Wednesday’s Premarket Movers: Amazon, Alphabet, Spotify
Stock futures were mixed on Wednesday. Nasdaq futures rose after tech giants Amazon.com and Alphabet posted strong gains that impressed investors.
Here are some of the top movers during Wednesday premarket trading.
1. Amazon AMZN | Plus 2.3%
Amazon shares (AMZN) – Get the report Premarket trading spiked following the surprise announcement of founder and CEO Jeff Bezos’ departure and fourth quarter earnings, which included total sales of more than $ 125 billion.
2. Alphabet togetL | Plus 7.7%
Stocks of alphabet (TogetL) – Get the report surged more than 7% after the tech giant’s fourth-quarter earnings beat estimates and led to a series of price-target upgrades by analysts.
Jefferies analyst Brent Thill raised his price target from $ 2,150 to $ 2,400, which he sees as strong growth in retail advertising, particularly on YouTube.
3. Spotify SPOT | 7.3% decrease
Spotify shares (JOB) – Get the report declined after the streaming giant posted a better-than-expected fourth quarter loss and a conservative forecast despite a 24% increase in subscriber numbers.
4. Chipotle Mexican Grill CMG | 2.2% decrease
Shares in Chipotle Mexican Grill (CMG) – Get the report declined after the burrito chain’s fourth quarter earnings missed analyst expectations.
Net sales rose 12% to $ 1.61 billion, according to analyst expectations, while sales in the same store rose more than 5%.
5. Electronic Arts EA | 2.6% decrease
Electronic Arts stocks (YOU) – Get the report fell despite the video game maker’s plans to bring back its most popular college football video game that disappeared in 2014.
The company is partnering with branded CLC on the project, but an actual game is still years away, Bloomberg reported.
6. Capri Holdings CPRI | Up 6.1%
Shares in Michael Kors parent company Capri Holdings (CPRI) – Get the report jumped on Wednesday after the retailer posted third-quarter earnings that exceeded expectations.
Capri posted net income of $ 179 million, or $ 1.18 per share, for the quarter ended December 26, compared to $ 210 million or $ 1.38 per share for the same period last year. Adjusted earnings per share were $ 1.65, ahead of the FactSet consensus of $ 1.
Revenue decreased 17% to $ 1.3 billion, below the FactSet consensus of $ 1.34 billion.