Stocks making the biggest moves in the premarket: Intel, GameStop, ViacomCBS & more
Take a look at some of the biggest movers in the premarket:
Intel (INTC) – Intel said it would spend $20 billion to build two new plants at existing facilities in Arizona, in an effort to grab more market shares and fill gaps created by a worldwide chip shortage. Intel aims to start production at the new plants by 2024. Intel shares rose 4% in premarket trading, while shares of competitor Taiwan Semiconductor (TSM) fell 2.1% following Intel's announcement.
GameStop (GME) – GameStop reported quarterly earnings of $1.34 per share, missing forecasts by a penny a share. Revenue also came in below consensus. The videogame retailer did not address the Reddit-fueled trading frenzy in its stock during its earnings conference call, but in a Securities and Exchange Commission filing said it was considering the idea of raising money by selling shares to fund its ongoing transformation. The stock tumbled 12% in premarket trading.
ViacomCBS (VIAC) – The media company's shares fell another 7% in the premarket after sinking 9.1% Tuesday on news of a $3 billion stock offering.
General Mills (GIS) – The food producer fell 2 cents a share shy of Wall Street forecasts, with quarterly earnings of 82 cents per share. Revenue exceeded estimates and General Mills said expects demand for food at home to remain elevated relative to pre-pandemic levels. Its shares were down 1.9% in the premarket.
Winnebago (WGO) – The company's shares gained 3.7% in premarket action after the recreational vehicle maker reported quarterly profit of $2.12 per share, compared to a $1.42 a share consensus estimate. Revenue topped analysts' forecasts and Winnebago saw a nearly 6 percentage point expansion in gross margins during the quarter.
Adobe (ADBE) – Adobe beat estimates by 35 cents a share, with quarterly profit of $3.14 per share. The software company's revenue came in above estimates as well and Adobe issued strong current-quarter and full-year earnings guidance on strength in its flagship Creative Cloud suite and other cloud-based offerings. Adobe rose 1.2% in premarket action.
Amazon.com (AMZN) – Amazon named Adam Selipsky as CEO of its Amazon Web Services unit, effective when current chief Andy Jassy replaces Jeff Bezos as Amazon CEO later this year. Selipsky had been an executive at Amazon Web Services to become CEO of Tableau Software, which has since been acquired by Salesforce.com (CRM). Amazon rose 1% in premarket trading.
Bank of New York Mellon (BK) – The bank's shares climbed 1.3% in the premarket following a double upgrade from Bank of America Securities to "buy" from "underperform." BofA said its call is based on attractive valuation as well as an improving profit outlook.
Exxon Mobil (XOM) – Exxon Mobil's debt ratings were downgraded by rating agency Moody's to Aa2 from Aa1, pointing to the energy giant's aim to maintain its dividend. Moody's said that policy will slow debt reduction at Exxon Mobil.
AMC Entertainment (AMC) – AMC shares fell another 2.1% in premarket trading following Walt Disney's (DIS) announcement that it would delay the release of its "Black Widow" movie by two months, and offer it simultaneously in theaters and on its Disney+ service for a fee. The movie theater operator's shares had plummeted 14.7% yesterday and 10.3% on Monday.
Steelcase (SCS) – Steelcase earned 6 cents per share for its latest quarter, compared to a consensus estimate of a 1 cent per share loss. The office furniture maker's revenue came in above forecasts as well. The company gave a weaker-than-expected forecast, however, as demand for office products continues to be weak. Its shares lost 3.4% in the premarket.
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