Take a look at some of the biggest movers in the premarket:
Zoom Video (ZM) – Zoom reported quarterly earnings of $1.36 per share, 20 cents a share above estimates. Revenue also beat forecasts and topped $1 billion for the first time. Growth rates have slowed from the meteoric levels seen as the pandemic began in 2020. Its shares plunged 11.3% in the premarket.
Robinhood (HOOD) – Robinhood fell another 2.8% in premarket trading, following a 6.9% Monday tumble. The trading platform operator saw its stock pressured after CNBC reported that PayPal (PYPL) was exploring the launch of its own stock trading platform, as well as SEC Chairman Gary Gensler’s comment that a ban of payment for order flow – which constitutes the bulk of Robinhood’s revenue – was “on the table.”
Designer Brands (DBI) – The footwear retailer formerly known as DSW reported quarterly earnings of 56 cents per share, compared to a 24 cents a share consensus estimate. Revenue was well above Wall Street forecasts. Comparable-store sales surged 84.9%, more than the 62.2% increase forecast by analysts surveyed by StreetAccount. Its shares surged 7.5% in premarket trading.
Chico’s FAS (CHS) – The apparel retailer’s shares rallied 4.5% after the company reported an unexpected quarterly profit. Chico’s earned 21 cents per share, compared to consensus estimates of an 8 cents per share loss. Revenue was also well above estimates. Chico’s said the results represented the company’s best second quarter in eight years.
Textron (TXT) – Textron added 1.8% in premarket action after Cowen upgraded the stock to “outperform” from “market perform,” based in part on robust business jet demand as well as an “underappreciated” oppor