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

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

Shares of Scholastic Corporation 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.

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

• Lufax Holding Ltd LU shares tumbled 44.5% to $2.11 in pre-market trading.
• Eos Energy Enterprises, Inc. EOSE declined 19.5% to $1.35 in pre-market after the company reported pricing of $50 million public offering.
• Ready Capital Corporation 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. SMFG fell 4.1% to $9.57 in pre-market trading.
• New Oriental Education & Technology Group Inc. EDU shares declined 3.6% to $76.58 in pre-market trading.
• Lennar Corporation 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. HA shares declined 3% to $13.21 in pre-market trading.

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