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Stocks Making the Biggest Moves Premarket: Gamestop, Reddit, Take-Two Interactive Software and More

May 17, 2024
minute read

Here are the companies making headlines before the bell:

GameStop experienced a significant drop of over 20% in its share price. This decline came after the video game retailer announced plans to sell 45 million common shares. Additionally, GameStop's preliminary first-quarter results revealed a decrease in sales.

Reddit saw a 10.5% surge in its share price following the announcement of a new partnership with OpenAI. This collaboration will allow Reddit to incorporate certain AI features powered by OpenAI. In return, OpenAI will gain access to Reddit’s data application programming interface (API) to enhance its AI model training.

Take-Two Interactive Software shares fell by more than 2% due to an update on the release timing of the next Grand Theft Auto game. The company has now scheduled the game's launch for fall 2025, revising its previous guidance, which had indicated a 2025 release without a specific timeframe.

Snowflake saw a minor decline of 0.3% after Bloomberg Law reported, based on sources familiar with the matter, that the cloud computing company is in talks to acquire startup Reka AI for over $1 billion.

Doximity shares surged nearly 18% following strong fourth-quarter results that exceeded expectations on both the top and bottom lines. The online networking company reported adjusted earnings per share of 25 cents and revenue of $118 million, surpassing analyst forecasts of 20 cents per share and $116 million in revenue. Doximity also provided first-quarter revenue guidance that aligned with analysts' expectations.

Globant SA’s stock dropped more than 3% after issuing second-quarter earnings and revenue guidance that did not meet analyst estimates. Despite first-quarter results being in line with expectations, the IT company anticipates adjusted earnings of $1.47 to $1.52 per share, below the $1.57 per share expected by analysts polled by FactSet. Similarly, its expected revenue range of $585 million to $589 million fell short of the $590.2 million consensus estimate.

Cracker Barrel Old Country Store experienced a sharp decline of nearly 15% in its share price after the restaurant chain announced an 80% reduction in its dividend, cutting it from $1.25 to 25 cents. This reduction is part of the company’s strategic transformation plan.

Applied Materials saw a 1.2% increase in its share price after reporting strong second-quarter earnings that beat expectations, with revenue coming in roughly in line. The chipmaker posted adjusted earnings of $2.09 per share on revenue of $6.65 billion, surpassing the FactSet consensus of $1.99 per share in earnings on $6.54 billion in revenue. In response to the positive report, several firms, including Goldman Sachs and Citigroup, raised their price targets for Applied Materials.

DXC Technology shares plummeted more than 23% following the release of first-quarter earnings and revenue guidance that fell short of expectations, despite the company’s fourth-quarter results exceeding estimates. The information technology company forecasted first-quarter earnings of 55 to 60 cents per share, well below the FactSet consensus of 76 cents per share. Similarly, its revenue guidance of $3.1 billion to $3.15 billion was lower than the anticipated $3.3 billion.

These updates reflect a mix of market reactions driven by company-specific announcements, earnings results, and strategic decisions, impacting their share prices before the opening bell.

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

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