Check out the companies making headlines before the bell:
Honest Company (HNST) – Honest Company shares rose 1.6% premarket despite a larger-than-expected quarterly loss. The maker of natural consumer products is now seeing a bigger annual loss than previously thought, due to cost pressures, but expects improvement as the year progresses, including a positive adjusted profit for the fourth quarter.
Rivian Automotive (RIVN) – Shares of Rivian fell 1% in premarket trading after the electric vehicle maker widened its estimate of losses for 2022. It also confirmed earlier production forecasts.
Illumina (ILMN) – Illumina fell 14.7% pre-market after the gene sequencing technology company reported lower-than-expected quarterly profit and revenue and issued an outlook well below analysts’ estimates. Illumina said a challenging economic environment is offsetting growth in the use of its gene sequencing platform.
Toast (TOST) – Toast jumped 12.9% in premarket stock after the restaurant payment technology company raised its full-year earnings outlook. Toast reported a quarterly loss, but it was narrower than analysts had expected, with Toast noting a record number of new sites using its technology.
Poshmark (POSH) – Poshmark fell 1.4% in premarket after the online fashion retailer released weaker-than-expected revenue guidance for the current quarter. Poshmark posted a loss for its latest quarter due to increased spending on marketing and research and development, but sales were better than analysts had expected.
Wheels Up (UP) – The private jet company’s stock rose 2% in premarket action after reporting better-than-expected quarterly earnings, although its loss was slightly larger than expected. Wheels Up also saw a 16% increase in active users.
Olo (OLO) – Olo plunged 33% in premarket trading after the restaurant software maker released weaker-than-expected current-quarter and full-year revenue outlooks.
LegalZoom (LZ) – LegalZoom added 2.1% in premarket after the online legal forms provider reported better-than-expected quarterly results.