Using TipRanks’ Top Stock Gainers/Losers tool, we have compiled a list of Thursday’s biggest pre-market stock movers, which is as follows:
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Five Biggest Movers
Montana-based Snowflake Inc. (NYSE:SNOW) topped the list as its shares jumped 17.6% on the back of strong fiscal second-quarter revenues and guidance. Revenues increased 83% year-over-year to $497.25 million, beating the consensus estimate of $467.4 million. The cloud-computing company expects product revenue to lie in the range of $500 million to $505 million in the third quarter and $1.905 billion to $1.915 billion in the Fiscal Year 2023.
Disappointing fiscal fourth-quarter results pushed shares of New York-based Peloton Interactive Inc. (NASDAQ:PTON) down almost 15% in Thursday’s early trade. Revenues decreased 28% year-over-year and missed the Street’s expectation of $685.9 million to total $678.7 million. The interactive fitness services provider posted a loss of $3.68 per share, significantly wider than the consensus loss estimate of 78 cents and a loss of $1.05 per share reported in the same period last year.
Next comes software firm Splunk Inc. (NASDAQ:SPLK), which lost 10.4% before the bell. Despite reporting excellent results for the fiscal second quarter that ended July 31, the stock plunged following a reduction in the company’s annual recurring revenue (ARR) guidance for the Fiscal Year 2023 to $3.65 billion from $3.9 billion expected earlier.
California-headquartered Fate Therapeutics Inc. (NASDAQ:FATE) gained almost 9% in the pre-market session on Thursday after closing 2.6% higher on Wednesday. According to a recent report, Swiss National Bank raised its stake in the biopharmaceutical company by 7.8% (13,100 shares) in the first quarter. Following the purchase, the central bank of Switzerland owns 180,600 shares of Fate worth $7 million.
Lastly, Autodesk Inc. (NASDAQ:ADSK) was trading 8.7% up at the time of writing, riding on upbeat fiscal second-quarter results. Revenues increased 17% year-over-year to $1.24 billion, beating the Street’s expectation of $1.22 billion. Adjusted earnings came in at $1.65 per share, higher than the consensus estimate of $1.57 per share and the year-ago figure of $1.21 a share.
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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