Stocks making the biggest moves premarket: Block, Live Nation, Carvana, Booking Holdings & more

Published Fri, Feb 23 20248:10 AM EST

Check out the companies making headlines before the bell. Intuit — The stock slipped 1% after the financial software company issued weaker-than-expected earnings guidance for the fiscal third quarter. Live Nation Entertainment — Shares of the entertainment platform popped nearly 5% following a fourth-quarter revenue beat. Revenue came in at $5.84 billion, higher than the $4.79 analysts surveyed by LSEG had expected. Booking Holdings — The stock slumped more than 8% after the online travel booking company issued gross booking and EBITDA guidance for the first quarter that fell short of expectations, overshadowing better-than-expected quarterly results. Insulet — The stock slid 6% after the medical device firm issued a revenue growth forecast below analyst expectations. Insulet expects revenue to grow between 17% to 20% year over year in the first quarter, below the 24.3% expected by FactSet. On the other hand, however, the company reported fourth-quarter earnings and revenue figures that surprised to the upside. Block — Shares surged more than 14% after the payments company posted su rprise quarterly earnings and issued strong full-year guidance for gross profits. Carvana — Shares of the used car marketplace surged 33% in premarket trading after the struggling company posted its first-ever annual profit. Quarterly profit and revenue results were weaker than analysts expected, although the company reported strong fourth-quarter earnings than analysts anticipated. Carvana also guided for stronger-than-expected earnings in its current quarter. Following the results, Carvana was upgraded to outperform from market perform at William Blair, and upgraded to market perform from underperform at Raymond James. MercadoLibre — Shares slid 7% after the e-commerce platform posted flat year-over-year earnings for the fourth quarter. Operating income came in below estimates. Rivian — Shares fell 2.4%, a day after sinking nearly 26%. The electric-vehicle manufacturer reported a wider-than-expected fourth quarter loss of $1.36 per share on Thursday and its 2024 production forecast missed estimates. On Friday, UBS double-downgraded the stock to sell from buy and cut its price target to $8 from $24. Fox — The mass media stock added 2% following an upgrade to buy from neutral at Citi. Analyst Jason Bazinet cited a recent sports joint venture between Fox, ESPN and Warner Bros. Discovery as a catalyst for the upgrade. "We think that the lack of share price reaction to the JV, in tandem with what we see as upside to both estimates and the multiple, create an attractive entry point for the stock at current valuations," he wrote. Penumbra — The medical device maker fell more than 7% on the back of mixed fourth-quarter results and lackluster full-year guidance. JPMorgan also downgraded the stock to neutral from overweight, noting "Penumbra will be in the penalty box until it can prove to investors that it is able to guide to levels it can consistently beat and raise off of." DraftKings — Shares of the sports betting company rose more than 3% after an upgrade to overweight from equal weight by Barclays . The investment firm said DraftKings should be able to defend its leadership position in the still growing sports gambling industry. NIO — Shares slipped 1.5% after JPMorgan downgraded the Chinese electric vehicle manufacturer to underweight rating. As a reason for the change, the bank cited potential downside to consensus volume and revenue estimates, as well as a lack of new models versus competitors. Warner Bros. Discovery — Shares slid 0.7% after Warner Bros. Discovery reported disappointing fourth-quarter results. The media conglomerate posted a loss of 16 cents per share on revenue of $10.28 billion. Analysts polled by LSEG had expected a per-share loss of 7 cents on revenue of $10.35 billion. — CNBC's Michelle Fox, Hakyung Kim, Tanaya Macheel, Sarah Min, Jesse Pound and Samantha Subin contributed reporting.