More Companies – Capri, Tapestry, AppLovin, and Disney

Here are the top companies making headlines before the bell:

Capri, Tapestry — Capri Holdings experienced a remarkable surge of more than 57% in premarket trading, while Tapestry saw a decline of 3.2%. This comes after Tapestry, the parent company of Coach and Kate Spade, announced its acquisition of Capri Holdings in a landmark $8.5 billion deal. Capri Holdings is home to prestigious brands like Versace, Jimmy Choo, and Michael Kors.

AppLovin — AppLovin witnessed a significant 25.8% surge in early morning trading following its strong second-quarter results and optimistic third-quarter revenue guidance. The game developer expects to achieve $780 million to $800 million in revenue for the third quarter, surpassing the $741 million anticipated by analysts. AppLovin’s earnings per share for the second quarter stood at 22 cents, outperforming the analysts’ expectation of 7 cents, according to Refinitiv.

Sonos — Sonos achieved a 5% increase after surpassing analysts’ expectations in its latest quarterly results. The wireless speaker maker reported a loss of 18 cents per share on a revenue of $373 million for its fiscal third quarter. Refinitiv’s analysts had predicted a loss of 20 cents per share on a revenue of $334 million. Sonos also raised its full-year EBITDA guidance.

Alibaba Group — Alibaba’s U.S. listed shares witnessed a 3.8% surge after the Chinese tech giant exceeded analysts’ expectations in the quarter ending June. It reported non-GAAP per-share diluted earnings of CNY17.37, surpassing the consensus estimate of CNY14.59, according to StreetAccount. Furthermore, it posted revenue of CNY234.16 billion, exceeding the CNY224.75 billion forecast.

Wynn Resorts — Wynn Resorts experienced a 2.2% gain after surpassing expectations for its second quarter in terms of revenue and earnings. The casino operator recorded adjusted earnings of 91 cents per share on a revenue of $1.6 billion. Refinitiv’s analysts had anticipated 59 cents per share on a revenue of $1.54 billion.

Walt Disney — The media giant’s shares gained approximately 2% in premarket trading after announcing a price hike on its ad-free streaming tier in October and a crackdown on password sharing. However, Disney experienced a 7.4% decline in subscriber count last quarter. Additionally, it incurred $2.65 billion in one-time charges and impairments, resulting in a rare quarterly net loss.

Trade Desk — The advertising technology company’s shares inched up less than 1% after exceeding expectations in its second-quarter report on both the top and bottom lines. Trade Desk reported adjusted earnings per share of 28 cents on a revenue of $464 million. Analysts surveyed by Refinitiv had expected 26 cents per share on a revenue of $455 million. Furthermore, the company anticipates revenue of at least $485 million in the third quarter, surpassing analysts’ projected $480 million.

Six Flags Entertainment — Shares of Six Flags slid 3% after the amusement park company reported second-quarter earnings that fell short of estimates. Its per-share earnings amounted to 25 cents on a revenue of $444.0 million. Analysts polled by Refinitiv had anticipated per-share earnings of 78 cents on a revenue of $459.0 million.

Illumina — Illumina saw a 4.6% decline after reporting weaker-than-expected guidance. While the DNA sequencing company performed better than expected in the second quarter, it anticipates some weakness

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