Stock Market

Stocks making the biggest moves premarket: Block, Tupperware, Nikola and more

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An employee of Tupperware Brands Corporation is at work on the production line at the group’s plant in Joue-les-Tours, centre France, on the day of its 40th anniversary. AFP PHOTO / JEAN-FRANCOIS MONIER (Photo credit should read JEAN-FRANCOIS MONIER/AFP/Getty Images)
Jean-Francois Monier | AFP | Getty Images

Check out the companies making headlines before the bell Friday.

Apple — Shares of the tech giant dropped nearly 2.4% in premarket trading. The company reported earnings per share for the fiscal third quarter came at $1.26, above the $1.19 expected by analysts polled by Refinitiv. Apple’s revenue, which came in higher than anticipated, was down about 1% on a year-over-year basis, showing a decline for the third consecutive quarter as the company reported a decline in sales of its hardware products.

Block — Shares of the payments tech company slid more than 5% in premarket trading even after the firm reported second-quarter earnings and revenue above expectations. The company formerly known as Square reported earnings of 39 cents per share, beating expectations by 3 cents, according to Refinitiv. Revenue of $5.53 billion also came in higher than the expectation of $5.10 billion.

Coinbase — Shares of the crypto exchange fell 1.5% in early morning trading Friday after the company posted a narrower-than-expected loss of 42 cents a share late Thursday. Analysts polled by Refinitiv estimated a loss of 77 cents per share. Revenue also surpassed expectations, coming in at $708 million, versus analysts’ forecast for $633 million.

Amazon — The e-commerce giant popped more than 9% following a strong second-quarter results and upbeat revenue guidance for the current period. Amazon reported earnings of 65 cents a share, ahead of the 35 cents expected by analysts, per Refinitiv. Revenue rose 11% during the period and came in at $134.4 billion, ahead of the expected $131.5 billion.

Booking Holdings — The stock soared by more than 12% after Bookings Holdings said it expects gross bookings to grow in the third quarter. The online travel company also reported second-quarter adjusted earnings of $37.62 per share on revenue of $5.46 billion, while analysts polled by Refinitiv called for earnings of $28.90 per share on revenue of $5.17 billion. 

Nikola — Shares of the electric truck maker rose 1.9% after the company said late Thursday that it won shareholder approval to issue new stock. The vote will allow Nikola to raise additional funds to support the launch of a fuel-cell-powered electric semi truck and buildout of a hydrogen refueling network in the U.S. and Canada.

Fortinet — Fortinet tumbled 18.8% after posting a mixed second-quarter report and outlook. The cybersecurity company posted 38 cents in adjusted earnings per share on $1.29 billion in revenue, while analysts polled by Refinitiv had expected 34 cents per share on $1.3 billion. Fortinet similarly issued mixed guidance for the current quarter, with forecast earnings in line with expectations and revenue coming in softer than the Street’s expectations.

Tupperware Brands — The stock popped 56% before the bell Friday on news that the container maker finalized a debt restructuring deal, which it expects will help reduce or reallocate about $150 million of cash interest and fees. The deal would also give Tupperware immediate access to a revolving borrowing capacity of about $21 million, the company said Thursday. 

Opendoor Technologies — Shares dropped 10.3% after Opendoor Technologies issued weak third-quarter revenue guidance. The online home selling company estimates third-quarter revenue of $950 million to $1.0 billion, lower than the $1.36 billion expected by analysts polled by StreetAccount.

DraftKings — Shares of the digital gambling company gained 12% after DraftKings flew past analysts’ estimates in the second quarter. The company reported a loss of 17 cents per share on revenue of $875 million, surpassing analysts’ calls for a loss of 25 cents a share and $764 million in revenue, per Refinitiv.

— CNBC’s Tanaya Macheel, Yun Li and Sarah Min contributed reporting.

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