Virgin Galactic — Shares rose nearly 9% after the space tourism company beat third-quarter expectations. Virgin Galactic posted a loss of 28 cents per share, versus the 43 cents per share loss expected by analysts polled by LSEG. Revenue came in at $1.7 million, also beating the $1.1 million analyst consensus. The company posted strong fourth-quarter guidance, expecting revenue of $3 million versus $1.5 million. Virgin Galactic also said it plans to pause spaceflight operations next year to focus on developing its next-generation Delta-class spacecraft.
Krispy Kreme — Shares of the donut maker dropped 4.8% after the company fell short of expectations on earnings and revenue. Krispy Kreme reported earnings of 3 cents per share on revenue of $407 million, while analysts polled by LSEG expected earnings of 6 cents per share on $414 million in revenue.
Disney — Shares of the media conglomerate jumped 4.4% after Disney posted higher-than-expected earnings, thanks ESPN+ and growth at theme parks. Disney’s revenue for the quarter came up short, however, due to a decline in ad revenue.
Target — Shares gained 1% after Evercore ISI added the company to its tactical outperform list ahead of its earnings report next week. The firm said Target’s current share price, which is down about 28% year to date, reflects a softer consumer environment.
Valaris — The offshore drilling stock traded 1.5% higher after Barclays upgraded Valaris to overweight from equal weight and raised its price target. Although the company missed third-quarter estimates on the top and bottom line, Barclays raised its full-year EBITDA forecast for 2023 and 2024 to $131 million and $549 million, respectively.
Apellis Pharmaceuticals — The commercial-stage biopharmaceutical company added 1.8% after Goldman Sachs said the stock’s steep sell-off this year appears to be an overreaction. The firm initiated coverage of the stock with a buy rating, saying it anticipates an inflection in uptake for one of the company’s key drugs, Syfovre.
Lyft — Lyft shares dipped more than 1% in premarket trading. The ridesharing company reported third-quarter bookings of $3.55 billion, lower than the $3.90 billion anticipated by analysts polled by FactSet. Fourth-quarter bookings guidance also fell short of the consensus estimate.
Arm Holdings — Shares dropped 5.9% after the semiconductor technology company’s guidance came out below expectations. Arm — which posted its first post-initial public offering earnings after the close on Wednesday — said it expects current-quarter earnings to range between 21 cents per share and 27 cents per share.
Anheuser-Busch InBev — The U.S.-traded shares of the beermaker rose 1.7% in premarket trading after HSBC upgraded the company’s stock to buy from hold. The investment firm said that Anheuser-Busch doesn’t need Bud Light sales to rebound in order for the stock to rally.
Becton, Dickinson and Company — The medical technology company slid 5.8% after missing quarterly earnings estimates. Earnings came out at $3.42 per share, while analysts polled by LSEG had called for $3.43 per share in earnings. The company’s revenue was $5.09 billion for the period, surpassing analysts’ expectations of $5.02 billion.
Affirm Holdings — The fintech stock popped 14.1% after surpassing Wall Street’s first-quarter revenue expectations, reporting $496.5 million in revenue while analysts polled by FactSet held a forecast of $444.5 million for the quarterly period.
