Stocks making the biggest moves in the premarket: GameStop, Koss Corp, Wayfair & more

Finance

Take a look at some of the biggest movers in the premarket:

GameStop (GME) – GameStop remains on watch after another Reddit-fueled surge Wednesday in the video game retailer’s shares, as well as other so-called “Reddit stocks” like BlackBerry (BB), AMC Entertainment (AMC) and Koss Corp. (KOSS). GameStop surged 55.8% premarket, while AMC rose 12.9%, BlackBerry gained 4.3% and Koss soared 81.3%.

Best Buy (BBY) – The electronics retailer’s shares fell 5.3% in premarket trading after its revenue and comparable-store sales missed Wall Street forecasts for the holiday quarter as pandemic fueled demand for electronics lessened. Best Buy’s quarterly earnings of $3.48 per share beat estimates by 3 cents a share, however.

Moderna (MRNA) – The drugmaker’s shares rose 2.9% in premarket action as its quarterly revenue vastly exceeded estimates and it forecast $18.4 billion in Covid-19 vaccine sales this year. Moderna did, however, report a quarterly loss of 69 cents per share, wider than the 35 cents a share loss that analysts were anticipating.

Wayfair (W) – The furniture and home goods seller earned $1.24 per share for its latest quarter, above the consensus estimate of 86 cents a share. Revenue was slightly below Wall Street forecasts, as were the number of orders and the shares fell 9% premarket.

Norwegian Cruise Line (NCLH) – The cruise line operator’s shares rose 1.9% in the premarket after quarterly revenue came in well above estimates, despite the Covid-19 related shutdown of cruises. Its loss of $2.33 per share for its latest quarter was slightly wider than the consensus estimate of a $2.17 per share loss.

Anheuser-Busch InBev (BUD) – Anheuser-Busch reported better-than-expected profit and revenue for the fourth quarter. The company also forecast higher earnings for 2021, however the beer brewer said its profit margins would be hurt by higher commodity costs. Its shares fell 5.3% in premarket trading.

ViacomCBS (VIAC) – ViacomCBS came in 2 cents a share ahead of estimates, with quarterly profit of $1.04 per share. Revenue essentially was in line with Wall Street forecasts. The company also said it had 30 million streaming subscribers, ahead of its planned March 4 launch of Paramount+ service that will replace the current CBS All Access service. Its shares dropped 2.8% in premarket action.

Teladoc Health (TDOC) – Teladoc dropped 6.5% in premarket trading after it reported a loss of 27 cents per share for its latest quarter, 3 cents a share wider than Wall Street had expected. The provider of video medical visits’ revenue came in above estimates.

Nvidia (NVDA) – Nvidia reported quarterly earnings of $3.10 per share, compared to a $2.81 a share consensus estimate. The company best known for its gaming chips saw revenue beat estimates as well. Nvidia also predicted strong revenue for the current quarter, but the shares were down 2.6% in premarket action.

Fisker (FSR) – Fisker struck a deal with contract manufacturer Foxconn Technology to assemble cars for the electric vehicle startup. The agreement calls for the companies to jointly produce more than 250,000 vehicles annually. Shares fell 1% premarket.

Pfizer (PFE) – The Covid-19 vaccine developed by Pfizer and BioNTech (BNTX) works equally well across all age groups, according to an Israeli study. It provided 94% protection against developing coronavirus symptoms a week after the second dose of the vaccine, and 92% effective in preventing severe disease.

Verizon (VZ) – Verizon was the top bidder in a government auction of 5G airwaves, spending $45.5 billion, while AT&T (T) bid $23.4 billion and T-Mobile US (TMUS) bid $9.3 billion.

Pure Storage (PSTG) – Pure Storage came in 4 cents a share ahead of estimates, with quarterly profit of 13 cents per share. The provider of business memory storage systems also saw revenue beat Wall Street forecasts. Pure Storage gave a mixed forecast, but it was the first time it gave any forward guidance since the pandemic began. Shares gained 2.5% in the premarket.

L Brands (LB) – L Brands earned $3.30 per share for its latest quarter, 12 cents a share above estimates. The Victoria’s Secret parent’s revenue came in short of forecasts. L Brands, which also owns the Bath & Body Works chain, gave strong current-quarter earnings guidance. L Brands was up 2.7% in the premarket.

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