Stocks – Expedia, Nvidia Surge on Strong Results in Premarket

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.

9 AM ET: Microsoft (NASDAQ:) stock and Amazon.com (NASDAQ:) stock were both down by 0.5% after a judge issued an injunction to stop Microsoft building Cloud-based infrastructure for the Pentagon’s JEDI project.

The $10 billion contract was the biggest-ever given by the U.S. government. Amazon objected that President Donald Trump had intervened against it out of personal spite.

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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.