Using TipRanks’ Top Stock Gainers/Losers tool, we have compiled a list of Tuesday’s biggest pre-market stock movers, which is as follows:
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Five Biggest Movers
Arizona-based technology products and weapons maker Axon Enterprise Inc. (NASDAQ:AXON) topped the list on Tuesday, with its stock down 13.2% at the time of writing. AXON stock closed almost 2% lower on Monday following a high trading volume day. On Monday, a higher number of shares changed hands than the average volume of 307,694 shares.
Shares of Zoom Video Communications Inc. (NASDAQ:ZM) were down 11.2% in Tuesday’s early trading session. ZM stock lost 7% in Monday’s extended trade. Amid falling demand and increasing competition, the California-headquartered company has cut its revenue and earnings outlook for the Fiscal Year 2023, which could have triggered the decline in its stock price. The communications technology company announced its fiscal second-quarter results after the bell on Monday.
Next is Olaplex Holdings Inc. (NASDAQ:OLPX), which was up 9.4% at the last check. According to a recent report, Victory Capital Management raised its stake in the technology-driven beauty company by 85.6% (or 8,879 shares) in the first quarter. The investment management company now owns 19,250 shares of Olaplex worth $283,000.
Uruguay-based financial technology firm DLocal Ltd. (NASDAQ:DLO) slipped 9.1% early Tuesday. The online payment platform provider reported a more than 100% year-over-year rise in costs, which offset a 72% jump in revenues, leading to the decline in the stock price.
Finally, shares of Palo Alto Networks Inc. (NASDAQ:PANW) were up 8.3% before the bell. The uptrend is driven by the cybersecurity company’s better-than-expected fiscal fourth-quarter results. Revenue grew 27% year-over-year to $1.6 billion, beating the Street’s expectation of $1.54 billion. Earnings came in at $2.39 per share, compared to the consensus estimate of $2.28 per share and the year-ago figure of $1.60 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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