Robinhood, Coinbase, Roku, Nike and more

Find out which companies are making the headlines before the bell:

Robinhood (HOOD), Coinbase (COIN) – Shares of the retail app and cryptocurrency exchange fell in pre-market exchanges after China reported it was stepping up its crackdown on the crypto. The country’s central bank said on Friday that all cryptocurrency-related activities were illegal. Coinbase shares fell more than 3.6% while Robinhood fell 2%.

Roku (ROKU) – Shares of the streaming video platform fell in pre-market trading after Wells Fargo demoted Roku to equal weight over being overweight. The investment firm said in a memo that Wall Street’s expectations for Roku’s revenue growth are likely too high as the competition increases. Roku shares were down 2.3%.

Nike (NKE) – The apparel giant’s shares were under pressure on Friday after Nike cut its revenue forecast due to supply chain issues. The company said it expects single-digit sales growth for fiscal 2022, down from a previous forecast of weak double-digit growth. Nike shares have fallen more than 4% in pre-market trading.

Under Armor (UAA) – Shares of the sportswear retailer fell in pre-market after rival Nike cut its forecast. Under Armor shares are down more than 2% pre-market.

Costco (COST) – The retailer exceeded both earnings and earnings expectations in its fourth quarter tax report Thursday afternoon. The company reported adjusted earnings of $ 3.90 per share, significantly exceeding expectations of $ 3.57, and net sales for the quarter were up more than 17% year-on-year. The stock was slightly higher in the pre-market.

Merck (MRK) – The pharmaceutical giant, along with AstraZeneca, announced Friday morning that treatment using the drug Lynparza is slowing the progression of prostate cancer in a phase three trial. Merck shares rose more than 1% in pre-market trading.

Cheesecake Factory (CAKE), Dave & Buster’s (PLAY) – Restaurant stocks edged up in pre-market trading after Jefferies upgraded stocks to buy on hold. The company said full-service restaurants have seen traffic hold up despite the spread of the delta variant.