Stocks making the biggest moves in the premarket: Zillow, Revance Therapeutics, Albertsons and more

Asia's Tech News Daily

Take a look at some of the biggest movers in the premarket:

Zillow (Z) – Zillow slid 6.4% in premarket trading, following a Bloomberg report that the company has temporarily stopped its home-buying service due to overwhelming demand.

Revance Therapeutics (RVNC) – Revance shares plunged 33.2% in the premarket after the Food and Drug Administration declined to approve an injectable treatment for facial lines, noting deficiencies following the FDA's inspection of manufacturing facilities. The company said no other concerns were raised in the FDA's response. The treatment is seen as a possible competitor to the best-selling treatment Botox.

Walt Disney (DIS) – Disney lost 1.8% in the premarket after Barclays downgraded the stock to “equal weight” from “overweight,” citing concerns about a significant slowdown in growth for the Disney+ streaming service.

Albertsons (ACI) – The supermarket operator earned 64 cents per share for its latest quarter, beating the 45 cents a share consensus estimate. Revenue also topped Wall Street forecasts. Albertsons increased its quarterly dividend by 20% to 12 cents per share. Its shares jumped 3.6% in premarket action.

Netflix (NFLX) – Netflix estimates the value of its hit series “Squid Game” at nearly $900 million, according to an internal document seen by Bloomberg. The series cost just $21.4 million to produce.

Philips (PHG) – Philips reported lower-than-expected sales for the third quarter, and the Dutch medical technology company lowered its sales and profit outlook for the full year. Philips is taking a hard hit from a respirator recall and a global shortage of electronic components. Its shares fell 2.1% in the premarket.

Stellantis (STLA) – Stellantis is forming a joint venture with South Korean battery maker LG Energy Solution to produce batteries and components for the North American market. The batteries will be produced at the automaker's plants in the U.S., Canada and Mexico. Stellantis shares slid 1% in premarket trading.

Goldman Sachs (GS) – Goldman received approval from China regulators to take full ownership of a local securities unit. Goldman did not disclose how much it paid for the 49% it did not own in the business that it has co-owned since 2004.

Biogen (BIIB) – The drugmaker said a late-stage trial of an experiment ALS treatment did not reach its primary goal, but noted favorable trends in other measures of progress toward treating the fatal disease. Its shares lost 1% in premarket action.

Southwest Airlines (LUV) – Southwest asked a federal court to reject an effort by its pilots to block the airline from enforcing a Covid vaccine mandate. The pilots union said Southwest changed work rules unilaterally without negotiating first.

NetApp (NTAP) – NetApp was downgraded to “sell” from “neutral” at Goldman Sachs, which cites the 2022 IT spending environment. It also cut its price target for the cloud computing company's stock to $81 per share from $85. NetApp shares fell 2.2% in premarket trading.

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