U.S. stock futures are pointing towards a positive start to the trading day, with the Dow futures gaining over 1% on Thursday. However, while the overall market seems optimistic, pre-market trading saw some notable losses for several companies.
Steelcase Inc. (SCS) shares fell sharply after the company reported disappointing second-quarter revenue results. While Steelcase exceeded earnings expectations, reporting 39 cents per share compared to the analyst consensus of 37 cents, its revenue of $855.8 million fell short of the anticipated $864.1 million. As a result, Steelcase shares dipped 8.9% to $12.85 in pre-market trading.
Other companies experiencing losses in pre-market trading include:
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Progyny, Inc. (PGNY)
: Shares dropped 23.2% to $18.78.*
Veea Inc. (VEEA)
: Shares fell 15.8% to $10.31, despite a significant jump on Wednesday following the announcement of a strategic partnership with Crowdkeep.*
Eldorado Gold Corporation (EGO)
: Shares declined 4.9% to $16.23.*
Instil Bio, Inc. (TIL)
: Shares fell 3.2% to $64.02, even after announcing its global registrational strategy for its PD-L1xVEGF bispecific antibody.*
American Healthcare REIT, Inc. (AHR)
: Shares declined 3% to $23.79, following the pricing of its upsized public offering of 17.4 million common shares.*
Applied Therapeutics, Inc. (APLT)
: Shares fell 2.6% to $7.65, despite a significant jump on Wednesday after the FDA communicated that an advisory committee meeting would no longer be required for its drug.*
Hertz Global Holdings, Inc. (HTZ)
: Shares fell 1.6% to $3.64.While the pre-market losses for these companies may cast a shadow on the overall market sentiment, it’s important to note that these fluctuations are common and do not necessarily reflect a broader market trend. The trading day is still young, and we will be watching closely to see how the market reacts to these developments.
