Beyond Meat, Sweetgreen, Adobe, Block And More Stocks Are Making The Biggest Moves Premarket

‍Beyond Meat

The shares of Beyond Meat jumped 12% after the company reported a smaller-than-expected loss in its fourth quarter, despite sales falling by more than 20%. Refinitiv reported that the meat-alternative company reported a loss per share of $1.05, which was lower than the $1.18 expected by analysts. The company reported a revenue of $79.9 million, which was higher than the $75.7 million that was expected.

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Block

A large rise of more than 6% in the shares of the payments giant was reported in early morning trading following the company's announcement that its revenue for the fourth quarter was better than expected and gross profit increased strongly.

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Carvana

The used-car retailer dropped 5.8% after posting a fourth-quarter loss of $7.61 per share, which was higher than the loss forecasted by Refinitiv of $2.28 per share that was based on consensus estimates from Refinitiv. Despite a 24% decrease from the fourth quarter of 2021, revenue for the fourth quarter of 2212 was $2.84 billion, which was lower than analysts' expectations of $3.1 billion.

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Sweetgreen

Shares of the salad chain fell by about 10% after Sweetgreen provided revenue guidance for the first quarter and full year that was weaker than expected, according to Refinitiv. A decline in revenue was also reported in the fourth quarter. There has been a rise in menu prices and a decline in transactions for the firm, as well as shortages of romaine, arugula, and tomatoes.

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Adobe

The company's shares fell more than 3% after Trade Algo reported that the Justice Department intends to sue to block the $20 billion acquisition of startup Figma.

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MercadoLibre

MercadoLibre shares rose by 5% after the South American e-commerce company announced fourth-quarter earnings of $3.25 per share on revenue of $3 billion. Based on the FactSet survey, analysts were expecting earnings to be $2.42 per share and revenues to be $2.96 billion, according to FactSet.

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Boeing

After the company announced on Monday that it will temporarily halt deliveries of its 787 Dreamliners so that it can do additional analysis on a fuselage component, shares of the industrial giant fell over 2% in premarket trading on Monday. For several years now, these planes, which are often used for long-haul international routes, have been suffering from a number of technical problems.

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EOG Resources

EOG Resources fell 3.6% after the energy company posted earnings for its fourth quarter, excluding items, that were below analysts' expectations, according to FactSet. In spite of this, the company beat expectations in terms of revenue.

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Warner Bros. Discovery

As a result of Warner Bros. Discovery's disappointing earnings in its most recent quarter, the stock fell 4% in price. There was a loss per share of 86 cents for the media and entertainment conglomerate on revenue of $11.01 billion in the quarter. Refinitiv polled analysts who expected the company to report a loss of 21 cents per share on revenue of $11.36 billion.

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Autodesk

There was a drop in shares of Autodesk by more than 4% after the company issued soft earnings guidance for the first quarter. Overall, the software company was able to beat expectations on both the top and bottom lines in the fourth quarter, according to Refinitiv data.

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