Stocks making the biggest moves premarket: Robinhood, Coinbase, Roku, Nike and more

Check out the companies making headlines before the bell:

Robinhood (HOOD), Coinbase (COIN) — Shares of the retail trading app and cryptocurrency exchange fell in premarket trading after China signaled that it was intensifying its crackdown on crypto. The country’s central bank said Friday that all cryptocurrency-related activities are illegal. Shares of Coinbase fell more than 3.6% while Robinhood dropped 2%.

Roku (ROKU) — Shares of the streaming video platform fell in premarket trading after Wells Fargo downgraded Roku to equal weight from overweight. The investment firm said in a note that Wall Street expectations for Roku’s revenue growth are likely too high as competition increases. Shares of Roku were down 2.3%.

Nike (NKE) — The apparel giant’s stock was under pressure on Friday after Nike cut its revenue forecasts due to supply chain issues. The company said it expects full-year sales growth in the mid-single digits for the 2022 fiscal year, down from a previous forecast of low double-digit growth. Shares of Nike fell more than 4% in premarket trading.

Under Armour (UAA) — The athletic apparel retailer’s stock fell in premarket trading after rival Nike cut its guidance. Shares of Under Armour were down more than 2% in premarket trading.

Costco (COST) — The retailer beat expectations on the top and bottom lines in its fiscal fourth-quarter report on Thursday afternoon. The company reported $3.90 in adjusted earnings per share, easily topping expectations of $3.57, and net sales for the quarter rose more than 17% year over year. The stock was slightly higher in premarket trading.

Merck (MRK) — The pharmaceutical giant, along with AstraZeneca, announced on Friday morning that a treatment using the drug Lynparza slowed the progression of prostate cancer in a phase three trial. Shares of Merck rose more than 1% in premarket trading.

Cheesecake Factory (CAKE), Dave & Buster’s (PLAY) — The restaurant stocks rose slightly in premarket trading after Jefferies upgraded the stocks to buy from hold. The firm said that full-service restaurants have seen traffic hold up well despite the spread of the delta variant.