Stocks – Expedia, Nvidia Surge on Strong Results in Premarket

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By Geoffrey Smith

Stocks in focus in premarket trade on Friday, February 14th. Please refresh for updates.

8:56 AM ET: Roku (NASDAQ:) stock rose 8.2% to its highest in over two months after the maker of streaming devices reported revenue rose 49% in the fourth quarter to $411 million, well ahead of forecasts.

The company’s guidance of $1.6 billion for 2020 revenue was also above expectations.

8:45 AM ET: Tesla (NASDAQ:) stock fell 2.4% to $784.99 after the company said it priced its secondary share sale at $767. That represents a 4.6% discount to Thursday’s closing price of $804.

  • 8:43 AM ET: Canopy Growth (NYSE:) stock soared 22% to a two-week high after results for its fiscal third-quarter beat forecasts on both top and bottom lines.
  • Higher sales, improved gross margins and cost-cutting led it to cut its underlying EBITDA loss to $92 million, some 40% less than the previous three months.
    • The results also lifted rivals in the cannabis space. Tilray (NASDAQ:) stock rose 8.9% while Aurora Cannabis (NYSE:) rose 8.2%.
    • 08:30 AM ET: NVIDIA (NASDAQ:) stock rose 6.1% after the company’s earnings per share came in some 14% higher than consensus forecasts thanks to strong demand for its data center and gaming chips.
  • Revenue also came in some 5% above expectations, and the company’s guidance for the current quarter was also more optimistic than the Street’s, despite its prediction of a $100 million hit to sales in China in the current quarter due to the Covid-19 outbreak.
    • Expedia (NASDAQ:) stock rose 11.7% after the online travel agent reported earnings some 4% ahead of forecasts in the final quarter of 2019.
  • Market participants were more interested, however, in the group’s cost-cutting plan. It said it expected to shave as much as $500 million off annual operating costs. Consequently, it expects EBITDA to grow by more than 10% this year, despite expected impacts from Covid-19.
  • Expedia (NASDAQ:) stock is now only 10% below where it was before it spooked the market with its third-quarter report.
    • Pinterest (NYSE:) stock fell 2.9% after Facebook (NASDAQ:) unveiled a copycat app called “Hobbi”, potentially exposing it to greater competition.
  • Facebook (NASDAQ:) stock was up 0.7%, undeterred by the prospect of higher spending on the new project.
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