MU, KMX, GME, etc.
April 11, 2023 CarMax Dealership in Santa Rosa, CA.
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Check out the companies making headlines before the bell rings.
micron — Shares of the chipmaker fell 3.4% on Thursday before the bell due to a weaker-than-expected earnings outlook. Micron estimates a fiscal first-quarter loss of $1.07 per share on a non-GAAP basis, while analysts polled by LSEG, formerly known as Refinitiv, had expected a loss of 95 cents. In the fiscal fourth quarter, the company reported a smaller-than-expected loss and better-than-expected revenue.
game stop — Meme shares rose nearly 8% after the company named billionaire activist investor Ryan Cohen as its CEO. The move comes three months after former CEO Matthew Furlong was fired.
Duolingo — Shares were up more than 2% in premarket. UBS gave Duolingo a buy rating Wednesday, calling it a “top brand.”
Carmax — The stock fell about 12% as its fiscal second quarter earnings fell compared to the same period last year due to slowing demand for used cars. The company said it earned 75 cents per share on revenue of $7.07 billion. CarMax said it purchased 14.9% fewer vehicles from consumers and dealers compared to the previous year as sales fell due to rapid market depreciation.
working day — The cloud services company fell more than 11% after lowering its long-term subscription growth target to a range of 17% to 19% compared to its previous target of 20%.
peloton — Shares of Peloton and Lululemon surged nearly 14% in premarket trading Thursday after the companies announced a five-year strategic partnership on Wednesday. Under the deal, Peloton’s content will be available on Lululemon’s exercise app and Lululemon will become Peloton’s primary workout apparel partner.
digital bridge — Shares of the digital infrastructure company rose 7.7% after JPMorgan upgraded the company from neutral to overweight. The company said DigitalBridge is close to completing its business transformation.
concentric circles — Shares fell 5.1% after the company’s third-quarter earnings report missed both the top and bottom lines. Concentrix posted adjusted earnings of $2.71 per share on revenue of $1.63 billion. Analysts surveyed by FactSet estimated that Concentrix would earn $2.85 per share on revenue of $1.64 billion. The company’s fourth-quarter earnings forecast of $3.03 to $3.15 per share was also lower than analysts’ forecasts of $3.33 per share, according to FactSet.
— CNBC’s Sarah Min and Pia Singh contributed reporting.