Tesla, Sweetgreen, Gap, and other stocks are experiencing significant price changes before the market opens.
Take a look at some of the biggest movers in the premarket:
In premarket trading, TSLA shares dropped 1.2% after CEO Elon Musk invited the United Auto Workers union to attempt organizing his company's assembly plant in Fremont, California.
Sweetgreen's stock price increased by 19.9% during premarket trading after the salad chain reported impressive sales growth in its first quarterly report since going public in November. However, the company's losses also widened.
The retailer's shares surged 7% in premarket trading after reporting a narrower-than-expected loss for the fourth quarter and issuing strong earnings guidance. Gap posted a loss of 2 cents per share, which was lower than the 14 cents forecast by Refinitiv analysts. Additionally, revenue came in higher than expected.
After a better-than-expected quarterly report, Costco's retail stock fell 2%. The company reported fiscal second-quarter earnings of $2.92 per share on revenue of $51.9 billion. Analysts surveyed by Refinitiv had predicted earnings of $2.74 on revenue of $51.47 billion.
Despite a slight earnings beat, Marvell's shares dipped 2.3%. The company reported fourth-quarter earnings of 50 cents per share, excluding items, on revenue of $1.34 billion. Analysts had expected a profit of 48 cents per share on revenues of $1.32 billion, according to Refinitv.
Broadcom's chip stock surged over 3% premarket after the company exceeded Wall Street expectations for its fiscal first quarter. The company reported adjusted earnings of $8.39 per share, higher than the $8.08 per share analysts surveyed by Refinitiv had predicted. Additionally, Broadcom's second-quarter revenue guidance was above expectations.
Raymond James downgraded Best Buy from outperform to market perform, causing the retail stock to dip 2% in early morning trading. The firm stated that it is temporarily suspending its stock recommendation.
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