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

In this article

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.

Articles You May Like

Elizabeth Sutton Opens A Gallery And Retail Experience
Supreme Court Will Hear Case That Could Upend The Current Tax System
Gen Z women spend more on TikTok as app ‘drives consumption,’ analyst says
Top Wall Street analysts expect these dividend stocks to enhance total returns
Bank CEOs express support for Supplemental Security Income reform. ‘This definitely should be fixed,’ Jamie Dimon says

Leave a Reply

Your email address will not be published. Required fields are marked *