Selected Premarket Big Movers for Friday, November 4

Here are several equities that were gapping up (trading above last night’s closing price) about 3 hours before U.S. markets open for regular trading.

Albertsons Companies Inc. (NYSE: ACI) traded up about 7.5%. The company said it will seek to overturn a restraining order granted in Washington state that would prevent the company from paying out a special dividend of $6.85 per share ($4 billion total) as part of its merger with Kroger. The dividend was scheduled to be paid Monday.

Block Inc. (NYSE: SQ) gapped up nearly 14.5%. The company reported results after markets closed Thursday that beat earnings per share (EPS) and revenue estimates. Gross profit rose 38% year over year to $1.57, excluding $150 million from the buy-now, pay-later (BNPL) business Block acquired in its acquisition of Afterpay. Cash App gross profit rose 51% to $817 million.

Coinbase Global Inc. (NASDAQ: COIN) was trading about 8.5% higher Friday morning. The company reported results Thursday afternoon that missed both EPS and revenue estimates. Coinbase blamed the plunge in cryptocurrency activity for the decline. Shares are rising on an improved outlook for subscription and services revenue for the current year and a promise by the company to “manage expenses in line with our principles for operating efficiently at scale.”

Xpeng Inc. (NYSE: XPEV) was trading up more than 19%. The Chinese electric vehicle maker has issued “automobile leading carbon-neutral asset-backed securities” on the Shanghai exchange valued at about $133.5 million. It is the first-ever such issuance on the Shanghai exchange.

These equities were gapping down (trading below the prior closing price).

Atlassian Corp. (NASDAQ: TEAM) traded down more than 27% early Friday morning. The company reported mixed results for its first quarter of fiscal 2023, but weak guidance sent investors fleeing. The CEO commented that the enterprise software company “is not immune to broader macroeconomic impacts.”

Cloudflare Inc. (NYSE: NET) was gapping down about 11.5%. The company reported better-than-expected revenue and EPS for the September quarter, but user growth has slowed as have both customer run rates and retention rates.

PayPal Holdings Inc. (NASDAQ: PYPL) traded down more than 6.5% early Friday. The company beat estimates on both the top and bottom lines and issued revenue guidance for the current (holiday) quarter that was below expectations. PayPal expects discretionary spending to moderate as consumers deal with inflation and a possible recession.

Twilio Inc. (NYSE: TWLO) traded down more than 26% early Friday. Unlike its peer Atlassian, the company’s loss per share was smaller than expected, and revenue rose year over year. Like its peer, guidance was weak, with revenue guidance for the current quarter well below the consensus estimate.

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