Business

GameStop, T-Mobile, Sonos and more

Check out the companies that make headlines before the call:

GameStop (GME) – GameStop is up 14.3% in premarket trading on reports that a video game retailer is creating a new division that will focus on partnerships with cryptocurrencies and NFTs.

T-Mobile (TMUS) – T-Mobile reported a net increase of 844,000 postpaid subscribers in the fourth quarter, bringing the total number of new subscribers in 2021 to about 2.9 million. The wireless service provider’s fourth-quarter performance was below the consensus of 868,000, and the stock fell 1.8% in pre-market trading.

STMicroelectronics (STM) – STMicro released preliminary fourth-quarter earnings, which were higher than analysts had expected. The chipmaker posted sales of $ 3.56 billion, up from the consensus forecast of $ 3.41 billion, amid growing demand and shortages of chips worldwide. STMicro shares jumped 4.2% premarket.

Sonos (SONO) – Shares in the speaker manufacturer rose 4% premarket after the International Trade Commission ruled that Alphabet-owned Google violated certain Sonos audio patents in its Nest speakers. Google plans to appeal this decision.

Quidel (QDEL) – Quidel said it expects to report revenue of $ 633 million to $ 637 million for the fourth quarter, well above the $ 466 million consensus forecast. The diagnostic company is capitalizing on increased demand for its Covid-19 tests, as well as tests for other diseases. Quidel gained 4.8% on premarket.

DraftKings (DKNG) – Shares of the betting company surged 2% in premarket ahead of the launch of legal mobile sports betting in New York State on Saturday morning.

Visa (V) – Visa fell 1.4% premarket after Mizuho downgraded the stock to Neutral from Buy. Mizuho cites what it sees as an irreversible reduction in the “cash-to-card runway” as well as increased competition.

Trade Desk (TTD) – A software ad technology provider has been promoted to Buy from Hold at Jefferies based on a number of key catalysts, including conservative consensus estimates and a new partnership with Walmart. The shares gained 4.6% premarket.

Discovery (DISCA) – The media company has been upgraded to Buy from Neutral at BofA Securities, which believes Discovery’s upcoming merger with WarnerMedia could create a “global media center.” Discovery added 3.8% premarket.

New York Times (NYT) – The newspaper’s publisher announced a $ 550 million deal to buy sports news site The Athletic following earlier reports of the completion of the deal. The New York Times shares fell 1.4% in the premarket.

Acuity Brands (AYI), a building management systems provider, posted adjusted quarterly earnings of $ 2.85 per share, beating the consensus of $ 2.41, with revenue also beating Wall Street’s forecasts. Acuity Brands said the company has performed well in the face of supply chain challenges and unpredictable market conditions.


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