Newmont, Squarespace, Philips, and more

Check out the companies making headlines before the bell:

Newmont (NEM) – The miner’s stock fell 3.3% in premarket trading after it reported lower-than-expected second-quarter earnings. Earnings are down nearly 41% from a year ago, weighed down by the drop in gold prices.

Squarespace (SQSP) – The e-commerce platform provider fell 14.4% in the primary market after full-year revenue guidance fell short of street expectations. Squarespace reported better-than-expected results for the fourth quarter, but said revenue took a hit from currency headwinds.

Philips (PHG) – Philips fell 10.4% in pre-market trading after the Dutch medical equipment maker’s quarterly profit fell short of analyst expectations. Philips has been affected by the shutdowns in China and supply chain issues.

Public Warehousing (PSA) – Public Warehousing added a premarket action of 1.5% after the self-storage facility operator declared a special dividend of $13.15 per share. The distribution is linked to the sale of PS Business Parks to Blackstone (BX) affiliates for $7.6 billion. Public Storage was the largest shareholder in PS Business Parks, whose sale deal closed last week.

JD.com (JD) – Morgan Stanley describes the Chinese e-commerce company as an “idea driven by a catalyst,” helping its stock rise 2% in pre-market trading. The company believes the catalyst may be better than expected to guide revenue growth when JD.com reports earnings next August.

Tesla (TSLA) – Tesla surged 1.3% in pre-market activity after introducing its latest 10-Q release, which included an update to the value of its bitcoin holdings. Tesla said it received $170 million in impairment charges related to the book value of its bitcoin holdings during the first six months of 2022, but saw a gain of $64 million from bitcoin sales during that period.

Ryanair (RYAAY) — Ryanair jumped 5.7% in the primary market after the airline reported better-than-expected quarterly results. Ryanair has warned that a return to pre-Covid levels of profitability this year was far from certain.

Farfetch (FTCH) — Shares of Farfetch rose 2.5% in premarket trading after reports that the online luxury fashion retailer was close to a deal with Swiss Richemont that would suck up Richemont-owned fashion retailer YNAP.

Uber Technologies (Uber) — The ride-hailing company has admitted failing to report a 2016 data breach that affected 57 million drivers and passengers as part of a settlement agreement to avoid criminal prosecution. Uber added 1% in pre-market trading.

Leave a Reply

%d bloggers like this: