Peloton, Novavax, Vroom and more

Take a look at some of the biggest movements in the advance market:

Peloton (PTON) – The Peloton share plunged 25.8% in the advance market after the training equipment manufacturer reported a larger-than-expected quarterly loss and estimated sales for the current quarter below estimates due to softer demand.

Novavax (NVAX) – Novavax fell 23% in pre-market trading after the vaccine manufacturer missed both top- and bottom-line estimates for its last quarter. The miss comes as Novavax sent just 31[ads1] million Covid-19 vaccine doses during the quarter, which put it well ahead of the estimated 2 billion shots for 2022. However, Novavax reiterated its previous revenue forecast for 2022 and said they expected vaccine sales would accelerate during the current quarter.

Vroom (VRM) – Vroom increased by 38% in pre-market trading after the seller of used cars online posted a smaller-than-expected quarterly loss and revenue that exceeded analyst estimates. Vroom also announced that CEO Thomas Shortt would become CEO, replacing Paul Hennessey, as well as unveiling a restructuring that will eliminate around 270 jobs.

Biohaven Pharmaceutical (BHVN) – The migraine medicine manufacturer agreed to be bought by Pfizer (PFE) in a deal worth 11.6 billion dollars, which resulted in a 72% increase in shares before the market. Biohaven shareholders will receive $ 148.50 per share in cash, plus a half share in a new listed company that will hold some of the Biohaven medicines that are still under development. Pfizer, which had a 2.6% stake in Biohaven before the announcement of the agreement, fell 1.4%.

Aramark (ARMK) – The food service company’s shares increased by 2.3% in the advance market, following the news that it would distribute its unified service unit in a separate company. Separately, Aramark reported quarterly results that matched estimates, with revenue above consensus.

Edgewell Personal Care (EPC) – The manufacturer of personal care products such as Schick razors and Edge shaving cream fell 6 cents per share without estimates, with a quarterly income of 50 cents per share. Edgewell also raised its sales guidance for the year, but lowered its earnings guidance as inflationary pressures persist.

Norwegian Cruise Line (NCLH) – Norwegian shares increased by 1.6% in pre-market trading after saying that orders now exceeded pre-pandemic levels. Norwegian reported a quarterly loss of 1.82 dollars per share, larger than the loss of 1.53 dollars that analysts expected.

Upstart (UPST) – Upstart fell 51.2% in the advance market despite better-than-expected quarterly results. The decline comes as the AI-powered lending platform operator cut its outlook, saying the current macroeconomic environment is likely to negatively impact lending volume.

AMC Entertainment (AMC) – AMC increased by 6.8% in the advance market after reporting a smaller than expected quarterly loss as well as revenues that exceeded analysts’ forecasts. AMC was helped by the release of popular, high-budget films such as “The Batman,” noting a jump in revenue per customer above pre-pandemic levels.

Trex (TREX) – Trex gained 3.3% in premarket action after the manufacturer of outdoor terrace and railing materials reported better-than-expected quarterly results. Trex continues to benefit from increased demand from consumers who want to renovate outdoor spaces in their homes.

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