TipRanks has compiled a list of Wednesday’s biggest pre-market stock movements.
Mixed market sentiment seems to be driven by company-specific news, earnings releases, and other variables. Using TipRanks’ new Top Stock Gainers/Losers page, we’ve identified the top five pre-market stock movers, as detailed below.
5 Biggest Movers
The Scotts Miracle-Gro Company (SMG), the manufacturer of systems and accessories for hydroponic gardening, was the biggest laggard in pre-market trading, recording losses of 13.2% at the last check. A reduction in adjusted earnings and sales expectations by the company for Fiscal 2022 rose investor anxiety. Now, adjusted earnings per share are expected in the range of $4.50 to $5.00, while U.S. consumer sales are expected to fall by 4% to 6%. The CEO of SMG, Jim Hagedorn, said, “The revised guidance we are providing is our best estimate of where things currently stand in a fluid and rapidly evolving market.”
Meanwhile, Biotech firm Novavax (NVAX) was the biggest gainer in pre-market trading, which rose 10.9% at the time of writing. Investor optimism followed the positive recommendation by the U.S. Food and Drug Administration (FDA) Vaccines and Related Biological Products Advisory Committee (VRBPAC) for the company’s COVID-19 vaccine (NVX-CoV2373) for individuals aged 18 years and above.
China-based Full Truck Alliance Co. Ltd. (YMM) gained 10.55% in pre-market trading at the time of writing. The company provides services for shippers and truckers through its mobile and website platforms. Positive sentiment was driven by strong results posted by the company for the first quarter of 2022 and an encouraging outlook for the June quarter. The company recorded an adjusted net income of RMB189.7 million ($29.9 million), up 68% year-over-year. Additionally, total net revenues of RMB1,332.6 million ($210.2 million) reflected an increase of 53.7%.
Television streaming platform Roku, Inc. (ROKU) surged 8.2% in pre-market trading at last glance. Per a Business Insider report, employees at Roku are in talks about being possibly acquired by Netflix (NFLX), which drove investor sentiment.
The China-based live-streaming platform Bilibili Inc. (BILI) completes the list. It jumped 8.1% in pre-market trading at last glance. The approval of the second batch of video games by China this year sparked investor optimism in the stock.
Continue to watch this space for possible volatility upon the market open. Tomorrow, we’ll have another up-to-date piece on stock Pre-Market Movers…
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