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Pre-Market Movers: CarMax, Micron, Under Armour and More

CarMax's stock took a hit in premarket trading after the company's quarterly profit and revenue fell short of expectations.

December 22, 2022
4 minutes
minute read

CarMax's stock took a hit in premarket trading after the company's quarterly profit and revenue fell short of expectations. CarMax earned 24 cents per share, compared with a consensus estimate of 70 cents, and its comparable used-vehicle sales were down 22.4% versus FactSet's consensus forecast of a 16.9% slide.

Micron Technology (MU) shares fell 2.9% in premarket trading after the company reported a wider-than-expected quarterly loss and revenue that fell short of Wall Street forecasts. Micron attributed the disappointing results to declining demand for electronics, and announced it will cut about 10% of its workforce.

Under Armour has appointed Stephanie Linnartz as its new CEO, effective February 27. Linnartz is currently president of Marriott's international operations and has been with the hotel operator for 25 years.

Tyson Foods (TSN) is expected to lose hundreds of employees when it consolidates corporate offices in Arkansas next year, according to the Wall Street Journal. The beef and poultry producer is closing two offices in Illinois and one in South Dakota. Tyson fell 1% in premarket action.

MillerKnoll (MLKN) reported better-than-expected profit and revenue for its latest quarter, gaining 2.9% in premarket trading. The furniture maker was able to offset a 13% decline in orders with higher prices.

TuSimple (TSP) is cutting 25% of its workforce, a move that affects about 350 employees. Earlier reports had said the company could cut as many as 700 employees, but it is now refocusing on research and development of self-driving trucking technology. TuSimple rallied 3.5% in the premarket.

Evercore ISI has given Global Business Travel Group (GBTG) an "outperform" rating, citing the company's leading position in the industry and its expected benefits from a rebound in business travel. GBTG shares rose 1.6% in premarket trading.

Mirati Therapeutics (MRTX) saw its stock jump 9.4% in the premarket after the FDA granted its colorectal cancer treatment a “breakthrough therapy” designation. This designation fast tracks the approval process for treatments that provide substantial improvement over existing therapies, and Mirati's treatment looks promising in this regard.

John Liu
Eric Ng
John Liu
Editorial Board
Bryan Curtis
Adan Harris
Managing Editor
Cathy Hills
Associate Editor

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