Pre-Open Stock Movers 02/24: (RRD) (RAAC) (FSR) Higher; (FLS) (OSTK) (WKHS) Lower (more...)

Today's Pre-Open Stock Movers

RR Donnelley (NYSE: RRD) 30% HIGHER; reported Q4 EPS of $0.71, $0.50 better than the analyst estimate of $0.21. Revenue for the quarter came in at $1.35 billion versus the consensus estimate of $1.16 billion. RR Donnelley sees Q1 2021 revenue of $1.09-1.15 billion, versus the consensus of $1.11 billion.

Revolution Acceleration Acquisition Corp (Nasdaq: RAAC) 21.7% HIGHER; Berkshire Grey, a developer of integrated artificial intelligence and robotic solutions for e-commerce, retail replenishment, and logistics, has entered into a definitive agreement with Revolution Acceleration Acquisition Corp (Nasdaq: RAAC), a special purpose acquisition company, to create a leading publicly listed robotics and automation solutions company with a post-transaction equity value of up to $2.7 billion.

Fisker Inc. (NYSE: FSR) 20.9% HIGHER; announced it has entered into a MOU with Hon Hai Technology Group (TWSE:2317) (Foxconn) supporting a project to develop a breakthrough electric vehicle. Highlights of the proposed collaboration, codenamed Project PEAR (Personal Electric Automotive Revolution).

PRA Health Sciences, Inc. (NASDAQ: PRAH) 19.2% HIGHER; ICON (NASDAQ: ICLR) entered into a definitive agreement to acquire PRA Health Sciences, Inc. (NASDAQ: PRAH) in a cash and stock transaction valued at approximately $12 billion, with the per share merger consideration consisting of $80 in cash and 0.4125 shares of ICON stock. The consideration represents an approximately 30% premium to PRAs closing price as of February 23rd, 2021.

Upwork Inc. (NASDAQ: UPWK) 17.7% HIGHER; reported Q4 EPS of $0.06, $0.11 better than the analyst estimate of ($0.05). Revenue for the quarter came in at $106.2 million versus the consensus estimate of $97.34 million. Upwork Inc. sees Q1 2021 revenue of $107-109 million, versus the consensus of $102 million. Upwork Inc. sees FY2021 revenue of $460-470 million, versus the consensus of $436.7 million.

dMY Technology Group, Inc. III (NYSE: DMYI) 15.3% HIGHER; IonQ is in advanced talks to merge with dMY Technology Group, Inc. III (NYSE: DMYI), according to a report earlier from Bloomberg, citing people with knowledge of the matter. The merger will create one of the first public quantum-computing companies.

Reinvent Technology Partners (NYSE: RTP) 12.1% HIGHER; Joby Aviation, a transportation company developing an all-electric, vertical take-off and landing aircraft that it intends to operate as a commercial passenger aircraft beginning in 2024, has entered into a definitive business combination agreement with Reinvent Technology Partners (NYSE: RTP), a special purpose acquisition company that takes a venture capital at scale approach to partnering with bold leaders and companies. Upon the closing of the transaction, the combined company will be named Joby Aviation, and become publicly traded, with its common stock expected to be listed on the New York Stock Exchange.

PubMatic Inc. (NASDAQ: PUBM) 11.4% HIGHER; reported Q4 EPS of $0.34, $0.04 better than the analyst estimate of $0.30. Revenue for the quarter came in at $56.2 million versus the consensus estimate of $47.54 million. PubMatic Inc. sees Q1 2021 revenue of $38-40 million, versus the consensus of $33.71 million. PubMatic Inc. sees FY2021 revenue of $180-185 million, versus the consensus of $167.78 million.

Arlo Technologies, Inc. (NYSE: ARLO) 9.3% HIGHER; reported Q4 EPS of ($0.08), $0.10 better than the analyst estimate of ($0.18). Revenue for the quarter came in at $114.8 million versus the consensus estimate of $111.57 million. Arlo Technologies, Inc. sees Q1 2021 EPS of ($0.23)-($0.17), versus the consensus of ($0.22). Arlo Technologies, Inc. sees Q1 2021 revenue of $70-80 million, versus the consensus of $77.3 million.

Oshkosh Corporation (NYSE: OSK) 8.6% HIGHER; adds to intra-day gains of 6% after the U.S. Postal Service (USPS) announced today that it has awarded Oshkosh Defense, a wholly owned subsidiary of Oshkosh Corporation (NYSE: OSK), an indefinite delivery, indefinite quantity (IDIQ) contract to produce the Next Generation Delivery Vehicle (NGDV), the USPSs first large-scale fleet procurement in three decades. The competitively awarded contract allows for the delivery of between 50,000 and 165,000 vehicles over a period of 10 years.

Anavex Life Sciences (NASDAQ: AVXL) 8.5% HIGHER; Cantor Fitzgerald raised the price target to a 'Street High' $25.00 (from $10.00) while maintaining an Overweight rating.

Flowserve (NYSE: FLS) 8.3% LOWER; reported Q4 EPS of $0.53, in-line with the analyst estimate of $0.53. Revenue for the quarter came in at $985.3 million versus the consensus estimate of $958.49 million. Flowserve sees FY2021 EPS of $1.30-$1.55, versus the consensus of $1.64. Revenues Down 4.0% to 7.0%.

Overstock.com (NASDAQ: OSTK) 7.7% LOWER; reported Q4 EPS of $0.26, $0.22 better than the analyst estimate of $0.04. Revenue for the quarter came in at $684 million versus the consensus estimate of $669.99 million.

Workhorse Group (NASDAQ: WKHS) 7.3% LOWER; continues intra-day 47% slide after it lost out on the massive U.S. Postal Service (USPS) fleet upgrade award. The USPS instead awarded the contract to Oshkosh Defense, a wholly owned subsidiary of Oshkosh Corporation (NYSE: OSK).

Gates Industrial Corporation plc (NYSE: GTES) 6.6% LOWER; announced today that certain selling stockholders affiliated with The Blackstone Group Inc. have commenced a secondary offering of 22,000,000 of Gates' ordinary shares. In connection with the offering, the selling stockholders intend to grant to the underwriters a 30-day option to purchase up to 3,300,000 additional ordinary shares.

Tronox Holdings plc (NYSE: TROX) 6% LOWER; announced today that Exxaro Resources Limited intends to offer for sale 17,000,000 shares of the Company's ordinary shares in an underwritten secondary offering pursuant to the Company's automatic shelf registration statement filed April 24, 2020 with the Securities and Exchange Commission.

BigCommerce (Nasdaq: BIGC) 5.6% HIGHER; announced a new partnership with Walmart (NYSE: WMT) that will enable its eligible US merchants to sell products directly on Walmart Marketplace, giving them access to the more than 120 million unique consumers visiting the Walmart.com each month. BigCommerce merchants looking to sell through Walmart.com will also receive an expedited application review to get up and running on the marketplace quickly, and for a limited time, Walmart will offer $0 commission rates to new platform sellers when they meet all New-Seller Savings offer conditions for their first month.

MicroStrategy Incorporated (Nasdaq: MSTR) 5.2% HIGHER; announced that it had purchased an additional approximately 19,452 bitcoins for approximately $1.026 billion in cash at an average price of approximately $52,765 per bitcoin, inclusive of fees and expenses.

Square (NYSE: SQ) 4% LOWER; reported Q4 EPS of $0.32, $0.08 better than the analyst estimate of $0.24. Revenue for the quarter came in at $3.16 billion versus the consensus estimate of $3.09 billion. Square also announced it purchased approximately 3,318 bitcoins at an aggregate purchase price of $170 million. Combined with Square’s previous purchase of $50 million in bitcoin, this represents approximately five percent of Square’s total cash, cash equivalents and marketable securities as of December 31, 2020.

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