Stocks Making The Biggest Premarket Moves: Virgin Galactic, Adobe, SoFi, Cava and more

Virgin Galactic experienced a significant surge in premarket trading, with shares soaring approximately 45%. This boost came as the company announced its upcoming inaugural commercial space tourism flight scheduled for later this month. Additionally, Virgin Galactic plans to conduct its second commercial flight in early August, followed by regular monthly runs.

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Adobe, a prominent technology stock, witnessed a notable rally of nearly 5% following an impressive performance in earnings and revenue beyond market expectations. The company also revised its forecast for the fiscal third quarter and full year, anticipating earnings between $15.65 and $15.75 per share, after adjustments. Furthermore, Adobe projects revenue in the range of $19.25 billion to $19.35 billion for fiscal 2023, which aligns with the higher end of estimates.

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iRobot experienced a surge of more than 20% in share prices following the approval of Amazon's $1.7 billion acquisition of the Roomba vacuum cleaner by Britain's regulator, the Competition and Markets Authority. Conversely, Amazon's shares remained relatively stable during this period.

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SoFi Technologies encountered a decline of approximately 6% in share prices after receiving downgrades from both Bank of America and Piper Sandler, shifting their recommendations from "buy" to "neutral." These Wall Street firms cited the stock's elevated valuation, with Piper Sandler describing the financial technology firm as a "long-term winner." Oppenheimer also downgraded the stock, influenced by its recent appreciation.

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Cava Group, a recently debuted restaurant stock, observed a rise of over 4% during premarket trading on Friday, extending the substantial gains made in Thursday's session. Cava closed at $43.78 per share on its first trading day, marking a remarkable 99% increase above its initial public offering (IPO) price of $22 per share.

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Micron Technologies, a chip stock, gained nearly 3% in response to a report, which indicated that the company is on the verge of finalizing a $1 billion agreement to construct a new factory in India.

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DraftKings experienced a share price increase of over 1% subsequent to the online betting company's offer of $195 million for PointsBet's U.S. assets, surpassing Fanatics' bid.

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