Qualcomm, PayPal, Etsy And Other Big Stocks Moving Lower In Thursday's Pre-Market Session
Portfolio Pulse from Lisa Levin
Several US stocks traded lower in Thursday's pre-market session. Notable declines include American Superconductor Corporation (AMSC), DXC Technology Company (DXC), Schrödinger, Inc. (SDGR), STAAR Surgical Company (STAA), The Cheesecake Factory Incorporated (CAKE), QuantumScape Corporation (QS), American Well Corporation (AMWL), QUALCOMM Incorporated (QCOM), PayPal Holdings, Inc. (PYPL), Kimbell Royalty Partners, LP (KRP), Etsy, Inc. (ETSY), Robinhood Markets, Inc. (HOOD), and MGM Resorts International (MGM). Reasons for the declines vary from disappointing quarterly results to downgrades by analysts.
August 04, 2023 | 12:53 pm
News sentiment analysis
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NEGATIVE IMPACT
AMSC shares tumbled 21% in pre-market trading. The company is projected to release its Q1 FY2023 financial results on Aug. 9, 2023.
The sharp decline in AMSC's share price could be due to investor uncertainty ahead of the company's upcoming financial results.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
AMWL shares declined 10.4% in pre-market trading following downbeat Q2 results.
The decline in AMWL's share price is likely due to the company's downbeat Q2 results, which may have not met investor expectations.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
CAKE shares declined 12.1% in pre-market trading following weaker-than-expected quarterly sales.
CAKE's share price decline is likely due to the company's weaker-than-expected quarterly sales, which may have disappointed investors.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
DXC shares dipped 19.4% in pre-market trading after the company reported worse-than-expected Q1 results and issued a below-consensus outlook.
The decline in DXC's share price is likely due to the company's disappointing Q1 results and a below-consensus outlook, which may have shaken investor confidence.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
ETSY shares fell 7.7% in pre-market trading following Q2 results. Bernstein downgraded ETSY from Outperform to Market Perform.
The decline in ETSY's share price is likely due to the company's Q2 results and a downgrade by Bernstein, which may have negatively impacted investor sentiment.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
HOOD shares fell 6.6% in pre-market trading following Q2 results.
The decline in HOOD's share price is likely due to the company's Q2 results, which may have not met investor expectations.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
KRP shares fell 8.1% in pre-market trading as the company announced pricing of $101.5 million upsized public offering of 7.25 million common units at a price of $14 per unit.
The decline in KRP's share price is likely due to the company's announcement of a $101.5 million upsized public offering, which may dilute existing shares.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
MGM shares declined 6.6% in pre-market trading following quarterly results.
The decline in MGM's share price is likely due to the company's quarterly results, which may have not met investor expectations.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
PYPL shares declined 8.3% in pre-market trading. The company reported upbeat earnings and sales results for its Q2, but saw a sequential decline in active accounts.
The decline in PYPL's share price is likely due to the company's sequential decline in active accounts, which may have overshadowed its upbeat Q2 results.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
QCOM shares fell 8.7% in pre-market trading. The company reported better-than-expected earnings for its Q3, while sales missed estimates. Deutsche Bank downgraded QCOM from Buy to Hold.
The decline in QCOM's share price is likely due to the company's mixed Q3 results and a downgrade by Deutsche Bank, which may have negatively impacted investor sentiment.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
QS shares fell 10.8% in pre-market trading after the company announced a $300 million proposed public offering.
The decline in QS's share price is likely due to the company's announcement of a $300 million proposed public offering, which may dilute existing shares.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
SDGR shares declined 17.3% in pre-market trading after posting a wider-than-expected quarterly loss.
SDGR's share price decline is likely due to the company's wider-than-expected quarterly loss, which may have negatively impacted investor sentiment.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
STAA shares fell 14.7% in pre-market trading following Q2 results.
The decline in STAA's share price is likely due to the company's Q2 results, which may have not met investor expectations.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100