Stocks making the biggest moves premarket: Super Micro Computer, Dropbox, DoorDash and more

Published Fri, Feb 16 20248:44 AM ESTUpdated Fri, Feb 16 20249:14 AM EST

Check out the companies making headlines in premarket trading. Dropbox — Shares of the cloud storage company pulled back nearly 13% after the company issued lower-than-expected first-quarter revenue guidance. Dropbox now forecasts revenue in the range of $627 million to $630 million, while analysts surveyed by FactSet expected $632.5 million. Ingersoll Rand — Shares climbed nearly 6% before the opening bell after the industrial products company beat Wall Street estimates on the top and bottom lines in the fourth quarter. Ingersoll reported earnings of 86 cents per share, excluding items, on revenue of $1.82 billion, while analysts polled by FactSet forecast 77 cents in earnings per share and $1.77 billion in revenue. Vulcan Materials — Stock in the construction materials company climbed more than 2% after fourth-quarter earnings were better than expected. Vulcan earned $1.46 per share, after adjustments, while analysts polled by FactSet expected $1.40. Toast — Shares soared nearly 8% in premarket trading after fourth-quarter results surpassed Wall Street estimates on the top and bottom lines. The company also announced plans for a $250 million share repurchase, and said it planned to lay off 550 employees . Applied Materials — Shares gained about 12% after the semiconductor production equipment company's fiscal first-quarter results were above consensus estimates, and it issued higher-than-expected revenue guidance for the second quarter. Applied Materials estimates second-quarter revenue of roughly $6.5 billion compared with estimates from analysts polled by FactSet, which called for $6.34 billion. Roku — Shares pulled back 17% after the streaming services company reported a wider-than-expected fourth-quarter loss of 55 cents per share. Analysts polled by LSEG, formerly Refinitiv, forecast a loss of 52 cents per share. Roku issued an optimistic first-quarter revenue forecast that was above analysts' estimates. Trade Desk — Shares skyrocketed more than 18% after the company beat revenue estimates in the fourth quarter and issued higher-than-expected first-quarter guidance. The firm estimates sales will be $478 million, outpacing LSEG estimates of $452 million. DraftKings — Shares dropped 1% after the sports betting company missed the top and bottom lines for the fourth quarter. DraftKings reported a loss of 10 cents per share, while analysts polled by LSEG estimated a profit of 8 cents per share. Revenue was $1.23 billion, slightly below the $1.24 billion consensus estimate. DoorDash — Stock in the food delivery company fell nearly 8% after reporting a larger loss in the fourth quarter than analysts expected. DoorDash reported a loss of 39 cents per share while analysts polled by LSEG called for a loss of 16 cents. The company beat revenue estimates and authorized a share repurchase program worth $1.1 billion. Coinbase — The crypto brokerage stock surged 15% after a surprise profit in the fourth quarter. Coinbase earned $1.04 per share on $954 million of revenue for the final three months of 2023. Analysts surveyed by LSEG were expecting a loss of 1 cent per share on $822 million on revenue. Super Micro Computer — Shares jumped more than 6%. Wells Fargo initiated coverage of the information technology stock with an equal weight rating, saying that the artificial intelligence momentum will continue for Super Micro, though it expects the upside may already be priced in. The rating comes one day after Bank of America initiated coverage of the hot stock with a buy rating and a $1,040 price target. Shares are up 253% this year. It closed Thursday at $1,004.00. Wayfair — The online furniture retailer's stock popped as much as 4.7% on the back of an upgrade to strong buy from market perform at Raymond James. The firm said Wayfair should be nearing a demand bottom, while cost cutting should help its cash flow. — CNBC's Sarah Min, Michelle Fox, Jesse Pound and Alex Harring contributed reporting.