Scholastic Posts Downbeat Earnings, Joins Lennar And Other Big Stocks Moving Lower In Friday's Pre-Market Session
Avi Kapoor 2 years ago
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U.S. stock futures were higher this morning, with the Dow Jones futures gaining over 100 points on Friday.
U.S. stock futures were higher this morning, with the Dow Jones futures gaining over 100 points on Friday.
Shares of Scholastic Corporation (NASDAQ:SCHL) shares fell sharply in pre-market trading after the company posted weaker-than-expected results for its second quarter.
Scholastic reported adjusted quarterly earnings of $2.45 per share, missing the Street's estimate of $2.65. Quarterly revenue of $562.60 million also fell below analyst expectations of $625.22 million.
Scholastic sees full-year 2024 adjusted EBITDA between $165 million and $175 million, versus the previous estimate of between $190 million and $200 million. The company’s board also approved an additional $66 million for share repurchases.
Scholastic shares dipped 12.6% to $36.20 in pre-market trading.
Here are some big stocks recording losses in today’s pre-market trading session.
- Lufax Holding Ltd (NYSE:LU) shares tumbled 44.5% to $2.11 in pre-market trading.
- Eos Energy Enterprises, Inc. (NASDAQ:EOSE) declined 19.5% to $1.35 in pre-market after the company reported pricing of $50 million public offering.
- Ready Capital Corporation (NYSE:RC) shares fell 5.4% to $10.85 in pre-market trading. Ready Capital declared a quarterly cash dividend of 30 cents per share of common stock.
- Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG) fell 4.1% to $9.57 in pre-market trading.
- New Oriental Education & Technology Group Inc. (NYSE:EDU) shares declined 3.6% to $76.58 in pre-market trading.
- Lennar Corporation (NYSE:LEN) shares fell 3.3% to $149.77 in pre-market trading. Lennar posted better-than-expected earnings for its fourth quarter on Thursday. The company also said it sees net orders of 17,500-18,000 for the current quarter.
- Hawaiian Holdings, Inc. (NASDAQ:HA) shares declined 3% to $13.21 in pre-market trading.
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