor stumbled 6.1% in premarket action after its adjusted quarterly profit came in short of analyst forecasts, although the online travel website operator did see better than expected revenue. TripAdvisor did report a wider overall loss due to the impact of tax expenses related to an IRS settlement.
SolarEdge Technologies – SolarEdge staged a 10.3% premarket rally, with the solar products maker reporting better-than-expected earnings and revenue and saying supply chain issues have gradually improved.
Arconic – Arconic soared 27.5% in premarket trading after the industrial parts maker agreed to be acquired by private equity firm Apollo Global for $30 per share in cash.
