Finance

Stocks making the biggest moves premarket: Micron, CarMax, GameStop and more

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A CarMax dealership on April 11, 2023 in Santa Rosa, California.
Justin Sullivan | Getty Images

Check out the companies making headlines before the bell.

Micron — The chipmaker’s shares fell 3.4% Thursday before the bell on the back of a weaker-than-expected earnings forecast. Micron estimates a fiscal first-quarter loss of $1.07 per share, on a non-GAAP basis, while analysts polled by LSEG expected a loss of 95 cents. For the fiscal fourth quarter, the company posted a narrower-than-expected loss as well as revenue that topped expectations. 

GameStop — The meme stock rallied nearly 8% after the company named billionaire activist investor Ryan Cohen as the company’s CEO effective immediately. The move comes three months after prior CEO Matthew Furlong was fired.

Duolingo — Shares gained more than 2% in the premarket. UBS initiated coverage of Duolingo on Wednesday with a buy rating, saying it’s a “best-in-class brand.”

CarMax — Shares fell nearly 12% as fiscal second-quarter earnings fell from a year-ago on weakening demand for used cars. The company said it earned 75 cents per share on revenue of $7.07 billion. CarMax said it bought 14.9% fewer vehicles from consumers and dealers from the previous year as steep market depreciation hurt volume. 

Workday — The cloud services company tumbled more than 11% after it lowered its long-term subscription growth target to a range of 17% to 19%, compared with its previous target of 20%.

Peloton — Shares popped nearly 14% in premarket trading Thursday after Peloton and Lululemon announced a five-year strategic partnership on Wednesday. According to the deal, Peloton’s content will be available on Lululemon’s exercise app and Lululemon, in turn, will become Peloton’s primary athletic apparel partner.

DigitalBridge — Shares of the digital infrastructure company jumped 7.7% after JPMorgan upgraded the company to overweight from neutral. The firm said DigitalBridge is largely finished with the transformation of its business.

Concentrix — Shares declined 5.1% after the company’s third-quarter earnings report missed on both the top and bottom lines. Concentrix posted adjusted earnings of $2.71 per share on revenue of $1.63 billion. Analysts polled by FactSet had estimated Concentrix would earn $2.85 per share and revenue of $1.64 billion. The company’s fourth-quarter earnings forecast of $3.03 to $3.15 per share also fell below analyst forecasts of $3.33 per share, according to FactSet.

— CNBC’s Sarah Min and Pia Singth contributed reporting.

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