Yahoo Finance Stocks - Expedia, Nvidia Surge on Strong Results in Premarket
By Geoffrey Smith
Stocks in focus in premarket trade on Friday, February 14th. Please refresh for updates.
9 AM ET: Microsoft (NASDAQ:MSFT) stock and Amazon.com (NASDAQ:AMZN) stock were both down by 0.5% after a judge issued an injunction to stop Microsoft building Cloud-based infrastructure for the Pentagon’s JEDI project.
8:56 AM ET: Roku (NASDAQ:ROKU) stock rose 8.2% to its highest in over two months after the maker of streaming devices reported revenue rose 49% in the fourth quarter to $411 million, well ahead of forecasts.
The company’s guidance of $1.6 billion for 2020 revenue was also above expectations.
The $10 billion contract was the biggest-ever given by the U.S. government. Amazon (NASDAQ:AMZN) objected that President Donald Trump had intervened against it out of personal bias, a response to hostile coverage of Trump in the Washington Post, which is owned by Amazon founder Jeff Bezos.
8:45 AM ET: Tesla (NASDAQ:TSLA) stock fell 2.4% to $784.99 after the company said it priced its secondary share sale at $767. That represents a 4.6% discount to Thursday’s closing price of $804.
8:43 AM ET: Canopy Growth (NYSE:CGC) stock soared 22% to a two-week high after results for its fiscal third-quarter beat forecasts on both top and bottom lines.
Higher sales, improved gross margins and cost-cutting led it to cut its underlying EBITDA loss to $92 million, some 40% less than the previous three months.
The results also lifted rivals in the cannabis space. Tilray (NASDAQ:TLRY) stock rose 8.9% while Aurora Cannabis (NYSE:ACB) rose 8.2%.
08:30 AM ET: NVIDIA (NASDAQ:NVDA) stock rose 6.1% after the company’s earnings per share came in some 14% higher than consensus forecasts thanks to strong demand for its data center and gaming chips.
Revenue also came in some 5% above expectations, and the company’s guidance for the current quarter was also more optimistic than the Street’s, despite its prediction of a $100 million hit to sales in China in the current quarter due to the Covid-19 outbreak.
Expedia (NASDAQ:EXPE) stock rose 11.7% after the online travel agent reported earnings some 4% ahead of forecasts in the final quarter of 2019.
Market participants were more interested, however, in the group’s cost-cutting plan. It said it expected to shave as much as $500 million off annual operating costs. Consequently, it expects EBITDA to grow by more than 10% this year, despite expected impacts from Covid-19.
Pinterest (NYSE:PINS) stock fell 2.9% after Facebook (NASDAQ:FB) unveiled a copycat app called “Hobbi”, potentially exposing it to greater competition.
Expedia (NASDAQ:EXPE) stock is now only 10% below where it was before it spooked the market with its third-quarter report.
Facebook (NASDAQ:FB) stock was up 0.7%, undeterred by the prospect of higher spending on the new project.
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