Stocks making the biggest moves premarket: QCOM, WBD, PZZA, DUOL
Check out the companies making headlines before the bell: Qualcomm — Shares slipped 1% as Qualcomm expects that it will lose Apple as a customer for its modem business in the coming years. This potential waning opportunity overshadowed Qualcomm’s fiscal fourth-quarter earnings and revenue beat and strong current quarter forecast. Warner Bros. Discovery — Shares fell 1% after Warner Brothers Discovery reported a third-quarter loss of 6 cents per share, on an adjusted basis, on revenues of $9.05 billion. Analysts polled by LSEG had expected a loss of 4 cents per share on revenues of $9.15 billion. Under Armour — The sportswear company fell up to 1% even after the company posted an earnings and revenue beat. Under Armour reported second quarter earnings of 4 cents per share, on an adjusted basis, on revenues of $1.33 billion. Analysts polled by LSEG had expected EPS of 2 cents on revenues of $1.31 billion. Penn Entertainment , DraftKings — The two stocks rallied after Penn Entertainment and ESPN announced the early termination of their exclusive U.S. online sports betting deal. ESPN also signed a new betting partnership with DraftKings . Penn shares were up nearly 7%, while DraftKings climbed 4.5% Duolingo — Shares tumbled 25% after the company’s fourth-quarter bookings estimate was below expectations. The language learning platform topped third-quarter revenue forecasts and raised its sales outlook. Revenue of $271.7 million in the third quarter bested estimates of $260.3 million. The company now expects revenue of $1.028 billion to $1.032 billion this year. Snap — The social media platform surged 19% after it unveiled a $500 million buyback program and issued strong fourth-quarter revenue guidance. Additionally, Snap said Perplexity AI will pay it $400 million to integrate the AI startup’s search capabilities into Snapchat. AppLovin — The software stock jumped roughly 8% after AppLovin’s quarterly results came in better than expected. For the third quarter, Applovin posted adjusted EBITDA of $1.16 billion, while analysts surveyed by FactSet had expected $1.09 billion. Revenue of $1.41 billion topped the consensus estimate of $1.34 billion. It also issued a rosy fourth-quarter outlook. Papa John’s International — Shares slumped 5% as the pizza chain posted a third-quarter earnings miss. In its last quarter, Papa John’s earned 32 cents per share on revenue of $508.2 million. Analysts polled by LSEG had expected earnings of 41 cents and $523.8 million in revenue. The stock is now down 19% on the week, sinking on Tuesday after Reuters reported that Apollo Global had withdrawn its offer to take Papa John’s private. Lyft — The ride hailing stock advanced about 6% after an earnings beat. Lyft earned 11 cents per share. Analysts polled by LSEG expected a profit of 8 cents per share. ARM — The chip designer rose 3.8% after topping earnings and revenue expectations. Arm earned an adjusted 39 cents per share on revenue of $1.14 billion. Analysts surveyed by LSEG had expected Arm to earn 33 cents per share on revenue of $1.06 billion. The company’s third-quarter forecast also outpaced estimates. Figma — Shares jumped more than 4% after Figma reported third-quarter revenue that topped estimates and raised its full-year forecast. Figma reported revenue of $274 million, more than the LSEG consensus estimate of $265 million. The collaborative design platform now forecasts revenue of $1.04 billion and $1.05 billion in fiscal 2025, raised from its earlier forecast of $1.02 billion to $1.03 billion. Devon Energy — The energy stock rose 2% following the company’s earnings and revenue beat. Devon Energy reported $1.04 earnings per share, on an adjusted basis, and $4.33 billion in revenue. That surpassed the 93 cents per share and $4.14 billion in revenue that analysts polled by FactSet had anticipated. DoorDash — The meal delivery company plunged more than 11% after it reported mixed results for the third quarter . DoorDash reported earnings of 55 cents per share, disappointing the 69 cents per share analysts polled by LSEG anticipated. However, revenue of $3.45 billion topped analysts’ expectations for $3.36 billion. Fortinet — The cybersecurity stock dropped 11% after Fortinet lowered its full-year guidance, though third-quarter earnings came in better than expected. Fortinet earned 74 cents per share, excluding items, on revenue of $1.72 billion. Analysts polled by LSEG expected earnings of 63 cents per share on $1.70 billion revenue. However, the company changed its revenue guidance through the end of this year to between $6.72 billion and $6.78 billion, a slight decrease from its prior guidance of $6.68 billion to $6.83 billion. HubSpot — Shares slumped 12%, even after stronger-than-expected earnings and revenue. For the third quarter, HubSpot posted earnings of $2.66 per share, excluding items, on revenue of $810 million. Analysts polled by LSEG anticipated earnings of $2.58 per share on revenue of $787 million. Elf Beauty — Shares dropped more than 21% after Elf Beauty posted mixed fiscal second-quarter results. Earnings of 68 cents per share exceeded the LSEG consensus estimate of 57 cents a share. However, revenue of $344 million disappointed expectations of $366 million. Marvell Technology — Shares jumped more than 7% after Bloomberg, citing people familiar with the matter, reported that Softbank considered a possible takeover of the company earlier in 2025. Softbank had the idea of combining it with Arm Holdings. The people also said that even though Marvell and SoftBank aren’t in active negotiations, interest in a deal could come back. — CNBC’s Sean Conlon, Lisa Han and Liz Napolitano contributed reporting
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