Stocks making the biggest moves premarket: Canopy Growth, Gannett, DraftKings, Novavax and others

Check out the companies making headlines before the bell:

Canopy Growth (CGC) – The Canadian cannabis producer’s shares rose 1.9% premarket after it posted an unexpected quarterly profit on rising marijuana demand and cost cuts. The gain comes even as revenue falls short of Wall Street forecasts.

Gannett (GCI) – The USA Today publisher earned 10 cents per share for its latest quarter, compared with forecasts of a 36 cents per share loss. Revenue also topped Wall Street forecasts. The company saw digital subscriber numbers jump 41% from a year earlier, and the stock rallied 6.3% in the premarket.

DraftKings (DKNG) – The sports betting company’s stock jumped 3.5% premarket after it reported better-than-expected quarterly profit and revenue and raised its revenue forecast for the full year. DraftKings saw significant gains in a number of key metrics, including a 26% jump in monthly revenue per user.

Novavax (NVAX) – Novavax shares tumbled 11.7% in premarket trading after the drugmaker said it would delay seeking emergency use authorization for its Covid-19 vaccine until the fourth quarter. Novavax also posted a wider-than-expected loss and saw revenue fall below Wall Street forecasts.

Didi Global (DIDI) – Didi gained 4.1% in premarket action, following a Bloomberg report saying the China-based ride-hailing company was considering giving up control of its data to help resolve a regulatory probe by the Chinese government.

Zillow Group (ZG) – Zillow reported adjusted quarterly earnings of 44 cents per share, 20 cents above estimates, with the real estate website operator’s revenue above estimates as well. Zillow also gave an upbeat growth forecast, as it scales up its home-flipping business, and said it expects sales this quarter to exceed $2 billion for the first time. Zillow added 1.8% in the premarket.

Virgin Galactic (SPCE) – Virgin Galactic lost 39 cents per share for its latest quarter, 6 cents more than expected, though the space flight company did report much better-than-expected revenue. It also announced it will sell seats for space tourism flights at $450,000 and up. The stock was up 3.1% in premarket trading.

Beyond Meat (BYND) – Beyond Meat slid 3.7% in premarket action after it reported a quarterly loss of 31 cents per share, 7 cents wider than expected. Revenue for the maker of plant-based meat alternatives did come in above Street forecasts, but it gave a cautious outlook due to “more conservative” orders by its customers due to Covid-related uncertainty.

Dropbox (DBX) – Dropbox shares gained 3.5% in premarket trading after its adjusted earnings of 40 cents per share beat estimates by 7 cents and the cloud storage company’s revenue came in above forecasts as well.

Cornerstone OnDemand (CSOD) – Cornerstone agreed to be bought out by private equity firm Clearlake Capital Group. Clearlake will pay about $3.8 billion, or $57.50 per share in cash for the cloud computing firm. Cornerstone surged 13.3% in the premarket.

Zynga (ZNGA) – Zynga shares plunged 15.8% in the premarket after the mobile gaming company gave a disappointing full-year forecast, anticipating a slowdown in gaming. Zynga also reported adjusted quarterly earnings of 4 cents per share, 5 cents shy of estimates, with revenue below estimates as well.

Carvana (CVNA) – Carvana shares rallied 11.3% in premarket trading after the online used-car retailer posted an unexpected profit – its first ever – for its latest quarter. The company’s revenue also exceeded analyst forecasts by a wide margin. Auto sales, in general, have enjoyed a boom in demand since the pandemic began last year.

Yelp (YELP) – Yelp earned 5 cents per share for its latest quarter, compared with consensus forecasts for a 9 cents per share loss. The online review site operator also reported better-than-expected revenue and boosted its full-year forecast as ad revenue continues to strengthen. Shares surged 12.9% in premarket action.