Check out the companies making headlines before the bell:
Capri, Tapestry — Capri soared more than 57%, while Tapestry slid 3.2% in premarket trading. The moves come after luxury company Tapestry, which is behind the brands Coach and Kate Spade, announced Thursday it would acquire Capri Holdings in a roughly $8.5 billion deal. Capri owns the Versace, Jimmy Choo and Michael Kors brands.
AppLovin — AppLovin shares popped 25.8% in early morning trading after the company posted strong second-quarter results and optimistic third-quarter revenue guidance. The game developer said it expects $780 million to $800 million in revenue for the third quarter, exceeding the $741 million expected by analysts. AppLovin reported earnings of 22 cents per share for the second quarter, while analysts expected 7 cents, according to Refinitiv.
Sonos — Sonos popped 5% after beating analysts’ expectations in its latest quarterly results. The wireless speaker maker reported a loss of 18 cents per share on revenue of $373 million for its fiscal third quarter. Analysts polled by Refinitiv had expected a 20 cent loss per share on revenue of $334 million. Sonos also raised its full-year EBITDA guidance.
Alibaba Group — The U.S. listed shares of Alibaba rose 3.8% after the Chinese tech company beat analysts’ expectations in its quarter ending June. It reported non-GAAP per-share diluted earnings of CNY17.37, more than the consensus estimate of CNY14.59, according to StreetAccount. It posted revenue of CNY234.16 billion, exceeding the CNY224.75 billion forecast.
Wynn Resorts — Wynn Resorts gained 2.2% after exceeding expectations for its second quarter on the top and bottom lines. The casino operator posted adjusted earnings of 91 cents per share on revenue of $1.6 billion. Analysts polled by Refinitiv had anticipated 59 cents on revenue of $1.54 billion.
Walt Disney — Shares of the media giant gained about 2% in premarket trading after the company said it would raise the price on its ad-free streaming tier in October and that it would crack down on password sharing. Disney reported a 7.4% decline in subscriber count last quarter, however. It also recorded $2.65 billion in one-time charges and impairments, dragging the company to a rare quarterly net loss.
Trade Desk — Shares of the advertising technology company moved up less than 1% after a second-quarter report that beat expectations on the top and bottom lines. Trade Desk generated 28 cents in adjusted earnings per share on $464 million of revenue. Analysts surveyed by Refinitiv were expecting 26 cents per share on $455 million of revenue. The company also said it expected revenue of at least $485 million in the third quarter, above the $480 million projected by analysts.
Six Flags Entertainment — Shares slid 3% after Six Flags reported second-quarter earnings that missed estimates. The amusement park company reported earnings of 25 cents per share on revenue of $444.0 million. Analysts polled by Refinitiv had anticipated per-share earnings of 78 cents on revenue of $459.0 million.
Illumina — Illumina dropped 4.6% after reporting weaker-than-expected guidance. The DNA sequencing company surpassed expectations for the second quarter, but expects some weakness in the second half of the year because of a slow recovery in China and a more cautious consumer. Illumina forecasts full-year revenue to rise 1% year over year, lower than the 7.1% rise analysts polled by Refinitiv were anticipating.
— CNBC’s Yun Li, Jesse Pound and Pia Singh contributed reporting
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