The U.S. stock market is starting the day on a positive note, with Nasdaq futures gaining around 0.3% on Friday. However, a wave of pre-market losses is hitting several companies, casting a shadow over the early optimism.
Capri Holdings Merger Blocked, Shares Plummet
One of the biggest pre-market stories involves Capri Holdings Limited (CPRI). The company’s shares have taken a sharp tumble following a court decision blocking its pending merger with Tapestry. After an eight-day trial, a U.S. judge ruled against the merger, citing concerns that it would stifle competition in the U.S. handbag market, according to Reuters. This ruling has sent Capri shares plummeting by a staggering 47.1% to $22.01 in pre-market trading.
Pre-Market Losers: Coursera, The Bancorp, and More
Beyond Capri Holdings, several other companies are experiencing significant losses in the pre-market session. Coursera, Inc. (COUR) shares have dropped 19.2% to $6.16 after the company provided fourth-quarter revenue guidance that fell short of analyst expectations. To add to the woes, Coursera also reduced its full-year 2024 revenue forecast.
The Bancorp, Inc. (TBBK) is another company facing pre-market pressure, with shares down 15.4% to $46.51. This decline comes on the heels of disappointing quarterly results.
Other companies experiencing pre-market losses include:
* Joby Aviation, Inc. (JOBY): Shares dipped 8.1% to $5.55 after the company announced a public offering of common stock.
* Tevogen Bio Holdings Inc. (TVGN): Shares fell 7.8% to $2.36 following the announcement that its Tevogen AI initiative has joined Microsoft for Startups.
* DexCom, Inc. (DXCM): Shares dropped 6.6% to $69.89 after the company released its third-quarter results.
* Sibanye Stillwater Limited (SBSW): Shares declined 4.6% to $4.73 after surging more than 12% on Thursday.
* The Boston Beer Company, Inc. (SAM): Shares fell 4% to $289.80 following the release of its third-quarter earnings.
* Masimo Corporation (MASI): Shares dipped 4% to $135.23 ahead of its third-quarter earnings report, scheduled for Tuesday, Nov. 5.
The pre-market trading session is providing early insights into the day’s market dynamics, with a mix of positive futures and substantial losses for specific companies. Investors will be closely watching the opening bell and throughout the day to see how these pre-market trends translate into broader market movements.
