Pre-Market Trading Highlights
In pre-market trading, several companies are experiencing notable shifts. Biogen saw a share increase of 4% after announcing its Alzheimer’s drug advancement to a Phase 3 trial, despite not meeting the main goal of its Phase 2 trial. The company stated that there were positive effects on cognitive function.
Versant Media Group’s shares increased by 14.5% following a report of revenue growth in its content licensing and digital platforms for the first quarter. This came even as overall revenue declined due to drops in traditional pay TV distribution and advertising. The company reported adjusted EBITDA of $704 million, exceeding the $608 million that analysts had predicted.
Yeti Holdings, known for outdoor gear, experienced a 10% rise after reporting growth in first-quarter sales. Adjusted earnings came in at 26 cents per share, surpassing the analysts’ expectation of 18 cents. Revenue hit $380.4 million, also exceeding the forecast of $374.7 million.
On the other hand, cryptocurrency exchange Bulls faced a decline, with shares dropping 9% due to disappointing first-quarter results. The company reported adjusted net income of $20.3 million, falling short of the $23.9 million analysts had anticipated. Adjusted revenue was $92.8 million, compared to expectations of $94.9 million.
Cisco Systems’ shares rose 15% after it released third-quarter results that surpassed Wall Street’s expectations. Cisco projected adjusted earnings for the current quarter between $1.16 and $1.18 per share, with revenue expected between $16.7 billion and $16.9 billion. Analysts estimated adjusted earnings of $1.07 per share on revenue of $15.82 billion. The company also announced about 4,000 job cuts.
StubHub’s shares soared by 14% due to a reported first-quarter revenue of $446 million and adjusted EBITDA of $72.1 million, surpassing analyst predictions of $432 million in sales and $65.1 million in EBITDA.
Conversely, Doximity saw a drop of 23% after it released earnings guidance that didn’t meet analysts’ expectations. The healthcare digital platform provider reported fourth-quarter adjusted earnings of 26 cents per share, which was below the expected 28 cents.
Lastly, Jack in the Box shares rose by 4% after posting a second-quarter adjusted EBITDA of $51.3 million. This figure exceeded the analysts’ estimate of $50.3 million, although the adjusted profit and sales figures fell short of consensus expectations.
