Stocks making the biggest moves premarket: Unity Software, Cava, Zoom Video, Viking Therapeutics and more

Published Tue, Feb 27 20248:01 AM ESTUpdated Tue, Feb 27 20248:09 AM EST

Check out the companies making headlines before the bell. Unity Software — Shares tumbled 15% after the video game developer forecasted that adjusted EBITDA would come in below analysts' expectations for the current quarter. Analysts polled by FactSet had expected $113 million in EBITDA, while Unity is expecting only between $45 million to $50 million. Workday — Shares slid 5% after the enterprise software firm posted its fourth-quarter report. Workday's adjusted earnings came in at $1.57 a share, higher than the $1.47 expected by analysts polled by LSEG. Its revenue, however, came in line with consensus expectations of $1.92 billion. Zoom Video — The communications software stock popped 12% after a better-than-expected fiscal fourth-quarter report . Zoom reported adjusted earnings of $1.22 per share on $1.15 billion of revenue, while analysts polled by LSEG were only expecting earnings of $1.15 on revenue of $1.13 billion. CarGurus — Although CarGurus beat analyst expectations for its fourth-quarter earnings and revenue, the stock lost 13% after the online car-selling platform posted weak guidance for its current quarter. CarGurus sees earnings of between 24 cents and 29 cents per share and revenue between $201 million and $221 million, while analysts polled by LSEG had expected 31 cents per share on $236 million in revenue. Hims & Hers — Shares soared 19% after the telehealth company posted strong current-quarter outlook and beat analyst forecasts for its fourth-quarter earnings and revenue. The company reported earnings of 1 cent per share and $247 million in revenue, while analysts polled by LSEG predicted a loss of 2 cents on revenue of $246 million. Macy's — The department store giant's shares lost 3% after the company posted quarterly revenue that came in just under analysts' estimates — $8.12 billion versus $8.15 billion expected, according to LSEG — and forecast another year of stagnant sales. The company also reported a decline of 4.2% in same store sales versus the 5.8% decline analysts expected. Lowe's — Shares of the home improvement retailer fell about 2% premarket despite posting better-than-expected earnings after the company reported a drop in sales during the fourth quarter and said it expects they'll fall again during its current fiscal year. Lowe's revenue came in at $18.60 billion, while analysts were expecting $18.45 billion, according to LSEG. AutoZone — The automotive retailer popped 3% after beating earnings and revenue expectations for its fiscal second quarter. AutoZone's earnings of $28.89 per share topped the $26.28 per share analysts had anticipated, according to LSEG. The company's $3.85 billion revenue was also higher than the anticipated $3.84 billion. Cava — Shares popped 8% a day after the Mediterranean restaurant chain reported an earnings and revenue beat for the fourth quarter. Cava's revenue soared 52% from the prior year quarter to $175.5 million, versus the $174.3 million expected from analysts polled by FactSet. Cava's full-year guidance EBITDA also topped estimates. Roku — Shares of the streaming device company fell 2.5% after a downgrade to underweight from equal weight by Wells Fargo. Roku's growth could be hurt by Walmart's acquisition of Vizio, according to Wells Fargo. PPG Industries — Shares dipped slightly after Barclays downgraded the paint and coating maker to equal weight from overweight following PPG Industries' announcement it will review strategic alternatives for architectural coatings business in the U.S. and Canada. Barclays said the company disclosed North American architectural business that is "performing much weaker-than-anticipated." Viking Therapeutics — Shares soared more than 100% after the clinical-stage biotech firm, which works on anti-obesity drugs, announced that it had met primary and secondary endpoints in its Phase 2 GLP-1 study. Specifically, its Phase 2 VENTURE trial demonstrated that all patients receiving the VK2735 treatment had significant reduced their body weight versus the placebo group. The next step for Viking includes moving forward with the FDA to begin developing VK2735. — CNBC's Michelle Fox, Tanaya Macheel, Sarah Min and Jesse Pound contributed reporting.