Check out the companies making the biggest moves in premarket trading: CarMax — Shares sank 9% after the used-car retailer reported an earnings and revenue miss for its fourth quarter. CarMax’s earnings came in at 32 cents per share, versus the 49 cents expected from analysts polled by LSEG. Revenue was $5.63 billion, below the $5.8 billion consensus estimate. Nike — Shares added 2% following an upgrade at Bank of America to buy from neutral. The bank said Nike’s estimates now look achievable and sees mid-single-digit revenue growth with margin expansion for the sneaker company. Robinhood — The stock dropped nearly 3% after being downgraded by Citi to sell. Analysts said the brokerage firm’s valuation has disconnected from its fundamental outlook. Shares have jumped 44% year to date. Constellation Brands — Shares added 1% after the beverage company behind Modelo beat fourth-quarter expectations , saying its beer business is outperforming. Constellation Brands posted revenue of $2.14 billion, topping the $2.10 billion anticipated by analysts polled by LSEG. Alpine Immune Sciences — Shares of Alpine Immune Sciences soared nearly 37% after Vertex Pharmaceuticals said it will buy the company for about $4.9 billion in cash. The deal values Alpine stock at $65, about 67% above its close on Tuesday, the day before Bloomberg reported Alpine was considering its options. Vertex shares were flat. Vera Therapeutics — The stock jumped more than 10% following the announcement of the Vertex/Alpine deal. Both Alpine and Vera have drug candidates that potentially treat a kidney condition, IgA nephropathy. Albemarle — The chemicals company’s stock moved 1% higher following an upgrade by Berenberg to buy from hold. The firm said it expects Albemarle’s volumes and prices to trend upward. Berenberg also raised its price target by $30 to $160, suggesting more than 25% upside. Atlassian — Shares jumped 4% after being upgraded at Barclays to overweight from equal weight. The firm said the work collaboration software maker should see a larger pool of enterprise customers moving to the cloud. Improvements in software developer hirings should also support cloud revenue opportunities, Barclays said. DoorDash — The food delivery platform added 2% following a MoffettNathanson upgrade back to buy from neutral. Despite concerns around near-term headwinds, the investment research firm said DoorDash should capture growing demand for grocery delivery and can see upside to profitability estimates. — CNBC”s Alex Harring and Sarah Min contributed reporting.
Stocks making the biggest premarket moves: Nike, CarMax, Robinhood, Alpine Immune Sciences and more
Apr 11, 2024
