Stocks making the biggest moves premarket: Honest Company, Rivian, Illumina and others
Honest Company (HNST) – Honest Company’s stock rose 1.6% in the premarket in spite of a wider-than-expected quarterly loss. The natural consumer products maker now sees a wider full-year loss than previously thought, due to cost pressures, but expects improvement as the year goes on, including positive adjusted earnings for the fourth quarter.
Rivian Automotive (RIVN) – Rivian shares fell 1% in premarket trading after the electric vehicle maker widened its loss estimate for 2022. It also affirmed prior production guidance.
Illumina (ILMN) – Illumina tumbled 14.7% in the premarket after the gene-sequencing technology company reported quarterly profit and revenue that was lower than expected, and issued an outlook that was well short of analyst estimates. Illumina said a challenging economic environment is offsetting growth in the use of its gene-sequencing platform.
Toast (TOST) – Toast surged 12.9% in premarket action after the restaurant payment technology company raised its full-year earnings outlook. Toast reported a quarterly loss, but it was narrower than analysts had predicted, with Toast noting a record number of new locations using its technology.
Poshmark (POSH) – Poshmark fell 1.4% in the premarket after the online fashion retailer issued weaker revenue guidance than expected for the current quarter. Poshmark reported a loss for its latest quarter on increased marketing and research and development expenses, but sales were better than analysts had anticipated.
Wheels Up (UP) – The private jet company’s stock added 2% in premarket action after it reported better-than-expected quarterly revenue, although its loss was slightly wider than anticipated. Wheels Up also saw a 16% jump in active users.