Scholastic Posts Downbeat Earnings, Joins Lennar And Other Big Stocks Moving Lower In Friday's Pre-Market Session

Author: Avi Kapoor | December 15, 2023 07:11am

U.S. stock futures were higher this morning, with the Dow Jones futures gaining over 100 points on Friday.

Shares of Scholastic Corporation (NASDAQ:SCHL) shares fell sharply in pre-market trading after the company posted weaker-than-expected results for its second quarter.

Scholastic reported adjusted quarterly earnings of $2.45 per share, missing the Street's estimate of $2.65. Quarterly revenue of $562.60 million also fell below analyst expectations of $625.22 million.

Scholastic sees full-year 2024 adjusted EBITDA between $165 million and $175 million, versus the previous estimate of between $190 million and $200 million. The company’s board also approved an additional $66 million for share repurchases.

Scholastic shares dipped 12.6% to $36.20 in pre-market trading.

Here are some big stocks recording losses in today’s pre-market trading session.

Lufax Holding Ltd (NYSE:LU) shares tumbled 44.5% to $2.11 in pre-market trading.
Eos Energy Enterprises, Inc. (NASDAQ:EOSE) declined 19.5% to $1.35 in pre-market after the company reported pricing of $50 million public offering.
Ready Capital Corporation (NYSE:RC) shares fell 5.4% to $10.85 in pre-market trading. Ready Capital declared a quarterly cash dividend of 30 cents per share of common stock.
Sumitomo Mitsui Financial Group, Inc. (NYSE:SMFG) fell 4.1% to $9.57 in pre-market trading.
New Oriental Education & Technology Group Inc. (NYSE:EDU) shares declined 3.6% to $76.58 in pre-market trading.
Lennar Corporation (NYSE:LEN) shares fell 3.3% to $149.77 in pre-market trading. Lennar posted better-than-expected earnings for its fourth quarter on Thursday. The company also said it sees net orders of 17,500-18,000 for the current quarter.
Hawaiian Holdings, Inc. (NASDAQ:HA) shares declined 3% to $13.21 in pre-market trading.