Check out the companies making headlines before the bell: Lyft — Shares surged 21% after the ride-hailing company posted stronger-than-expected fourth-quarter results and issued better-than-expected guidance. In its most recent quarter, Lyft posted adjusted earnings of 18 cents per share, more than the LSEG consensus estimate of 8 cents per-share earnings. Revenue of $1.22 billion was in line with analysts’ expectations. However, Lyft shares were off their Tuesday post-market high as the company corrected an overstatement of its margin forecast contained in its initial press release. Robinhood Markets — Shares of Robinhood soared roughly 16.5% after the investing platform beat on earnings and revenue for the fourth quarter. Robinhood reported a profit of 3 cents per share on $471 million in revenue, while analysts polled by LSEG forecasted a loss of 1 cent per share on $457 million in revenue. Angi — Shares jumped 7% after the home services platform reported a narrower-than-expected quarterly loss. Angi posted a fourth-quarter loss of 1 cent per share, smaller than the loss of 2 cents per share expected by analysts polled by FactSet. On the other hand, revenue of $300.4 million came in below the FactSet consensus estimate of $309.9 million. DaVita — Shares gained more than 7% after the healthcare company posted a fourth-quarter earnings and revenue beat. DaVita posted adjusted earnings of $1.87 per share on revenue of $3.15 billion. Analysts polled by FactSet expected earnings of $1.63 per share on revenue of $3.01 billion. Zillow Group — Shares rose more than 5% premarket after the real-estate marketplace posted earnings of 20 cents per share on revenues of $474 million, beating analysts’ estimates of 12 cents per share on revenues of $452 million, according to LSEG. Kraft Heinz — Shares declined more than 1% after the food company posted fourth-quarter revenue that missed expectations. Kraft Heinz reported revenue of $6.86 billion, below the LSEG consensus estimate of $6.99 billion. However, adjusted earnings of 78 cents per share was a slight beat, compared to the 77 cents earnings per share expected by analysts. Akamai Technologies — Shares fell 5.4% after the server network provider missed analyst expectations for fourth-quarter revenue. Akamai posted $995 million, under the forecast of $998 million from analysts polled by LSEG. Despite that, the company reported $1.69, excluding items, in earnings per share, beating the $1.60 figure anticipated by Wall Street. Akamai also issued current-quarter and full-year guidance that was generally in line with analyst expectations. GoDaddy — Shares of the web hosting company dipped about 2% despite a fourth quarter report that showed revenue in line with expectations. GoDaddy reported $1.10 billion in revenue, matching the estimates from analysts surveyed by FactSet. However, the company’s 2024 revenue guidance of $4.48 billion to $4.56 billion was near the low end of expectations, which had an average of estimate of $4.55 billion. SentinelOne — The cybersecurity stock surged 6.2% in premarket trading on the back of an upgrade to buy from neutral at Bank of America. The firm said SentinelOne is feeling positive momentum from strong industry and macro trends. Crypto stocks — Stocks whose performance is tied to the price of bitcoin surged after the cryptocurrency rose to a more than two-year high and regained its $1 trillion market cap . Trading platform Coinbase and bitcoin proxy Microstrategy gained 7% each. Miners Iris Energy and CleanSpark rose 17% and 14%, respectively, while Marathon Digital advanced 12% and Riot Platforms added 9%. Airbnb — The vacation property rental stock slumped 4% even after posting stronger-than-expected revenue and optimistic guidance. Airbnb warned of some pressure on nights booked in the first quarter due to tough comparisons. Upstart — The online lender saw its shares slide 14% after it reported a fourth-quarter adjusted loss of 11 cents per share, which was narrower than the 14 cent per share loss analysts expected, according to LSEG. Revenue of $140 million for the quarter beat analysts’ estimates of $135 million. Wingstop — Shares climbed nearly 3% after Bernstein initiated coverage of the restaurant stock at outperform, and labeled the company as a “multi-decade growth” story. MGM Resorts International — Shares dipped more than 3% even after the casino operator beat fourth-quarter expectations on the top and bottom lines. MGM’s China business exceeded expectations, but its casino business in the U.S. was hurt from the impact of worker strike in Detroit. Topgolf Callaway Brands — Shares slid more than 3% after the golf company issued first-quarter revenue guidance that missed expectations. Topgolf Callaway Brands anticipated first-quarter revenue to be between $1.14 billion and $1.16 billion. Analysts polled by LSEG were expecting $1.22 billion. Ecolab — Shares of the food safety company slid 1.6%. JPMorgan downgraded Ecolab to neutral from overweight, citing the stock’s recent outperformance. It’s climbed more than 11% this year. However, the Wall Street firm raised its price target to $220 from $200. Ecolab shares closed Tuesday at $221.18. — CNBC’s Brian Evans, Alex Harring, Tanaya Macheel, Jesse Pound, Pia Singh and Samantha Subin contributed reporting
Stocks making the biggest moves premarket: Lyft, Robinhood, Zillow, Kraft Heinz and more
Feb 14, 2024
