Stocks making the biggest moves premarket: Pinterest, Lyft, Coinbase, BP, Affirm and more
Check out the companies making headlines before the bell. Coinbase — The cryptocurrency exchange slipped 2% following disappointing top-line results for the first quarter . Coinbase reported revenue of $2.03 billion, while analysts polled by LSEG were expecting $2.12 billion. Earnings fell to 24 cents per share from $4.40 per share a year ago. Expedia — The travel booking platform dropped 10% after first-quarter revenue came in at $2.99 billion, below the consensus forecast of $3.02 billion, per LSEG. Expedia also issued soft guidance. However, the Seattle-based company earned 40 cents per share, excluding items, for the quarter, surpassing Wall Street’s estimate of 32 cents. Monster Beverage — Shares of the energy drink maker fell 4% after first-quarter revenue came in below analyst estimates. Monster posted revenue of $1.85 billion, while analysts polled by FactSet were looking for $1.98 billion. Lyft — The stock rallied more than 11% after the ride-sharing company increased its share buyback plan to $750 million. While its first-quarter revenue missed expectations, Lyft’s rides and gross bookings topped estimates. Sweetgreen — The salad chain declined more than 5% after it reduced its full-year guidance. Sweetgreen expects full-year earnings before interest, taxes, depreciation and amortization of about $30 million, down from the earlier range of $32 million to $38 million. That’s below the $33.4 million consensus estimate from FactSet. Annual revenue will be between $740 million and $760 million, lower than the prior forecast of $760 million to $780 million, as well as analysts’ estimates of $763.7 million. Microchip Technology — The chip stock soared 10% after the company issued higher-than-expected fiscal first-quarter guidance. The firm now expects first-quarter adjusted earnings in the range of 18 cents to 26 cents per share, while analysts polled by LSEG were looking for 16 cents. Microchip’s fourth-quarter revenue also beat consensus forecasts, while adjusted earnings of 11 cents per share came in-line with estimates. Pinterest — The social media company popped nearly 14% after issuing a stronger-than-expected second-quarter revenue forecast at the midpoint. First-quarter revenue also topped analysts’ estimates, landing at $855 million compared with LSEG consensus estimates for $847 million. To be sure, adjusted earnings of 23 cents per share fell slightly below the 26 cents forecasted by analysts. Insulet — Shares surged more than 12% after the medical device company’s first-quarter earnings beat on the top and bottom lines. Insulet posted adjusted earnings of $1.02 per share on $569 million, above the 79 cents per share on $543.3 million in revenue that analysts polled by FactSet were expecting. The company also raised its full-year revenue growth guidance. Affirm — Shares of the buy now, pay later company sold off 7%. Affirm issued fiscal fourth- quarter revenue guidance between $815 million and $845 million, with a midpoint of $830 million. That falls largely short of the consensus estimate of $841 million, per analysts polled by LSEG. Trade Desk — Shares of the digital marketing company surged 14% after better-than-expected first-quarter results. Trade Desk reported earnings of 33 cents, excluding items, on revenue of $616 million. Analysts polled by LSEG were looking for 25 cents and $584 million. BP — U.S.-traded shares of the British oil and gas company rose 3% after the Financial Times reported several peers, including Chevron , Shell and ExxonMobil , have looked into a takeover of BP. DraftKings — The sports betting stock climbed more than 3% after its losses per share in the first quarter were narrower than expected. DraftKings lost 7 cents per share, a penny less than expected, per LSEG. However, revenue missed estimates, and management lowered its full-year revenue and EBITDA. Taiwan Semiconductor Manufacturer — The chipmaker gained 2% after reporting revenue in April was 48.1% higher on a year-over-year basis. — CNBC’s Sean Conlon, Lisa Kailai Han, Alex Harring and Michelle Fox contributed reporting
