Stocks Making The Biggest Moves In The Premarket: Deere, Dropbox, Novavax & More

Deere (DE) – The heavy equipment maker earned $3.87 per share for its fiscal first quarter, compared to a consensus estimate of $2.14 a share. Revenue also beat forecasts, and Deere increased its full-year earnings outlook amid improvements in the agricultural and construction sectors. Deere shares jumped 6.2% in premarket trading.

Roku (ROKU) – Roku shares rose 1.4% in the premarket, after it reported a quarterly profit of 49 cents per share, compared to consensus forecasts of a 6 cents per share loss. The streaming video device maker’s revenue also beat forecasts, amid a 58% surge as consumers stuck at home during the pandemic sought more video entertainment.

Uber Technologies (UBER) – The ride-hailing company lost a key case in the U.K., where a Supreme Court judge upheld a ruling by an employment tribunal that said Uber’s drivers were employees and not contract workers. Uber fell 1.9% in premarket action.

Dropbox (DBX) – Dropbox came in 4 cents a share ahead of estimates, with quarterly earnings of 28 cents per share. The cloud storage company’s revenue also came in above Wall Street projections. Dropbox had a greater-than-expected number of paid users during the quarter, as well as better-than-expected revenue per user. It also forecast full-year revenue below analysts’ estimates, however, and the shares fell 3.4% premarket.

Applied Materials (AMAT) – Applied Materials earned $1.39 per share for the fourth quarter, compared to a consensus estimate of $1.28 a share. Revenue also came in above forecasts. The maker of semiconductor manufacturing equipment also gave an upbeat current-quarter forecast, as chip makers try to accelerate production to deal with a global shortage. Applied Materials jumped 5% in premarket trading.

Novavax (NVAX) – The drugmaker’s stock surged 10.6% in the premarket after it struck an agreement with global vaccine alliance Gavi to supply 1.1 billion doses of its Covid-19 vaccine to an international vaccination effort.

TripAdvisor (TRIP) – TripAdvisor reported a quarterly loss of 41 cents per share, wider than the 26 cents a share loss that analysts were anticipating. The travel website operator’s revenue beat estimates, and the company noted that pent-up travel demand and positive vaccine developments should lead to improved results this year. Its shares fell 2.4% in premarket trading.

Pfizer (PFE) – The Covid-19 vaccine developed by Pfizer and BioNTech (BNTX) was 85% effective after just the first dose, according to a study of Israeli health-care workers published in The Lancet medical journal. As with a competing vaccine from Moderna (MRNA), patients receive two doses of the Pfizer vaccine to achieve maximum protection.

Royal Caribbean (RCL) – Royal Caribbean said it will be restricted from paying cash dividends and from buying back stock until the third quarter of 2022, due to modifications in the cruise line operator’s loan agreements. It had suspended dividends and buybacks last year as the pandemic shut down cruising activity.

IBM (IBM) – IBM is considering a possible sale of its IBM Watson Health business, according to people familiar with the matter who spoke to The Wall Street Journal. Alternatives could include a sale to a private-equity firm or another health company, or a merger of the unit with a special purpose acquisition company.

Texas Roadhouse (TXRH) – The restaurant chain earned 28 cents per share for the fourth quarter, short of the 49 cents a share consensus estimate. Revenue also came in shy of analysts’ forecasts. Texas Roadhouse said weekly sales levels weakened during the latter part of the quarter as a Covid-19 resurgence forced it to close some locations. Texas Roadhouse shares fell 3.5% premarket.

Planet Fitness (PLNT) – The gym operator’s quarterly earnings fell 5 cents a share shy of consensus as it reported profit of 17 cents per share. Revenue came in shy of estimates as well. Same-location sales fell more than expected, and Planet Fitness did not provide a 2021 outlook due to uncertainty surrounding the Covid-19 pandemic. Shares dropped 2.5% in premarket trading.

Rackspace (RXT) – Rackspace beat estimates by 3 cents with quarterly profit of 26 cents per share. Revenue also came in above forecasts, however the cloud services provider issued a weaker-than-expected full-year earnings forecast. Its shares tumbled 9.7% in premarket action.

-Cnbc