Daniel Balakov
Stock futures were largely unchanged in premarket action on Tuesday, with the FOMC set to begin its penultimate meeting of 2023.
Here are some of Tuesday’s biggest stock movers:
Biggest stock gainers
Pinterest (NYSE:PINS) shares jumped over 16% following upbeat Q3 results, with average revenue per user rising 5% in the U.S. and Canada, 26% in Europe, and 16% in the rest of the world. Global monthly active users rose by 8% to 482M, vs. 473.5M expected. For Q4, the company expects revenue growth in the range of 11%–13% Y/Y.
Following mixed Q1 results, Wolfspeed (NYSE:WOLF) shares rose 11% after expecting an in-line Q2 outlook. The company expects revenue from continuing operations to be between $192M and $222M, compared to the average analyst expectation of $207.04M, and non-GAAP EPS to be between -$0.56 and -$0.70, compared to the consensus of -$0.69.
Biggest stock losers
Energy giant, BP (NYSE:BP), witnessed a 5% drop in its shares following downbeat Q3 financial results. The company reported weaker-than-expected profits of $3.3B with revenue falling about 6.6% Y/Y. Additionally, BP extended its $1.5B share repurchase program and revised its FY2023 Capex outlook to $16B.
Despite exceeding market expectations in Q3, Lattice Semiconductor (NASDAQ:LSCC) shares fell more than 18% on a lower-than-expected Q4 revenue projection. The company anticipates Q4 sales to be between $166M and $18M, which is less than the consensus of $195.66M.
PetMed Express (NASDAQ:PETS) shares plunged as much as 25% after missing the consensus mark in Q2 results and suspending dividends, despite new customers growing by 25% Y/Y. The Board of Directors and management chose to suspend the quarterly dividend in order to invest directly in the business, with an emphasis on organic and inorganic expansion initiatives.
Amkor Technology (NASDAQ:AMKR) shares tumbled almost 17% after its Q4 earnings forecast fell short of analyst expectations. Outperforming the expectation in Q3 with 25% Y/Y revenue growth, the company forecast net sales between $1.625B and $1.725B, substantially lower than the consensus of $1.87B, and EPS between $0.32 and $0.49, compared to the consensus of $0.63.
