Stocks making the biggest moves in the premarket: Caterpillar, Uber, Pinterest and more

Market Insider

Take a look at some of the biggest movers in the premarket:

Caterpillar (CAT) – The heavy equipment maker’s stock fell 3.7% in the premarket after its quarterly earnings beat forecasts but revenue was slightly short of consensus. Caterpillar’s sales were hurt by its exit from Russia as well as supply chain issues, and it also saw elevated costs during the quarter.

Uber Technologies (UBER) – Uber reported a quarterly loss of $1.33 per share, including the impact of a $1.7 billion headwind from a drop in the value of its investments. The ride-hailing company’s revenue did come in better than expected, and it turned cash flow positive for the first time. Its shares rallied 10.8% in premarket action.

Pinterest (PINS) – Pinterest shares soared 18.6% in premarket trading following its quarterly results and the news that activist investor Elliott Management is now the image-sharing site’s largest shareholder. Pinterest reported lower-than-expected earnings, but revenue was only slightly below forecasts and user numbers were somewhat better than expected.

Royal Caribbean (RCL) – Royal Caribbean fell 1.2% in premarket action after it announced the pricing of an upsized $1 billion debt offering. The cruise line operator will use the proceeds to refinance existing convertible notes.

Simon Property Group (SPG) – The shopping mall operator reported better-than-expected quarterly earnings, although its revenue was slightly below Street forecasts. Simon CEO David Simon said mall sales are doing well despite inflation concerns and that the company is positioned to do well in a potential recession. Simon shares added 2.2% in the premarket.

Cowen Group (COWN) – The financial services firm’s shares rallied 7.5% on news that it agreed to be acquired by TD Bank (TD) for $39 per share or $1.3 billion in cash.

Avis Budget (CAR) – The rental car company’s stock jumped 4% in premarket trading after it reported better-than-expected quarterly results. Avis Budget said it benefited from strong demand and “stringent” cost controls.

Arista Networks (ANET) – The cybersecurity firm reported better-than-expected profit and revenue for its most recent quarter and gave upbeat revenue guidance for the current period. Arista’s results got a boost from strong demand from cloud and data center customers, and its stock gained 5.4% in premarket action.

ZoomInfo Technologies (ZI) – The business software company’s stock surged 11.3% in the premarket after it reported better-than-expected quarterly results and raised its full-year guidance.

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