Hot Stocks: PRPL jumps 35%, AZO gains on earnings, TTWO slides on gaming leak, ADBE dips on downgrades

Sep. 19, 2022 8:11 AM ETPurple Innovation, Inc. (PRPL), AZO, TTWO, ADBEBy: Jason Capul, SA News Editor

Digital graph interface, stock market

ismagilov

Major market averages look as though they may appear to open in the red on Monday but that has not stopped shares of Purple Innovation Inc. (NASDAQ:PRPL), which have surged higher by more than 35%. Also in the green is AutoZone, Inc. (NYSE:AZO) after the company topped earnings estimates.

In reverse, Take-Two Interactive (NASDAQ:TTWO) has lost ground after a hacker unleashed footage of one of the company’s highly valued video games. At the same time, Adobe Inc. (NASDAQ:ADBE) has also slid as it was downgraded by multiple analysts.

Gainers

Purple Innovation Inc. (PRPL) exploded by 36.2% in early market trading after the company’s largest investor Coliseum Capital had offered to buy out the mattress maker. Coliseum Capital submitted a non-binding offer to acquire all of the common stock it doesn't already own for $4.35/share.

AutoZone, Inc. (AZO) moved higher before the opening bell by 2.1% as the firm topped its earnings expectations. AZO reported Q4 GAAP EPS of $40.51, surpassing estimates by $2.04. At the same time, AZO posted revenue of $5.35B (+8.9% Y/Y), which outdid forecasts by $190M.

Decliners

Shares of Take-Two Interactive (TTWO) have fallen into the red during Monday’s early market trading session by 4.5%. TTWO slid as it's been reported that a hacker had released authentic, pre-release footage of the company's highly anticipated Grand Theft Auto VI video game.

Adobe Inc. (ADBE) slides further in premarket trading by 1.5% after the multinational computer software company was downgraded. Wells Fargo analyst Michael Turrin lowered his rating to equal weight from overweight. At the same time, investment firm Edward Jones also downgraded ADBE, with analyst Logan Purk citing concerns about the proposed deal.

To gain further insight and information towards the session’s most significant winners and losers on Wall Street, head over to Seeking Alpha's On The Move section.

Recommended For You

Comments

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.