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Stocks - Expedia, Nvidia Surge on Strong Results in Premarket

Stock Markets Feb 14, 2020 21:46
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By Geoffrey Smith

Stocks in focus in premarket trade on Friday, February 14th. Please refresh for updates.

8:45 AM ET: Tesla (NASDAQ:TSLA) stock fell 2.4% to $784.99 after the company said it priced its secondary share sale at $767. That represents a 4.6% discount to Thursday’s closing price of $804.

  • 8:43 AM ET: Canopy Growth (NYSE:CGC) stock soared 22% to a two-week high after results for its fiscal third-quarter beat forecasts on both top and bottom lines.

  • Higher sales, improved gross margins and cost-cutting led it to cut its underlying EBITDA loss to $92 million, some 40% less than the previous three months.
    • The results also lifted rivals in the cannabis space. Tilray (NASDAQ:TLRY) stock rose 8.9% while Aurora Cannabis (NYSE:ACB) rose 8.2%.

    • 08:30 AM ET: NVIDIA (NASDAQ:NVDA) stock rose 6.1% after the company’s earnings per share came in some 14% higher than consensus forecasts thanks to strong demand for its data center and gaming chips.

  • Revenue also came in some 5% above expectations, and the company’s guidance for the current quarter was also more optimistic than the Street’s, despite its prediction of a $100 million hit to sales in China in the current quarter due to the Covid-19 outbreak.
    • Expedia (NASDAQ:EXPE) stock rose 11.7% after the online travel agent reported earnings some 4% ahead of forecasts in the final quarter of 2019.

  • Market participants were more interested, however, in the group’s cost-cutting plan. It said it expected to shave as much as $500 million off annual operating costs. Consequently, it expects EBITDA to grow by more than 10% this year, despite expected impacts from Covid-19.
  • Expedia (NASDAQ:EXPE) stock is now only 10% below where it was before it spooked the market with its third-quarter report.
    • Pinterest (NYSE:PINS) stock fell 2.9% after Facebook (NASDAQ:FB) unveiled a copycat app called “Hobbies”, potentially exposing it to greater competition.

  • Facebook (NASDAQ:FB) stock was up 0.7%, undeterred by the prospect of higher spending on the new project.
  • Stocks - Expedia, Nvidia Surge on Strong Results in Premarket
     

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