Alphabet, Texas Instruments, CoStar Group And Other Big Stocks Moving Lower In Wednesday's Pre-Market Session
Portfolio Pulse from Lisa Levin
Several US stocks recorded losses in Wednesday's pre-market trading session. Vicor Corporation, Alphatec Holdings, IDEAYA Biosciences, SunPower Corporation, CoStar Group, ImmunityBio, Teladoc Health, Alphabet Inc., and Texas Instruments Incorporated all saw their shares decline. The reasons for the declines varied, with some companies reporting worse-than-expected sales results, others pricing public offerings, and some restating financial statements.
October 25, 2023 | 9:49 am
News sentiment analysis
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NEGATIVE IMPACT
Alphatec Holdings shares declined 14.5% in pre-market trading after pricing underwritten public offering of 14.3 million common shares.
The company's decision to price an underwritten public offering likely led to dilution of shares, causing the stock price to drop.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
CoStar Group shares fell 9.5% in pre-market trading after reporting worse-than-expected Q3 sales results and issuing FY23 guidance below estimates.
The company's worse-than-expected Q3 sales results and lower FY23 guidance likely disappointed investors, causing the stock price to drop.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Alphabet shares fell 6.8% in pre-market trading despite reporting better-than-expected earnings and sales results for Q3, due to downbeat performance for its cloud computing unit.
Despite better-than-expected Q3 results, the downbeat performance of Alphabet's cloud computing unit likely disappointed investors, causing the stock price to drop.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
ImmunityBio shares declined 8.3% in pre-market trading after jumping over 25% on Tuesday.
The stock price is likely correcting after a significant jump on Tuesday.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
IDEAYA Biosciences shares fell 11.9% in pre-market trading after announcing pricing of public offering.
The company's announcement of a public offering likely led to dilution of shares, causing the stock price to drop.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
SunPower Corporation shares declined 9.5% in pre-market trading as the company plans to restate financial statements.
The company's decision to restate financial statements likely led to uncertainty among investors, causing the stock price to drop.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Teladoc Health shares fell 7% in pre-market trading after posting downbeat Q3 sales and issuing weak sales forecast for the current quarter.
The company's downbeat Q3 sales and weak sales forecast for the current quarter likely disappointed investors, causing the stock price to drop.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Texas Instruments shares fell 5.4% in pre-market trading after reporting worse-than-expected Q3 sales results and issuing Q4 revenue guidance below estimates.
The company's worse-than-expected Q3 sales results and lower Q4 revenue guidance likely disappointed investors, causing the stock price to drop.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Vicor Corporation shares dipped 20.8% in pre-market trading after reporting Q3 results.
The company's Q3 results likely did not meet investor expectations, leading to a drop in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100