Take a look at some of the biggest drivers in the premarket:
Nike (NKE) – Nike reported quarterly earnings of 93 cents per share, well above the consensus estimate of 51 cents per share. Revenues far exceeded expectations and exceeded $ 12 billion for the first time. Nike took advantage of pent-up demand for its shoes and clothing, and saw direct sales increase 73% through its apps and websites. Nike shares climbed 12.5% in pre-market.
CarMax (KMX) – CarMax shares rose 5.9% in pre-market trading after the auto retailer reported better-than-expected sales and profits for its final quarter. CarMax topped the consensus estimate of $ 1 per share, with quarterly profit of $ 2.63, helped by a preference for cars over public transport induced by the pandemic.
Virgin Galactic (SPCE) – Shares of Virgin jumped 11.5% in pre-market after the Federal Aviation Administration cleared Virgin to fly paying customers into space. This is the first such approval granted by the FAA, and follows a successful test flight by Virgin Galactic in May.
FedEx (FDX) – FedEx broke estimates by 2 cents per share, with quarterly earnings of $ 5.01 per share. Delivery service revenue also exceeded expectations. However, CEO Fred Smith said operations were hampered by the inability to find enough workers and the company would increase capital spending by 22% this year to deal with delivery delays. The title slipped 3.9% in pre-market.
Tesla (TSLA) – Japanese electronics giant Panasonic sold its entire stake in Tesla for around $ 3.6 billion in the past fiscal year, according to a spokesperson for Panasonic. Panasonic was one of the early investors in Tesla and is a major supplier of batteries to the automaker.
Netflix (NFLX) – Netflix was up 1.3% pre-release following an upgrade to “outperform” versus “neutral” at Credit Suisse. The bank said it expects growth in subscriber numbers to normalize and its recent consumer survey has bolstered Netflix’s strong competitive position.
BlackBerry (BB) – BlackBerry shares rose 1.3% in pre-market trading after reporting a smaller-than-expected loss for its most recent quarter. The security and communications software maker also posted better-than-expected revenues as increased sales of electric vehicles boosted demand for BlackBerry’s QNX software.
JPMorgan Chase (JPM), Wells Fargo (WFC), Bank of America (BAC), Citigroup (C) – Big bank stocks are under scrutiny today after the Federal Reserve gave pass ratings to 23 banks that were subjected to the latest round of stress tests. Following these results, the Fed announced that it would lift temporary restrictions on dividends and share buybacks.
Twilio (TWLO), Asana (ASAN) – Twilio and Asana have agreed to list their shares on the long-term stock exchange, a Silicon Valley-based transaction that is designed to focus on long-term investing. They will also continue to be listed on the New York Stock Exchange. The two cloud-based software companies were the first investors in the long-term exchange. Asana jumped 3.3% in pre-market trading.
Credit Suisse (CS) – Credit Suisse is considering various overhaul plans, including a possible merger with rival European bank UBS (UBS), according to people familiar with the bank’s thinking who spoke to Reuters. Credit Suisse gained 1.2% in the pre-market.
Doximity (DOCS) – The social network for doctors saw its stock drop 3.9% pre-market, after going public at $ 26 per share and closing its first day of trading at $ 53.