Pinterest Issues Weak Revenue Forecast, Joins Groupon, O-I Glass And Other Big Stocks Moving Lower In Wednesday's Pre-Market Session

Author: Avi Kapoor | July 31, 2024 08:27am

U.S. stock futures were higher this morning, with the Nasdaq futures gaining around 1.5% on Wednesday.

Shares of Pinterest, Inc. (NASDAQ:PINS) fell sharply in pre-market trading after the company issued third-quarter revenue guidance below estimates.

Pinterest reported second-quarter revenue of $854 million, beating the consensus estimate of $847.81 million, according to Benzinga Pro. The idea discovery platform company reported adjusted earnings of 29 cents per share, beating analyst estimates of 28 cents per share, according to data from Benzinga Pro.

Pinterest expects third-quarter revenue to be in the range of $885 million to $900 million versus estimates of $907.7 million.

Pinterest shares dipped 10.5% to $33.43 in the pre-market trading session.

Here are some big stocks recording losses in today's pre-market trading session.

MacroGenics, Inc. (NASDAQ:MGNX) shares fell 24% to $3.99 in pre-market trading. The company announced a presentation of clinical data from the TAMARACK Phase 2 study of vobramitamab duocarmazine at the upcoming European Society for Medical Oncology Congress 2024.
Penumbra, Inc. (NYSE:PEN) shares declined 20.3% to $137.93 in pre-market trading after the company reported second-quarter financial results and cut its FY24 revenue guidance below estimates.
Groupon, Inc. (NASDAQ:GRPN) shares tumbled 18.6% to $12.75 in pre-market trading following a second-quarter EPS miss.
Definitive Healthcare Corp. (NASDAQ:DH) shares dipped 17.6% to $4.71 in pre-market trading. Needham analyst Ryan MacDonald reiterated Definitive Healthcare with a Hold.
O-I Glass, Inc. (NYSE:OI) declined 15.5% to $9.80 in pre-market trading after the company lowered its FY24 guidance.
Lemonade, Inc. (NYSE:LMND) shares fell 14.6% to $19.33 in pre-market trading following quarterly results.
Cantaloupe, Inc. (NASDAQ:CTLP) fell 10.5% to $7.01 in pre-market trading.
Humana Inc. (NYSE:HUM) fell 9.3% to $367.00 in pre-market trading following second-quarter results.
Axos Financial, Inc. (NYSE:AX) declined 9% to $70.60 in pre-market trading following weak quarterly sales.
SiteOne Landscape Supply, Inc. (NYSE:SITE) dipped 8.2% to $131.77 in pre-market trading following second-quarter results.
Archrock, Inc. (NYSE:AROC) dipped 7% to $20.00 in pre-market trading following weak quarterly results.
Waters Corporation (NYSE:WAT) fell 6.9% to $305.00 in pre-market trading as the company lowered its FY24 outlook.