Top Movers
By Bill Bullington
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The U.S. stock market is showing a mixed pre-market activity with S&P 500 futures barely moving, indicating a flat open at 5,212.75. This comes as investors exercise caution, influenced by the Federal Reserve's hints at maintaining higher interest rates for an extended period, which has somewhat dampened the market's optimism.
In the technology sector, Arista Networks (ANET US) stands out with a 7.7% increase in its shares after surpassing first-quarter earnings expectations and uplifting its full-year forecast, buoyed by strong demand in AI. Similarly, Confluent (CFLT US) sees a 4.6% uptick following its optimistic outlook post-earnings beat. On the social media front, Reddit (RDDT US) impresses with a 15% surge after reporting robust first-quarter results and an outlook that exceeded estimates.
Conversely, the market witnessed significant downturns. DoubleVerify (DV US) faced a dramatic 39% drop after revising its full-year forecast downwards, leading to at least two analyst downgrades. The consumer finance sector also felt the heat, with Upstart (UPST US) trading 12% lower after its second-quarter revenue forecast fell short of expectations. In the infrastructure software domain, ZoomInfo Technologies (ZI US) shares slumped 23% as its revenue and profit forecasts for the current quarter did not meet Wall Street's expectations.
The e-commerce and electric vehicle sectors also experienced notable movements. Coupang (CPNG US) shares declined by 5.9% due to earnings impacted by its Farfetch acquisition and increased competition. Rivian (RIVN US) also saw a 4.5% decrease in its shares after reporting a larger-than-expected adjusted loss for the first quarter. Meanwhile, Dutch Bros (BROS US) bucked the trend with an 8.20% jump after reporting impressive first-quarter earnings and raising its full-year projections.
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