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Pre-Market Movers: Snowflake Slides Despite Earnings Beat While Symbotic Tumbles on Share Offering

MarketDash Editorial Team
17 days ago
U.S. stock futures showed mixed signals Thursday morning as several big names took hits in pre-market trading. Snowflake dropped sharply despite beating revenue and earnings expectations, while Symbotic fell on news of a 10 million share offering.

Thursday morning brought mixed signals for U.S. stock futures, with the Dow futures edging up around 0.1% while several notable names struggled in pre-market action.

Snowflake's Puzzling Decline

The morning's head-scratcher comes from Snowflake Inc. (SNOW), which is getting hammered despite posting a solid earnings beat. The AI data cloud company delivered third-quarter revenue of $1.21 billion, topping analyst estimates of $1.18 billion. Adjusted earnings came in at 35 cents per share, beating expectations of 31 cents per share.

So why the sell-off? Sometimes beating estimates isn't enough if guidance disappoints or growth rates decelerate, though the market's reaction suggests investors found something less than thrilling in the details. Snowflake shares tumbled 8.6% to $241.85 in pre-market trading.

Other Notable Decliners

Net Lease Office Properties (NLOP) led the decliners, plunging 14.7% to $25.19 in pre-market action. That's a rough morning for the office property REIT.

Symbotic Inc. (SYM) dropped 10.5% to $65.50 after announcing a 10 million share offering. The warehouse automation company plans to sell 6.5 million new shares while a selling stockholder will offload another 3.5 million. Dilution fears are hitting the stock hard.

Capricor Therapeutics Inc. (CAPR) gave back some of Wednesday's massive gains, falling 8.4% to $27.45. This comes after the biotech rocketed 371% higher Wednesday on news that its Phase 3 HOPE-3 trial evaluating deramiocel cell therapy for Duchenne Muscular Dystrophy met its primary endpoint and secondary cardiac endpoint. A pullback after a move like that isn't exactly shocking.

ADC Therapeutics SA (ADCT) declined 8.1% to $3.63, extending Wednesday's 14% drop. The company recently reported updated data from its LOTIS-7 trial evaluating Zynlonta in combination with Glofitamab in relapsed/refractory DLBCL patients, and the market's reaction suggests the data didn't impress.

Rounding out the decliners: Lineage Cell Therapeutics Inc. (LCTX) fell 7.1% to $1.56, Koninklijke Philips NV (PHG) dropped 6.8% to $26.11, Omeros Corp. (OMER) declined 4.2% to $10.18, and Methanex Corp. (MEOH) slipped 3.8% to $35.95 in pre-market trading.

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Pre-Market Movers: Snowflake Slides Despite Earnings Beat While Symbotic Tumbles on Share Offering

MarketDash Editorial Team
17 days ago
U.S. stock futures showed mixed signals Thursday morning as several big names took hits in pre-market trading. Snowflake dropped sharply despite beating revenue and earnings expectations, while Symbotic fell on news of a 10 million share offering.

Thursday morning brought mixed signals for U.S. stock futures, with the Dow futures edging up around 0.1% while several notable names struggled in pre-market action.

Snowflake's Puzzling Decline

The morning's head-scratcher comes from Snowflake Inc. (SNOW), which is getting hammered despite posting a solid earnings beat. The AI data cloud company delivered third-quarter revenue of $1.21 billion, topping analyst estimates of $1.18 billion. Adjusted earnings came in at 35 cents per share, beating expectations of 31 cents per share.

So why the sell-off? Sometimes beating estimates isn't enough if guidance disappoints or growth rates decelerate, though the market's reaction suggests investors found something less than thrilling in the details. Snowflake shares tumbled 8.6% to $241.85 in pre-market trading.

Other Notable Decliners

Net Lease Office Properties (NLOP) led the decliners, plunging 14.7% to $25.19 in pre-market action. That's a rough morning for the office property REIT.

Symbotic Inc. (SYM) dropped 10.5% to $65.50 after announcing a 10 million share offering. The warehouse automation company plans to sell 6.5 million new shares while a selling stockholder will offload another 3.5 million. Dilution fears are hitting the stock hard.

Capricor Therapeutics Inc. (CAPR) gave back some of Wednesday's massive gains, falling 8.4% to $27.45. This comes after the biotech rocketed 371% higher Wednesday on news that its Phase 3 HOPE-3 trial evaluating deramiocel cell therapy for Duchenne Muscular Dystrophy met its primary endpoint and secondary cardiac endpoint. A pullback after a move like that isn't exactly shocking.

ADC Therapeutics SA (ADCT) declined 8.1% to $3.63, extending Wednesday's 14% drop. The company recently reported updated data from its LOTIS-7 trial evaluating Zynlonta in combination with Glofitamab in relapsed/refractory DLBCL patients, and the market's reaction suggests the data didn't impress.

Rounding out the decliners: Lineage Cell Therapeutics Inc. (LCTX) fell 7.1% to $1.56, Koninklijke Philips NV (PHG) dropped 6.8% to $26.11, Omeros Corp. (OMER) declined 4.2% to $10.18, and Methanex Corp. (MEOH) slipped 3.8% to $35.95 in pre-market trading.