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Amnon Shashua, President and CEO of Mobileye, and Patrick Gelsinger, CEO of Intel, outside the Nasdaq MarketSite during Mobileye’s IPO in New York, October 26, 2022.
Michael Nagel | Bloomberg | Getty Images
Check out the companies making the biggest strides in premarket trading.
Mobile — Shares fell 5% following a filing from the US Securities and Exchange Commission on Monday that revealed an Intel subsidiary will sell 35 million Class A shares in a secondary offering. Mobileye does not receive any proceeds from the sale.
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Coin base — Shares of the crypto company fell more than 15% in premarket trading after the SEC sued Coinbase, alleging the company was acting 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 released second-quarter earnings and revenue guidance that fell short of analysts’ expectations. It also lowered full-year earnings and revenue expectations below analyst expectations.
Thor Industries — Shares rose nearly 10% after the recreational vehicle maker reported an increase in earnings and earnings. The company also raised its full-year earnings outlook.
McCormick — The stock added about 2% after a double upgrade to buy from underperforming Bank of America. The Wall Street firm cited easing volume pressures and called the stock a “growth asset.”
GitLab — Shares of the software development platform company rose nearly 30% in premarket trading after Gitlab reported a smaller-than-expected loss for the first quarter. GitLab reported an adjusted loss of 6 cents per share on revenue of $126.9 million. Analysts polled by Refinitiv had expected a loss of 14 cents per share on revenue of $117.8 million. Sales 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 met analyst expectations, with adjusted earnings of $2.20 per share on $7.14 billion in net sales. Analysts had expected adjusted earnings per share of $2.16 on revenue of $7.09 billion, according to StreetAccount.
J. M. Smucker — Food inventory rose 1% in premarket trading after JM Smucker reported its fourth-quarter fiscal results. The company reported $2.64 in adjusted earnings per share on $2.23 billion in revenue. Analysts interviewed had expected $2.41 in earnings per share on $9.56 billion in revenue, according to StreetAccount. However, JM Smucker’s full-year earnings forecast of $9.20 to $9.60 was on the low end of analyst estimates.
Apple — The iPhone maker dropped less than 1% in premarket trading per day after releasing its Vision Pro mixed-reality headset. Wall Street analysts reacted mixed, with DA Davidson downgrading the stock to neutral.
— CNBC’s Jesse Pound contributed reporting.
