Stem Reports Downbeat Results, Joins Sprout Social, Cloudflare And Other Big Stocks Moving Lower In Friday's Pre-Market Session

U.S. stock futures were higher this morning, with the Dow futures gaining over 250 points on Friday.

Shares of Stem, Inc. STEM shares fell sharply in today's pre-market trading after the company reported worse-than-expected first-quarter financial results and cut its FY24 revenue guidance.

Stem posted a quarterly loss of 46 cents per share, versus market expectations for a loss of 21 cents per share. The company's quarterly sales came in at $25.47 million missing estimates of $57.11 million, according to data from Benzinga Pro.

Stem shares dipped 18.7% to $1.55 in pre-market trading in pre-market trading.

Here are some big stocks recording losses in today's pre-market trading session.

• Sprout Social, Inc. SPT shares declined 25.2% to $36.00 in pre-market trading after the company reported worse-than-expected first-quarter revenue results.
• Cloudflare, Inc. NET fell 14% to $76.50 pre-market trading after the company reported first-quarter financial results and issued FY24 revenue guidance below estimates.
• Trupanion, Inc. TRUP shares declined 13% to $20.68 in pre-market trading following first-quarter results.
• Adient plc ADNT dipped 12.3% to $26.51 in pre-market trading after the company posted second-quarter results and lowered its FY24 outlook.
• BigBear.ai Holdings, Inc. BBAI shares fell 12.1% to $1.52 in pre-market trading after the company reported worse-than-expected first-quarter financial results.
• Expedia Group, Inc. EXPE shares declined 10.1% to $121.92 in pre-market trading after the company lowered its full-year guidance.
• Open Text Corporation OTEX shares fell 9.8% to $32.00 in pre-market trading following third-quarter results. BMO Capital downgraded the stock from Outperform to Market Perform and lowered its price target from $50 to $38.
• Fortinet, Inc. FTNT fell 8.3% to $59.81 pre-market trading after the company reported its first-quarter financial results.
• Custom Truck One Source, Inc. CTOS fell 7.5% to $4.5304 in pre-market trading after the company reported worse-than-expected first-quarter financial results and cut its FY24 revenue outlook.
• Cryoport, Inc. CYRX fell 6.7% to $16.00 in pre-market trading. B. Riley Securities analyst Yuan Zhi downgraded CryoPort from Buy to Neutral and lowered the price target from $22 to $19.
• Fluor Corporation FLR fell 6.4% to $38.57 in pre-market trading following weak first-quarter earnings.
• Coinbase Global, Inc. COIN declined 4.4% to $218.80 in pre-market trading following first-quarter earnings.

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