Enbridge, Roku, Gitlab And More Stocks Move Significantly Premarket

(CTN News) – After cutting 10% of its staff, Roku’s stock jumped 12.5%. The company also raised its revenue guidance, saying it now expects revenue to range between $835 million and $875 million. Aside from reducing its workforce,

Roku plans to consolidate its office space and review its content slate.

Zscaler – The cloud security company lost 1.2% after reporting better-than-expected earnings and strong guidance for the current quarter. Analysts polled by LSEG, formerly known as Refinitiv, expected Zscaler to earn 49 cents per share.

Revenue for Roku also exceeded expectations by $25 million, coming in at $455 million. Additionally, the cybersecurity company said earnings and revenue will exceed analysts’ expectations.

Dominion Energy, Enbridge – Enbridge shares fell 7.1% premarket after Dominion announced Tuesday it would sell its three natural gas distribution companies to Enbridge for $9.4 billion.

Needham upgraded ResMed to buy from hold after upgrading the medtech device company. In the third quarter, ResMed, which makes CPAP devices for sleep apnea, lost 30% of its market value due to fears about weight-loss drugs.

Postmarket Tuesday, shares of the Roku technology platform Gitlab jumped 6.5% in premarket trading. In contrast, analysts polled by LSEG anticipated a loss of 3 cents per share and revenue of $130 million for GitLab. Analysts had expected the company to beat its revenue forecast for the current quarter.

In a Wednesday note, UBS Roku upgraded Toast shares from neutral to buy, citing improved prospects for quarterly net new additions and higher margins.

Despite a strong report and outlook, Asana’s stock fell 5.7%. On $162.5 million in revenue, Asana earned 4 cents per share, while analysts expected 11 cents. Accordingly, the company now expects a loss of 39 to 43 cents per share for the full year, down from 50 to 55 cents previously.

Southwest Airlines – The Dallas-based carrier’s shares fell more than 4% after the company said August bookings were below expectations. According to Southwest, third-quarter revenue per average seat mile will be at the low end of its previous guidance. Fuel costs have also increased.

Artificial intelligence software company C3.ai rose 1.5% ahead of its earnings report due after the close Wednesday. In the second quarter, analysts expect an adjusted loss of 12 cents per share on revenue of $73.8 million. In the third quarter, an Roku adjusted loss of 4 cents per share on revenue of $78 million.

A 0.8% gain was reported by Novo Nordisk’s shares premarket. Wegovy, the Danish company’s weight loss drug, was launched in the United Kingdom last Monday, advancing the drug’s rollout in Europe.

In its fiscal first quarter, AeroVironment beat analysts’ expectations by 15.8%. The company earned $1 per share on $152 million in revenue, compared with 26 cents per share expected by LSEG.

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