Several companies made significant moves in premarket trading. Meme stocks, such as GameStop and AMC, saw substantial gains. GameStop soared 120%, with the help of the man known as “Roaring Kitty” who reappeared online after three years. AMC also saw a pop of 106%. Meanwhile, shares of Alibaba dropped nearly 5% after the Chinese e-commerce giant reported an 86% drop in profits for its fiscal fourth quarter. However, Alibaba beat revenue expectations.
Home Depot, the home improvement retailer, had a mixed performance in its quarterly results. The company reported earnings per share of $3.63, higher than analysts’ expectations, but revenue fell short of estimates. Sony, on the other hand, saw U.S.-listed shares rise 3% after reporting quarterly revenue that surpassed expectations. Vodafone, a U.K.-based telecom company, gained 3% following better-than-expected full-year adjusted free cash flow and operating profit figures.
The shoe maker On Holding saw a significant jump of 9% after reporting first-quarter earnings that exceeded analyst expectations. Walmart’s shares ticked slightly higher amid reports that the retail giant plans to cut hundreds of jobs and relocate most remote workers to offices. United Airlines, on the other hand, fell less than 1% after releasing a summer travel update, stating that it expects its busiest Memorial Day period on record with a 10% increase in travelers compared to the previous year. Novo Nordisk shares moved less than 1% higher following new data that showed patients taking its Wegovy weight-loss treatment maintained a 10% weight loss after four years.
Overall, the market saw a mix of gains and losses among these companies in premarket trading. Meme stocks and certain tech companies performed well, while others such as Alibaba experienced declines. Home Depot, Sony, Vodafone, On Holding, Walmart, United Airlines, and Novo Nordisk all saw fluctuations in their stock prices based on the latest earnings reports and market updates. Investors will be closely monitoring these companies to see how they perform throughout the trading day.
