Today's Pre-Market Stock Movers: HPQ, SNAP, CHWY, BBBY and More
Gapping up
In reaction to earnings/guidance:
Other news:
• $Sorrento Therapeutics(SRNE.US$ +7.2% (receives FDA Fast Track Designation for SP-103(Lidocaine Topical System) 5.4%)
• $Mereo BioPharma(MREO.US$ +6.7% (sends letter to Rubric Capital Management; Letter reiterates Mereo's updated strategic plan to maximize value for all share holders and corrects Rubric's assumptions; Announces further extension of cash runway into Q2 2025)
• $Lightning eMotors(ZEV.US$ +3.2% (enters into purchase agreement forupto $50mln with Lincoln Park Capital)
• $DigitalBridge Group(DBRG.US$ +1.7% (DBRG and EQIX in final round of talks for data center business of Malaysia's Time Dotcom unit according to Bloomberg)
• $BioCryst Pharmaceuticals(BCRX.US$ +1.2% (FDA grants orphan drug designation for BCX9250 for the treatment of fibrodysplasia ossificans progressiva)
• $Privia Health(PRVA.US$ +1% (its ACOs achieved shared savings of $99.9mln through Medicare Shared Savings Program)
Analyst comments:
Gapping down
In reaction to earnings/guidance:
• $Chewy(CHWY.US$ -11.3%, $Ambarella(AMBA.US$ -8.2%, $HP Inc(HPQ.US$ -6.8%, $PVH Corp(PVH.US$ -6.6% (also to reduce people costs in global offices by -10%)
Other news:
• $Bed Bath & Beyond Inc(BBBY.US$ -25.1% (sees Q2 revs below consensus; provides outlook and update on strategic changes to strengthen its financial positioning and drive growth; files common stock offering for an undisclosed amount)
• $Express(EXPR.US$ -4.7% (The apparel retailer’s shares slid 4.7% in premarket trading after its quarterly revenue missed estimates and it cut its full-year guidance. Express noted challenging economic conditions that worsened as the quarter progressed.)
Analyst comments:
$Redwood Trust Inc(RWT.US$ -1.7% (downgraded to Neutral from Buy at BTIG Research)
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