Today’s Market Movers: La-Z-Boy, SpaceX, ACM Research, and Mercury Systems Lead Premarket Gains

TLDR

• ACM Research and Mercury Systems rose 9.6% and 8.9% respectively in premarket trading
• La-Z-Boy surged 20% after beating earnings estimates with a 37% rise in adjusted EPS
• SpaceX shares climbed 4% after Michael Burry confirmed he is not shorting the stock
• Lionsgate Studios fell 5% after Netflix denied acquisition interest
• SOPHiA Genetics dropped 4% following a discounted share offering raising $50M

La-Z-Boy shares jumped 20% in premarket trading after the furniture company reported fourth-quarter results that beat expectations. Adjusted earnings per share rose 37% year over year. Revenue came in slightly above estimates, helped by an 11% increase in retail sales.

La-Z-Boy Incorporated, LZB

The company’s adjusted operating margin expanded to 9.9%, driven by supply chain improvements and distribution efficiencies. Management issued first-quarter revenue guidance above analyst consensus. La-Z-Boy also announced a new $300 million share repurchase program.

SpaceX shares rose 4% in premarket trading. Investor Michael Burry commented on the company’s valuation but confirmed he is not shorting the stock, saying protective puts are too expensive.

SpaceX recently passed Amazon in global market cap rankings. Heavy volume in short-dated call options helped the stock maintain its upward move. The company’s first day of options trading was described as volatile.

ACM Research rose 9.6% in premarket trading. Mercury Systems was up 8.9%. Copart, Zillow, and Broadridge Financial Solutions all posted gains of at least 6%.

On the downside, Paccar and Blackstone fell 8.4% and 8.3% respectively in early trading.

Lionsgate and SOPHiA Genetics Pull Back

Lionsgate Studios fell 5% after a report from TheWrap stated that Netflix has no interest in acquiring the studio. This contradicted earlier reports that had sparked takeover speculation and pushed shares higher.

A source familiar with the matter told TheWrap that Netflix is not pursuing a bid. Investors unwound the acquisition premium that had been priced into the stock. Lionsgate has drawn attention recently due to the value of its film and television content library.

SOPHiA Genetics dropped 4% after the company priced a public offering of 10.53 million shares at $4.75 per share. The offering is expected to raise around $50 million in gross proceeds. Underwriters were also given a 30-day option to buy up to 1.58 million additional shares.

The offering is scheduled to close on June 18. The discounted pricing weighed on investor sentiment. Concerns about shareholder dilution drove the selling pressure.

Broader Market and Bitcoin

S&P 500 futures were up 0.12% heading into the open. Dow Jones futures were slightly lower, falling 0.02%. Investors were watching for the Federal Reserve’s rate decision later in the day.

Bitcoin was down 1.54% to $64,595. The 10-year Treasury yield dropped to 4.441%. Gold futures were down 0.11%, while Brent crude oil futures rose 0.67%.

Asian markets were higher overnight, with Japan’s Nikkei 225 up 0.72% and China’s Shanghai Composite rising 0.40%.

The post Today’s Market Movers: La-Z-Boy, SpaceX, ACM Research, and Mercury Systems Lead Premarket Gains appeared first on CoinCentral.