Amnon Shashua, President and CEO of Mobileye Global, and Patrick Gelsinger, CEO of Intel Corp., outside Nasdaq MarketSite during the company’s initial public offering (IPO) in New York, US, on Wednesday, Oct. 26, 2022.
Michael Nagel Bloomberg | Getty Images
Check out the companies making the biggest moves in pre-market trading:
Mobileye — Shares fell 5% after a Securities and Exchange Commission filing Monday that showed an Intel subsidiary would sell 35 million Class A shares in a secondary offering. Mobileye will not receive any proceeds from the sale.
Coinbase Shares of the crypto company sank more than 15% in pre-market trading after the Securities and Exchange Commission sued Coinbase, alleging that the company was operating as an unregistered broker and exchange. The move comes shortly after the SEC filed a lawsuit against Binance on similar grounds.
Epam Systems — The software company fell 2.9%, a day after the company reported second-quarter earnings and revenue guidance that fell short of analyst expectations. It also cut its full-year earnings and steered revenue below analyst expectations.
Thor Industries — Shares jumped nearly 10% after the RV manufacturer was mentioned Outperform profits and revenues. The company also raised its earnings guidance for the full year.
McCormick — The stock added about 2% after a double upgrade to buy from underperforming Bank of America. The Wall Street firm noted easing volume pressures and called the stock a “growing staple.”
GitLab Shares of the software development platform company rose nearly 30% in pre-market trading after Gitlab reported a smaller-than-expected first-quarter loss. GitLab reported an adjusted loss of 6 cents per share on $126.9 million in revenue. Analysts surveyed by Refinitiv had expected a loss of 14 cents per share on $117.8 million in revenue. Revenue grew 45% year-over-year.
Ferguson Shares of the distribution company fell 3.4% after Ferguson reported a 2% decline in net sales for the fiscal third quarter year over year. Ferguson’s results exceeded analyst expectations, with adjusted earnings of $2.20 per share on $7.14 billion in net sales. Analysts expected $2.16 in adjusted earnings per share on $7.09 billion in revenue, according to StreetAccount.
JM Smucker — Food stocks rose 1% in pre-market trading after JM Smucker released its fourth-quarter financial results. The company reported $2.64 in adjusted earnings per share on $2.23 billion in revenue. Analysts surveyed had put earnings per share at $2.41 on $9.56 billion, according to StreetAccount. JM Smucker’s full-year earnings guidance of $9.20 to $9.60, however, was on the low side of analyst estimates.
Apple — The iPhone maker fell less than 1% in pre-market trading, the day after it launched its Vision Pro mixed-reality headset. Wall Street analysts’ reaction was mixed, with DA Davidson downgrading the stock to neutral.
— CNBC’s Jesse Pound contributed reporting.
