Pinterest gains on Elliott stake, solar stocks fall on Manchin

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Pre-opened stock movers:

Codexis, Inc. (NASDAQ: CDXS) 25% LOWER; announced preliminary revenue results for the second quarter ending June 30, 2022 and updated its revenue guidance for 2022. Codexis currently expects total revenue for the second quarter of 2022 to be approximately $38 million, and total revenue for the whole of 2022 is expected to be in the range of $135 million to $141 million. (Consensus calls for second quarter revenue of $40 million and fiscal year revenue of $155 million)

10x Genomics, Inc. (Nasdaq: TXG) 23% LOWER; reports preliminary second-quarter results, with revenue expected to be approximately $114.5 million (down 1% year-over-year), excluding Street’s estimate of $127.7 million of dollars.

Vertical Aerospace (NYSE: EVTL) 19% HIGHER; today announced that it has confirmed delivery windows and associated pre-delivery payment commitments with American Airlines (NASDAQ: AAL).

Pinterest (NYSE: PINS) 14% HIGHER; Activist investor Elliott Management took a 9% stake according to the Wall Street Journal, citing people familiar with the matter.

Sunrun Inc. (NASDAQ: RUN) 8% LESS; Solar stocks were lower before the opening after Sen. Joe Manchin told Democratic leaders he would not support new spending on climate action and tax increases.

Vonage Holdings Corp. (NASDAQ:VG) 7% HIGHER; Ericsson (NASDAQ: ERIC) today announced that it has received clearance from the Committee on Foreign Investment in the United States (CFIUS) to complete its acquisition of Vonage Holdings Corp. (NASDAQ:VG). This represents the final approval required to complete the transaction. The parties now expect the Merger to be completed no later than July 21, 2022, as provided for in the Merger Agreement.

Citigroup (NYSE:C) 5% HIGHER; said Q2 EPS of $2.19, $0.54 better than analysts’ estimate of $1.65. Revenue for the quarter was $19.6 billion versus consensus estimate of $18.35 billion.

Torrid Holdings Inc. (NYSE: CURV) 5% LESS; Cowen moved from Outperform to Market Perform with a price target of $7.00 (was $11.00).

First Solar (NASDAQ: FSLR) 4% LESS; Solar stocks were lower before the opening after Sen. Joe Manchin told Democratic leaders he would not support new spending on climate action and tax increases.

Enphase Energy (NASDAQ:ENPH) 4% LESS; Solar stocks were lower before the opening after Sen. Joe Manchin told Democratic leaders he would not support new spending on climate action and tax increases.

UnitedHealth Group (NYSE: UNH) 3% HIGHER; reported Q2 EPS of $5.57, $0.36 better than analysts’ estimate of $5.21. Revenue for the quarter was $80.3 billion versus consensus estimate of $79.68 billion. UnitedHealth Group sees fiscal year 2022 EPS of $21.40 to $21.90.

Snap Inc. (NYSE: SNAP) 2% HIGHER; earnings on new PINS.

BlackRock (NYSE:BLK) 1% LOWER; reported Q2 EPS of $7.36, $1.19 lower than analysts’ estimate of $8.55. Revenue was $4.53 billion, versus a consensus of $4.79 billion.

Wells Fargo (NYSE:WFC) 1% LOWER; reported Q2 EPS of $0.74, $0.11 lower than analysts’ estimate of $0.85. Revenue for the quarter was $17.03 billion versus consensus estimate of $17.62 billion.

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