Hot Stocks: NFLX plunges on earnings; RBBN, ISRG fall on guidance; KURA gets clinical hold removed
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A major disappointment in the tech space provided the centerpiece of pre-market trading on Friday. Netflix (NASDAQ:NFLX) lost nearly a fifth of its value as the streaming video service reported lower-than-expected subscriber figures.
Financial figures also weighed on shares of Ribbon Communications (NASDAQ:RBBN) and Intuitive Surgical (NASDAQ:ISRG). Both stocks retreated on weak forecasts.

Looking at a noteworthy gainer, Kura Oncology (NASDAQ:KURA) received buying interest in the pre-market period after regulators removed a partial clinical hold on its drug trial.

Decliners

Netflix (NFLX) plunged nearly 20% in pre-market trading on quarterly results that showed disappointing subscriber figures. NFLX added 8.28M subscribers in its latest quarter, below the 8.5M that the firm had predicted. The firm predicted 2.86M new subscribers in the current quarter.
For its headline figures, NFLX turned in a relatively upbeat report. The streaming service topped expectations on its bottom line. The firm also reported 16% revenue growth, with the top-line figure reaching $7.71B.
Earnings-related news also weighed on shares of Ribbon Communications (RBBN). The stock retreated 6% after the company provided a disappointing revenue forecast, citing supply chain pressures.
RBBN said it now expects a top-line figure of $231M, below the nearly $249M projected by market analysts.
Meanwhile, Intuitive Surgical (ISRG) posted a nearly 6% pre-market decline, despite releasing better-than-expected Q4 results. Investors worried that COVID would impact the company's fiscal 2022 results.


Gainers

Kura Oncology (KURA) rallied about 4% in pre-market action, boosted by a favorable regulatory ruling. The U.S. Food and Drug Administration lifted the partial clinical hold on an early-stage trial of a potential treatment for relapsed or refractory acute myeloid leukemia.
The Phase 1 trial was looking at the firm's developmental product KO-539. The hold followed a patient death associated with a condition known as differentiation syndrome. The company has reached an agreement with the FDA about a mitigation strategy aimed at minimizing the risk of such an event happening again.
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