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Stocks Making The Biggest Premarket Moves: Mobileye, Epam Systems, Thor Industries, Apple & More

June 6, 2023
minute read

Mobileye - Shares of Mobileye declined by 5% following a Securities and Exchange Commission filing on Monday, which disclosed that an Intel subsidiary plans to sell 35 million Class A shares in a secondary offering. It is important to note that Mobileye will not receive any proceeds from this sale.

Coinbase - Shares of the cryptocurrency company dropped over 15% in premarket trading after the Securities and Exchange Commission filed a lawsuit against Coinbase, alleging that the company was operating as an unregistered broker and exchange. This development comes shortly after the SEC filed a similar suit against Binance.

Epam Systems - The software firm experienced a 2.9% decline in its stock price, a day after announcing second-quarter earnings and revenue guidance that fell below analysts' expectations. Additionally, the company lowered its full-year earnings and revenue guidance, which also fell short of analysts' projections.

Thor Industries - Shares of the RV manufacturer surged nearly 10% after reporting better-than-expected earnings and revenue. The company also raised its full-year earnings guidance, contributing to the positive market response.

McCormick - The stock witnessed an approximate 2% increase after receiving a double upgrade to "buy" from "underperform" by Bank of America. The financial institution highlighted easing volume pressures and described the stock as having strong growth potential in the consumer staples sector.

GitLab - Shares of the software development platform company soared nearly 30% in premarket trading following its first-quarter earnings report. GitLab's adjusted loss per share of 6 cents on $126.9 million in revenue exceeded analysts' expectations. The company's revenue also demonstrated significant year-over-year growth of 45%.

Ferguson - Shares of the distribution company slipped by 3.4% after reporting a 2% decline in net sales for the fiscal third quarter compared to the previous year. However, Ferguson's results surpassed analyst expectations, with adjusted earnings of $2.20 per share on $7.14 billion of net sales. Analysts had projected $2.16 in adjusted earnings per share on $7.09 billion in revenue.

J.M. Smucker - The food products stock gained 1% in premarket trading following the release of its fiscal fourth-quarter results. The company reported adjusted earnings per share of $2.64 on $2.23 billion of revenue. While the earnings exceeded analysts' estimates, J.M. Smucker's full-year earnings guidance of $9.20 to $9.60 fell at the lower end of analyst expectations.

Apple - The stock of the iPhone maker dipped by less than 1% in premarket trading after the release of its Vision Pro mixed reality headset. Analyst responses to the announcement were mixed, with D.A. Davidson downgrading the stock to "neutral."

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

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