Check out the companies making headlines in premarket trading. Macy’s — The department store chain tumbled 9% after it lowered its fiscal-year forecast. Macy’s now sees adjusted earnings coming in between $2.25 to $2.50, while prior guidance adjusted for delivery expense had estimated a range between $2.34 to $2.69, according to FactSet. GE Vernova — The energy equipment maker fell 2.4% after it issued weaker-than-expected full-year revenue guidance for both the 2024 and 2025 fiscal years. GE Vernova also announced it would initiate a dividend of 25 cents per share and an initial $6 billion share repurchase authorization. Dave & Buster’s — The arcade and dining venue operator plummeted more than 14% after posting disappointing third-quarter results and announcing the departure of its CEO. The company reported a loss of 45 cents per share on revenue of $453 million. Analysts expected a loss of 40 cents per share on revenue of $463.7 million. Duolingo — Shares of the language learning company slipped by about 2% after a downgrade to neutral from buy at Bank of America. The investment firm said Duolingo appears to be trading at “peak valuation” and that beating investor expectations for its next quarterly report is a high bar. GameStop — The video game retailer saw shares rising more than 3% in premarket trading after the firm reported an unexpected profit in the latest quarter. GameStop posted net income of $17.4 million in the third quarter, compared with a net loss of $3.1 million in the same period last year. Rigetti Computing — Shares advanced more than 7% , adding to their 45.2% surge from the previous session. The stock got a boost Tuesday after Google said its new chip, Willow, achieved a new breakthrough with quantum computing. Rigetti develops quantum integrated circuits for quantum computers. Patterson Companies — Shares surged more than 34% following news that the dental and animal health company is being acquired by Patient Square Capital for $31.35 per share . The deal is expected to close in the fourth-quarter of Patterson’s 2025 fiscal year. Stitch Fix — The online personal styling company surged more than 20% after Stitch Fix raised its second-quarter revenue outlook. The firm now expects revenue in the current quarter of $290 million to $300 million, while analysts polled by FactSet anticipated guidance of $283.5 million. Stitch Fix also raised the top end of its full-year revenue outlook and now expects $1.14 billion to $1.18 billion. The company’s previous forecast called for $1.11 billion to $1.16 billion. General Motors – The Detroit automaker rose more than 1% after abandoning its Cruise robotaxi service. GM said it would no longer fund robotaxi development and would roll the unit into its tech team. The automaker had spent more than $10 billion on its robotaxi unit. Bausch + Lomb —The contact lens stock pulled back nearly 12% after a downgrade to neutral from Citigroup, which cited increased competition as a headwind for Bausch moving forward. Wolverine World Wide — The footwear and apparel company’s stock rose 3% following an upgrade to buy from hold at Stifel . The firm said 2025 will be an “inflection year” for the Saucony parent. C3.ai — Shares fell 5% after a JPMorgan downgrade to underperform from neutral. The bank cited an elevated valuation for the rating change . — CNBC’s Yun Li, Lisa Kailai Han, Hakyung Kim, Michelle Fox, Samantha Subin, Jesse Pound and Spencer Kimball contributed reporting
https://www.cnbc.com/2024/12/11/stocks-making-the-biggest-moves-premarket-gme-m-gev-duol.html
