Stem Reports Downbeat Results, Joins Sprout Social, Cloudflare And Other Big Stocks Moving Lower In Friday's Pre-Market Session
U.S. stock futures were higher this morning, with the Dow futures gaining over 250 points on Friday.
Shares of Stem, Inc. (NYSE:STEM) shares fell sharply in today's pre-market trading after the company reported worse-than-expected first-quarter financial results and cut its FY24 revenue guidance.
Stem posted a quarterly loss of 46 cents per share, versus market expectations for a loss of 21 cents per share. The company's quarterly sales came in at $25.47 million missing estimates of $57.11 million, according to data from Benzinga Pro.
Stem shares dipped 18.7% to $1.55 in pre-market trading in pre-market trading.
Here are some big stocks recording losses in today's pre-market trading session.
- Sprout Social, Inc. (NASDAQ:SPT) shares declined 25.2% to $36.00 in pre-market trading after the company reported worse-than-expected first-quarter revenue results.
- Cloudflare, Inc. (NYSE:NET) fell 14% to $76.50 pre-market trading after the company reported first-quarter financial results and issued FY24 revenue guidance below estimates.
- Trupanion, Inc. (NASDAQ:TRUP) shares declined 13% to $20.68 in pre-market trading following first-quarter results.
- Adient plc (NYSE:ADNT) dipped 12.3% to $26.51 in pre-market trading after the company posted second-quarter results and lowered its FY24 outlook.
- BigBear.ai Holdings, Inc. (NYSE:BBAI) shares fell 12.1% to $1.52 in pre-market trading after the company reported worse-than-expected first-quarter financial results.
- Expedia Group, Inc. (NASDAQ:EXPE) shares declined 10.1% to $121.92 in pre-market trading after the company lowered its full-year guidance.
- Open Text Corporation (NASDAQ:OTEX) shares fell 9.8% to $32.00 in pre-market trading following third-quarter results. BMO Capital downgraded the stock from Outperform to Market Perform and lowered its price target from $50 to $38.
- Fortinet, Inc. (NASDAQ:FTNT) fell 8.3% to $59.81 pre-market trading after the company reported its first-quarter financial results.
- Custom Truck One Source, Inc. (NYSE:CTOS) fell 7.5% to $4.5304 in pre-market trading after the company reported worse-than-expected first-quarter financial results and cut its FY24 revenue outlook.
- Cryoport, Inc. (NASDAQ:CYRX) fell 6.7% to $16.00 in pre-market trading. B. Riley Securities analyst Yuan Zhi downgraded CryoPort from Buy to Neutral and lowered the price target from $22 to $19.
- Fluor Corporation (NYSE:FLR) fell 6.4% to $38.57 in pre-market trading following weak first-quarter earnings.
- Coinbase Global, Inc. (NASDAQ:COIN) declined 4.4% to $218.80 in pre-market trading following first-quarter earnings.
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