Today's Pre-Market Stock Movers: GME, LAZR, NKE, VORB and More

Movers and Shakers wrote a column · Mar 22, 2023 08:06

Gapping up

$GameStop(GME.US)$ +44% (The company posted a quarterly profit for the first time in two years Tuesday. The video game retailer''s gross margin also rose from the year-earlier period.)

$Virgin Orbit(VORB.US)$ +73.3% (Reuters reported it is aiming to close a deal for a $200 million investment from Texas-based venture capital investor Matthew Brown via a private share placement. Virgin Orbit and Brown are aiming to close the deal on Friday, the report said. The company was bracing for a potential bankruptcy filing as soon as this week, CNBC reported on Monday.)

Gapping down

$Luminar Technologies(LAZR.US)$ -9.2% (The company was downgraded by Goldman Sachs to sell from neutral. The Wall Street firm cited margin risk and a premium valuation for the call.)

$Nike(NKE.US)$ -1.1% (It beat expectations for its fiscal third quarter on both the top and bottom lines. Sales in China fell short of analyst expectations, and the company continued working through its inventories, which weighed on margins.)

$Petco Health and Wellness(WOOF.US)$ -7.8% (The company reported fourth-quarter earnings that missed Wall Street's expectations. Petco posted a revenue of $1.58 billion, in line with expectations from analysts surveyed by StreetAccount. Petco also reported adjusted earnings per share of 23 cents, below a consensus estimate of 24 cents per share.)

$Boeing(BA.US)$ -1.3% (Boeing will take additional charges to its KC-46 tanker program due to a supplier quality issue with the center fuel tank, chief financial officer Brian West said Wednesday. Although the charges were not disclosed, West said Boeing's margins at its defense business would be negative for the first quarter.)

$First Republic Bank(FRC.US)$ -4.2% (The stock has been extremely volatile in recent weeks as investors have reacted to the closure of Silicon Valley Bank.)

Source: Dow Jones, CNBC

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