View the stocks that are generating news during premarket trading.
Chipotle: Shares surged by 6.6% in premarket trading following Chipotle’s announcement of a 50-to-1 stock split. Shareholders are scheduled to vote on the change in June, pending approval. Additionally, Deutsche Bank raised its price target on the stock due to anticipated strong growth prospects.
CarMax: The used car dealer’s stock rose by 3% after receiving an upgrade from Needham to a buy rating from hold. The investment firm predicts a potential multiyear recovery in the used vehicle market.
Riot Platforms: JPMorgan’s upgrade of Riot Platforms to overweight from neutral led to a 5% increase in the stock price. Analyst Reginald Smith highlighted Riot’s leading power contracts, scale, and liquidity as key factors for the upgrade, stating that the company offers significant upside potential compared to other U.S.-listed crypto miners.
General Mills: Shares of General Mills increased by over 3% after beating Wall Street expectations on revenue and earnings. The company reported earnings of $1.17 per share on revenue of $5.1 billion, surpassing analyst forecasts. General Mills also reaffirmed its full-year outlook.
Signet Jewelers: The stock declined by more than 7% as first-quarter revenue guidance fell short of Wall Street estimates. Signet Jewelers expects revenue between $1.47 billion to $1.53 billion, below analysts’ projections of $1.61 billion.
PDD Holdings: The company’s stock surged by more than 17% after surpassing analyst estimates for fourth-quarter revenue. PDD Holdings reported revenue of 88.88 billion yuan, exceeding the forecast of 73.59 billion.
Mobileye: The stock rose by 4% following Volkswagen’s announcement of an enhanced collaboration with the automotive tech company. Mobileye will provide new automated driving technologies to the European carmaker.
Intel: Chipmaker Intel saw a nearly 3% increase in its stock price after receiving up to $8.5 billion from the White House under the CHIPS Act. Intel remains positive as RBC Capital Markets and JPMorgan highlighted the company’s growth potential in artificial intelligence servers and overall investor AI optimism.
Source (CNBC)
