Stocks making the biggest moves premarket: VSNT, BIIG, BLSH, CSCO
Check out the companies making the biggest moves in premarket trading: Biogen — Shares advanced 4% after the biopharmaceutical company announced its experimental Alzheimer’s drug will advance into a phase 3 trial, despite failing to meet the main goal of the phase 2 trial. Biogen said the drug showed cognitive benefits. Versant Media Group – Shares popped 14.5% after the company reported revenue growth across its content licensing and digital platforms in the first quarter, even as revenue overall slipped due to continued declines in its linear distribution for its pay TV networks and advertising businesses. Adjusted EBITDA also came in at $704 million, above estimates for $608 million, according to analysts polled by FactSet. Yeti Holdings — The outdoor products company jumped 10% after its first-quarter beat on the top and bottom lines. Yeti reported adjusted earnings of 26 cents per share, versus the 18 cents expected from analysts polled by FactSet. Its revenue of $380.4 million also topped the $374.7 million consensus estimate. Bullish — The cryptocurrency exchange tumbled 9% following its disappointing first-quarter results. Bullish saw adjusted net income of $20.3 million, short of the $23.9 million expected from analysts, per FactSet. Its adjusted revenue was $92.8 million, compared to the $94.9 million consensus estimate. Cisco Systems — Shares surged 15% after the software giant issued third-quarter results and guidance that beat Wall Street’s expectations. For its current quarter, Cisco sees its adjusted earnings coming in at $1.16 to $1.18 per share on $16.7 billion to $16.9 billion in revenue. Analysts were looking for adjusted earnings of $1.07 per share and revenue of $15.82 billion, per LSEG. Cisco also beat Wall Street’s projections on both the top and bottom lines for its last quarter and announced that it would be cutting almost 4,000 jobs. StubHub — The ticket seller popped 14% after posting first-quarter revenue of $446 million and adjusted EBITDA of $72.1 million. Analysts polled by LSEG had expected $432 million in revenue and $65.1 million in EBITDA. Doximity — Shares stumbled 23% after the healthcare digital platform provider shared current-quarter and full-year revenue guidance that fell short of analysts’ expectations, per LSEG. Doximity’s fourth-quarter adjusted earnings of 26 cents per share also came below the 28 cents analysts were looking for. Jack in the Box — The fast-food stock added 4% after Jack in the Box posted second-quarter adjusted EBITDA of $51.3 million, exceeding the $50.3 million analysts were looking for, per FactSet. However, the company’s adjusted earnings and revenue missed consensus estimates. — Lisa Kailai Han and Davis Giangiulio contributed reporting. Disclosure: Versant Media is the parent company of CNBC.
