Hot Stocks: MU, LULU, BNTX rally on financial figures; MVST drops
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Earnings news provided a key catalyst for Wednesday's pre-market trading. Micron (NASDAQ:MU) and Lululemon (LULU) both rallied following the release of strong quarterly results.
BioNTech (BNTX) also saw buying interest as sales of its COVID vaccine fueled a massive surge in quarterly revenue.
Financial figures prompted the opposite response in Microvast (MVST). Shares dropped after its loss widened significantly from last year.
Gainers
Micron (MU) advanced in pre-market trading, as investors cheered the company's latest quarterly results. The maker of computer memory and data storage products reported a Q2 profit that topped expectations, with revenue that rose 25% from last year to reach $7.79B.
Looking ahead, the company predicted Q3 revenue of $8.7B, above the $8.16B that analysts were predicting. MU also projected a quarterly profit of $2.46 per share, compared to the $2.25 per share that experts had forecast.
Bolstered by the earnings news, MU climbed 4% in pre-market action.
Quarterly results also prompted buying in Lululemon (LULU). Shares rallied 7% after the firm's quarterly profit exceeded estimates. Revenue rose 23% from last year, climbing to $2.13B, with comparable store sales that rose 22%.
The maker of athletic apparel said its year-over-year growth came despite ongoing headwinds from COVID and supply chain issues. For 2022, the company projected revenue between $7.49B and $7.615B, surpassing the $7.24B that analysts had targeted.
LULU also announced a $1B stock repurchase plan.
Elsewhere in the market, BioNTech (BNTX) soared about 9% in pre-market action, after the company revealed a 1,500% jump in Q4 revenue, thanks to sales of its COVID vaccine. The company also announced a special cash dividend of â¬2 per ordinary share.
Decliner
Microvast (MVST) showed weakness before the opening bell, dragged down by weak quarterly results. The maker of lithium-ion batteries for electric vehicles said its Q4 loss widened to $46.6M, compared to a loss of $4.6M in the same period last year. 
The firm attributed the widening loss in part to higher manufacturing costs related to the global semiconductor shortage. Based on the quarterly results, shares dropped nearly 11%.

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