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Airbnb, Kraft, Macy's Rise Premarket; ViacomCBS, Roblox Slump

Published 02/16/2022, 07:49 AM
Updated 02/16/2022, 07:50 AM
© Reuters.

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Wednesday, February 16th. Please refresh for updates.

  • Airbnb (NASDAQ:ABNB) stock rose 4% after the home rental company posted strong fourth-quarter results, reinforcing a trend toward longer stays and higher average spending by guests.

  • ViacomCBS (NASDAQ:VIAC) stock fell over 11% after the media giant’s fourth-quarter earnings fell short of estimates, further stoking concerns that its bet on streaming will be a drain on resources, forcing it to spend heavily to take on dominant players Netflix (NASDAQ:NFLX) and Disney+.

  • Kraft Heinz (NASDAQ:KHC) stock rose 1.4% after the packaged food giant beat estimates for quarterly sales, benefiting from higher product prices and sustained demand for its meals and condiments.

  • Roblox (NYSE:RBLX) stock slumped 16% after the gaming platform missed estimates for quarterly bookings, as the pandemic-driven frenzy for its video games waned.

  • Wynn Resorts (NASDAQ:WYNN) stock fell 2.4% after the hotel and casino chain posted a wider than expected loss in the fourth quarter, with the Covid restrictions weighing, especially on its Macau site. The company also announced a sale and leaseback for the buildings and land associated with its Encore Boston Harbor casino.

  • Denny’s (NASDAQ:DENN) stock fell 2.8% after the diner chain missed fourth quarter expectations, both at the top and bottom lines,

  • Macy’s (NYSE:M) stock rose 3% after Evercore ISI upgraded its stance on the retail chain to ‘outperform’ from ‘in line’, seeing several opportunities for revenue growth and the possibility of 90% upside.

  • Vacasa (NASDAQ:VCSA) stock rose 8.1% after JPMorgan initiated coverage of the vacation rental company with an ‘overweight’ recommendation, saying the company is a better bet than Airbnb.

  • Devon Energy (NYSE:DVN) stock rose 2.7% after the oil producer reported fourth-quarter results above estimates, helped by record crude prices. It also increased the fixed part of its dividend by 45% and its stock buyback program by 60% to $1.6 billion.

Latest comments

Biggest take from these ERs today? TECH IS DYING, it's apparent every phase, Take Two paved way, with Netflix showing understanding streaming dying and viac just explained tech lackluster interest consumer as well as Roblox, yet, CONSUMER JUST MASSIVELY SPENT ON "STUFF" Q1, just not tech. FED will have zero choice but to raise rate 1% because all these home and auto and wafe raises are making inflation go nuts, so many ways.... 10% inflation by CPi a given. FED forced to raise rates 1%, the slowdown in tech not stopping lower and middle class consumer from paying prices so high they'll both be exhausted and on poverty class together soon
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