Stocks Making the Biggest Premarket Moves: Chipotle, Microstrategy, Carmax, Intel and More

Here are the noteworthy companies making waves in premarket trading:

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Chipotle - Share prices surged by 6.6% in premarket trading following Chipotle's announcement of a 50-to-1 stock split. This change, revealed to the public on Tuesday, is slated for implementation in June pending approval by shareholders. Deutsche Bank also lifted its price target on Chipotle, citing robust growth prospects.

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CarMax - The stock of the used car dealer saw a 3% uptick after receiving an upgrade to buy from hold by Needham. The investment firm expressed optimism about the potential for a multiyear recovery in the used vehicle market.

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Riot Platforms - JPMorgan upgraded the bitcoin mining company to overweight from neutral, causing its stock to rise by 5%. Analyst Reginald Smith highlighted Riot's strong positioning in the industry, emphasizing its leading power contracts, scale, and liquidity. He also suggested that Riot offers substantial upside potential compared to other major U.S.-listed crypto miners.

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General Mills - Shares of General Mills climbed over 3% after the company surpassed Wall Street's expectations for both revenue and earnings. The firm reported earnings of $1.17 per share, excluding items, on revenue of $5.1 billion, exceeding analysts' forecasts. Additionally, General Mills reaffirmed its full-year outlook.

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Signet Jewelers - Share prices dipped by more than 7% after Signet's first-quarter revenue guidance fell short of Wall Street estimates. The company anticipates revenue in the range of $1.47 billion to $1.53 billion, lower than the consensus forecast.

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PDD Holdings - The stock of PDD Holdings soared by more than 17% following its fourth-quarter revenue beat against analyst estimates. The company reported revenue of 88.88 billion yuan, surpassing FactSet's forecast of 73.59 billion yuan.

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Mobileye - Shares of Mobileye surged by 4% after Volkswagen announced plans to deepen its collaboration with the automotive tech company. Mobileye will provide new automated driving technologies to the European carmaker.

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Intel - The chipmaker's shares climbed nearly 3% after the White House awarded it up to $8.5 billion as part of the CHIPS Act. Analysts at RBC Capital Markets and JPMorgan expressed optimism about Intel's growth prospects, particularly in the artificial intelligence server market.

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MicroStrategy Incorporated - Share prices rose by more than 2% as the company rebounded from a price target cut by TD Cowen. Despite concerns, TD Cowen reiterated an outperform rating on the stock following MicroStrategy's continued investment in bitcoin.

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