Stocks with Large Pre-market Moves
- Premarket trading reveals significant moves in stock prices.
- Workday and Chewy among the companies experiencing notable shifts.
- Investors should closely monitor these stocks for potential opportunities.
On August 23, 2024, several companies made headlines in pre-market trading, reflecting significant movements in their stock prices. Chewy, the pet retailer, saw its stock rise over 2% following an upgrade from Piper Sandler, which changed its rating from neutral to outperform. This positive shift indicates growing confidence in Chewy's market performance. In contrast, Peloton's shares fell approximately 2.4% after a remarkable 35% surge the previous day, driven by strong quarterly results that marked a return to sales growth for the first time in nine quarters. Despite the positive earnings, Peloton's outlook for the upcoming year remains mixed, as the company navigates ongoing challenges, particularly in its cost management strategies. Bill.com reported adjusted earnings of 57 cents per share on revenue of $344 million, surpassing analysts' expectations of 46 cents per share on $328 million. The company also announced a $300 million stock buyback plan, signaling confidence in its financial health. Meanwhile, Ross Stores experienced a rally of over 5% after exceeding earnings estimates by 9 cents per share and matching revenue expectations of $5.25 billion. Workday also made headlines with a significant 12.7% increase in its stock price, following better-than-expected results for its fiscal fourth quarter. The company reported adjusted earnings of $1.75 per share on revenue of $2.09 billion, further solidifying its position in the human capital management sector.