TipRanks has compiled a list of Thursday’s biggest pre-market stock movements.
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Company-specific news, earnings releases, and other variables seem to raise investors’ anxiety. Using TipRanks’ new Top Stock Gainers/Losers page, we’ve identified the top five pre-market stock movers, as detailed below.
5 Biggest Movers
Software company Duck Creek Technologies (DCT) was the biggest laggard in pre-market trading, recording losses of 19.1% at the last check. The slump reflects the full-year revenue guidance cut due to lower-than-expected year-to-date software bookings. Further, deferral of deals and a tough macro environment pose challenges.
Shares of the late-stage biopharmaceutical company Cytokinetics (CYTK) plunged 14.9% in pre-market trading at the time of writing. Fear of dilution from the company’s offering of $450.0 million convertible senior notes and issuance of common stocks to repurchase a part of its outstanding 4.00% senior convertible notes due 2026, weighed on its price.
MicroStrategy (MSTR) stock dropped 8.6% in pre-market trading at last glance. The decline in the shares of this data analytics software and services provider came after the company, through an SEC filing, revealed that it acquired about 480 Bitcoins (BTC-USD) for an average price of $20,817 per coin. MicroStrategy now holds 129,699 Bitcoins at an average price of approximately $30,664 per coin. These investments have resulted in significant losses.
The luxury home furnishing chain RH (RH) lost 7.5% in pre-market trading at the last check. RH lowered its FY22 revenue outlook, citing a slowdown in demand due to higher mortgage rates and weakness in luxury home sales. It expects its net revenues to decline by 2-5% in FY22. Earlier, RH expected its top line to stay flat or increase by 2%.
Shares of the Swedish electric car brand Polestar (PSNY) fell 6.8% in pre-market trading. The stock began trading on NASDAQ on June 24. The stock failed to grab investors’ attention amid ongoing macro and cost headwinds and supply shortages in the automotive sector.
Continue to watch this space for possible volatility upon the market open. Tomorrow, we’ll have another up-to-date piece on stock Pre-Market Movers…
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