Stocks making the biggest moves premarket: Snowflake, Salesforce, C3.ai, Okta and more
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Check out the companies making headlines before the bell. Snowflake — The cloud data company sank after posting disappointing product revenue guidance for the first quarter and announcing that CEO Frank Slootman is retiring. Snowflake said it expects product revenue to range between $745 million and $750 million in the current period, below the $759 million analysts polled by StreetAccount expected. Morgan Stanley also downgraded the cloud stock to equal weight. C3.ai — The artificial intelligence software stock popped more than 15% on robust earnings. C3.ai posted a narrower-than-expected adjusted loss per share of 13 cents. Revenue also topped expectations. Salesforce — Salesforce slipped less than 1%. The software giant topped Wall Street’s fiscal fourth-quarter expectations but offered a lighter-than-expected revenue forecast for the new fiscal year. The company said it anticipates single-digit revenue growth. Okta — The identity-management company surged more than 25% on the back of a stronger-than-expected quarter and outlook for the current period. Okta said its expects revenues to range between $603 million and $605 million, surpassing a FactSet estimate of $583.8 million. Bank of America double-upgraded shares to a buy. Duolingo — Shares popped 20% after the educational technology firm reported fourth-quarter earnings and revenue that exceeded analysts’ expectations. Duolingo posted earnings of 26 cents per share on revenue of $151 million, higher than the 17 cents per share on revenue of $148 million analysts polled by LSEG had expected. The company also reported strong first-quarter and full-year revenue forecasts. Birkenstock – Shares rose more than 3% premarket after the footwear retailer posted revenue of €303 million for its first fiscal quarter , which was greater than the €288.7 million expected by analysts, according to LSEG. Earnings for the same period came in below expectations at 4 euro cents per share versus the estimated 9 euro cents per share. AMC Entertainment — Shares of AMC Entertainment shed more than 10%. The movie theater stock topped Wall Street revenue estimates but posted a bigger-than-expected loss of 83 cents a share. Paramount Global — Shares moved 2% higher a day after the media company reported a surprise profit for the fourth quarter . Paramount’s earnings per share came in at 4 cents, versus the 1 cent loss expected from analysts polled by LSEG. On Tuesday, sources told CNBC Warner Bros Discovery is no longer pursuing a merger with Paramount. Figs — Shares of the apparel company slid 16% after fourth quarter sales came in lower than expected and an announcement that the chief financial officer is leaving in April. Figs reported $145 million of revenue for the fourth quarter. Analysts surveyed by LSEG had penciled in $150 million. The company said revenues were hurt in part by an accounting change related to customers in Canada. Celsius — The energy drink maker shed 4.4% despite a stronger-than-expected earnings report. Celsius posted 17 cents in earnings per share on $347.4 million in revenue for the fourth quarter. Both figures topped the consensus estimates of analysts polled by LSEG, which placed per-share earnings at 15 cents and revenue at $331.5 million. Best Buy — Shares jumped 2.6% after the consumer electronics retailer reported quarterly results that beat analyst expectations. In its fourth quarter, Best Buy posted adjusted earnings of $2.72 ex-items per share, greater than the $2.52 estimated by analysts polled by FactSet. Revenue of $14.65 billion topped the FactSet consensus estimate of $14.56 billion. Nutanix — The cloud computing stock rose 4% after topping Wall Street’s quarterly estimates. Nutanix posted earnings of 46 cents per share on revenues totaling $565 million. Pure Storage — Pure Storage rallied more than 9% on stronger-than-expected fourth-quarter earnings and upbeat first-quarter guidance. The data storage company posted earnings of 50 cents per share on $790 million in revenue. HP — Shares declined 2.2% after the tech company missed first-quarter revenue estimates , with slower demand in the personal computers, or PC, market impacting HP as customers delay system upgrades and lower their spending. — CNBC’s Alex Harring, Tanaya Macheel, Michelle Fox, Lisa Han, Jesse Pound, Sarah Min and Pia Singh contributed reporting.
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