US stock futures started the day on a slightly negative note Tuesday morning, with the Dow futures dipping around 0.1%. The market’s early caution appears to be driven by disappointing results from Rubrik, Inc. (RBRK).
Rubrik’s shares took a sharp dive in pre-market trading after the company released its second-quarter earnings report. While Rubrik beat analyst expectations on both earnings and revenue, investors seemed unconvinced. The company reported a quarterly loss of 40 cents per share, exceeding the anticipated loss of 49 cents. Revenue came in at $204.951 million, surpassing the analyst consensus estimate of $196.209 million by 4.46%. Despite the positive figures, Rubrik shares dropped 8.1% to $29.45 in pre-market trading.
Rubrik wasn’t the only stock facing headwinds in the pre-market session. Here’s a snapshot of other notable pre-market losers:
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Ionis Pharmaceuticals Inc (IONS)
declined 7% to $44.98 after announcing a $500.3 million public offering of 11.5 million common shares at $43.50/share.*
Applied Digital Corporation (APLD)
shares dipped 6.2% to $6.17, following a 45% jump on Monday.*
VNET Group Inc – ADR (VNET)
shares fell 5.4% to $2.63.*
Hewlett Packard Enterprise Company (HPE)
shares dropped 5.2% to $16.69 after announcing a public offering of $1.35 billion (27 million shares) of Series C mandatory convertible preferred stock.*
Extreme Networks, Inc. (EXTR)
shares fell 4.6% to $13.00.*
PureTech Health plc (PRTC)
shares dipped 3.5% to $19.99, following a 6% gain on Monday.*
Dropbox Inc (DBX)
shares slipped 2.7% to $22.51.These pre-market movements suggest that investors may be taking a more cautious stance, potentially due to concerns surrounding interest rate hikes and broader economic uncertainty.
