Stocks making the biggest moves in the premarket: Netgear, Zendesk, WeWork and more
Take a look at some of the biggest movers in the premarket:
Netgear (NTGR) – Netgear tumbled 10.6% in premarket trading after the networking equipment maker reported weaker-than-expected preliminary results for the quarter that ended April 3. Netgear also cut its current-quarter revenue forecast, pointing to a weaker U.S. market for WiFi equipment.
Zendesk (ZEN) – Zendesk jumped 6.1% in premarket trading following a Bloomberg report that the customer service software developer is exploring a possible sale. Zendesk is said to have hired adviser Qatalyst Partners to assist in the process.
WeWork (WE) – WeWork rallied 5.4% in the premarket after the office-sharing company's stock was rated «overweight» in new coverage at Piper Sandler. The firm points to confidence in WeWork's path to profitability and how well the flexible office model fits a post-Covid world.
Acadia Pharmaceuticals (ACAD) – Acadia Pharmaceuticals slid 7.7% in premarket action after the drugmaker said its experimental drug to treat post-operative pain did not meet its primary goal in a Phase 2 study.
Johnson & Johnson (JNJ) – Johnson & Johnson beat estimates by 11 cents a share, with quarterly earnings of $2.67 per share. Revenue came in slightly below forecasts. J&J also suspended sales guidance for its Covid-19 vaccine due to a global supply surplus, and announced a 6.6% dividend hike. Shares initially fell more than 3% in the premarket but subsequently erased those losses.
Travelers (TRV) – Travelers' shares were volatile in premarket trading, moving between gains and losses after the insurance company beat estimates on the top and bottom lines for its latest quarter. Travelers earned $4.22 per share compared to the $3.57 a share consensus forecast,
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