Deckers Outdoor Soars on Strong Q2 Earnings, While Capri Holdings Plunges on Merger Block
The stock market is buzzing this morning, with several companies making significant moves in pre-market trading. Leading the charge is Deckers Outdoor Corporation (DECK), whose shares jumped a remarkable 14% to $173.31 after the company delivered better-than-expected second-quarter financial results.
Deckers, known for its casual footwear and apparel brands, reported revenue of $1.31 billion, surpassing analyst estimates of $1.2 billion. The company also exceeded earnings expectations, posting $1.59 per share compared to the projected $1.23 per share, according to Benzinga Pro.
However, not all pre-market action was positive. Capri Holdings Limited (CPRI) experienced a sharp decline of 47.1% to $22.01 after a judge blocked the company’s pending merger with Tapestry, Inc. (TPR). This news sent shockwaves through the market, as the merger was widely anticipated and seen as a strategic move for both companies.
Other Notable Pre-Market Movers:
Several other companies saw notable gains in pre-market trading:
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Safe & Green Holdings Corp. (SGBX):
Shares surged 108.5% to $2.19 after experiencing a dip on Thursday.*
ARB IOT Group Limited (ARBB):
The company saw its stock rise 83.9% to $0.6070, rebounding from a Thursday decline.*
Jeffs’ Brands Ltd (JFBR):
Shares climbed 60.6% to $0.44 after the company announced a 180-day extension to regain Nasdaq compliance.*
Faraday Future Intelligent Electric Inc. (FFIE):
The electric vehicle company saw its stock jump 31% to $2.62 following a strategic expansion partnership with the UAE’s Royal Family in Ras Al Khaimah.*
Lyell Immunopharma, Inc. (LYEL):
The biotechnology company’s shares increased 24.7% to $1.37 after announcing the acquisition of ImmPACT Bio.Losers:
In addition to Capri Holdings, several companies experienced pre-market declines:
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Monopar Therapeutics Inc. (MNPR):
Shares fell 21.8% to $25.50 after a significant surge on Thursday following an agreement with Alexion, AstraZeneca Rare Disease.*
Hepion Pharmaceuticals, Inc. (HEPA):
The company saw a 20.2% decline to $0.58, reversing some of Thursday’s gains.*
Coursera, Inc. (COUR):
Shares dipped 19.2% to $6.16 after the company issued disappointing fourth-quarter revenue guidance and cut its FY24 revenue guidance.These pre-market movements provide insights into the current market sentiment and highlight the impact of earnings reports, mergers, and other key announcements on stock prices. Investors will be closely watching how these trends play out throughout the trading day.