Premarket Trading Highlights: Companies Making Waves
As the stock market opens, several companies are drawing attention in premarket trading. Here’s a roundup of key players shaking up the scene:
Macy’s Faces Setback
Macy’s is experiencing a significant downturn, with shares dropping 9% after the retailer revised its fiscal-year earnings forecast downward. The department store chain now expects adjusted earnings to be between $2.25 and $2.50, a decrease from the previous estimate of $2.34 to $2.69.
GE Vernova Lowers Revenue Guidance
Shares of GE Vernova fell by 2.4% following the announcement of disappointing full-year revenue guidance for 2024 and 2025. In a move to enhance shareholder value, the company also declared a dividend of 25 cents per share and initiated a $6 billion share repurchase program.
Dave & Buster’s Struggles
The entertainment and dining operator Dave & Buster’s saw its shares plummet over 14% after reporting disappointing third-quarter performance and the unexpected exit of its CEO. The company recorded a loss of 45 cents per share on revenues of $453 million, falling short of analyst expectations.
Duolingo’s Shares Slip
Duolingo shares dipped around 2% after Bank of America downgraded its rating from "buy" to "neutral." The firm expressed concerns that Duolingo’s stock appears overvalued and that meeting investor expectations in the next quarter may prove challenging.
GameStop Bounces Back
In a surprising turn, GameStop’s shares increased by more than 3% after the company reported an unexpected profit for the recent quarter, with a net income of $17.4 million, compared to a net loss of $3.1 million year-over-year.
Rigetti Computing’s Quantum Leap
Rigetti Computing’s stock gained over 7%, adding to a remarkable 45.2% rise from the previous session. The boost came after Google announced the success of its new chip, Willow, in quantum computing, a field Rigetti is deeply invested in.
Patterson Companies Soars on Acquisition News
Shares of Patterson Companies skyrocketed more than 34% as news broke of its acquisition by Patient Square Capital for $31.35 per share. The deal is anticipated to finalize in the fourth quarter of Patterson’s fiscal year 2025.
Stitch Fix Upgrades Revenue Outlook
Stitch Fix shares surged over 20% after the online personal styling service raised its revenue outlook for the second quarter. The company now estimates revenues between $290 million and $300 million, exceeding analyst forecasts.
General Motors Announces Shift in Strategy
General Motors shares rose more than 1% following the company’s decision to halt funding for its Cruise robotaxi service. The automaker will now integrate this unit into its technology division, having invested over $10 billion into it.
Bausch + Lomb Experiences Decline
Bausch + Lomb saw a nearly 12% dip in stock prices after Citigroup downgraded its rating to neutral, citing intensifying competition in the contact lens market as a significant concern.
Wolverine World Wide Gains Favor
The stock of Wolverine World Wide rose by 3% following an upgrade to "buy" from "hold" by Stifel, which highlighted 2025 as a pivotal year for the parent company of Saucony.
C3.ai Faces Setback
Shares of C3.ai decreased by 5% after JPMorgan downgraded its rating to underperform due to concerns over elevated valuations.
These movements reflect the dynamic nature of the market as companies navigate their circumstances, revealing both challenges and opportunities in the landscape.
