Stocks making the biggest moves premarket: MU, ZS, MGM, BBWI
Check out the companies making the biggest moves premarket: Zscaler — Shares tumbled more than 23% after the cloud security company guided for current-quarter revenue of between $875 million to $878 million, falling short of the $879 million analysts were seeking, per LSEG. However, the company’s fiscal third-quarter adjusted earnings of $1.08 per share beat forecasts of $1.01 per share, while its $850 million revenue also exceeded the $835 million consensus estimate. Palo Alto Networks , CrowdStrike — The two cybersecurity stocks tumbled as Zscaler’s earnings brought down some of its peers with it. Palo Alto was off 4%, while CrowdStrike was down more than 3%. Bath & Body Works — Shares rose 15% after the company reported better-than-expected current quarter guidance in its first-quarter earnings report. The retailer forecasted earnings per share of 20 cents to 25 cents in its second quarter, compared to expectations for 21 cents, according to analysts polled by FactSet. First-quarter earnings and revenue also slightly beat estimates. Semtech — The semiconductor stock popped 7% after Semtech posted first-quarter adjusted earnings and revenue that beat estimates. The company also guided for current-quarter earnings, adjusted operating margin and EBITDA that exceeded analysts’ expectations, according to LSEG. Micron Technology — The chipmaker’s rally continued pushing higher on Wednesday after the company crossed $1 trillion in market cap on Tuesday, joining the exclusive club. Shares were up 7% on Wednesday and the stock was the best performer on the S & P 500 in premarket trading. Sandisk — The stock was up 3% after Barclays upgraded it to outperform . The bank said a supply/demand imbalance will persist through 2027, giving strong pricing power to companies like Sandisk. Insulet — Shares dropped about 5% after the medical device company announced a voluntary medical device correction for specific lots of several of its pods. The correction was due to a manufacturing issue that could result in insulin under-delivery to patients. Dick’s Sporting Goods — The retailer fell 2.5% after it reaffirmed lighter full-year guidance for earnings of $13.50 to $14.50 per share. Analysts polled by FactSet expected full-year earnings of $14.30 per share. First-quarter earnings also missed slightly, coming in at $2.90 per share compared to estimates for $2.92 per share, according to analysts polled by LSEG. Revenue beat estimates slightly. Box — The cloud-based content management provider slipped 1.5% after guiding for full-year adjusted earnings of $1.56 per share, while analysts polled by LSEG were expecting $1.63. However, Box did report first-quarter adjusted earnings of 37 cents per share on revenue of $306 million, beating the 36 cents and $304 million analysts were seeking. MGM — Shares were up 3% after an upgrade by JPMorgan to overweight from neutral. The bank explained that U.S. leisure travelers are resilient despite macroeconomic headwinds, and that is brightening forecasts for Las Vegas Strip growth. Modine Manufacturing — The manufacturing stock added 2.5% after Modine reported fiscal fourth-quarter adjusted earnings of $1.71 per share on revenue of $954.5 million. Analysts polled by FactSet were seeking earnings of $1.55 per share and $920.7 million in revenue. Shares of Modine surged nearly 14% on Tuesday after the company said it landed a $4 billion data center cooling deal . Abercrombie & Fitch — Shares were up more than 4% after the company reported adjusted earnings of $1.47 per share for the first quarter. Analysts polled by FactSet expected earnings of $1.28 per share. However, revenue just missed estimates, and current quarter guidance was weaker-than-expected. — CNBC’s Lisa Kailai Han contributed reporting.
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