Before the bell, take a look at the businesses making news.
Micron — A weaker-than-expected profits projection caused the chipmaker’s shares to decline 3.4% on Thursday morning. Micron projects a non-GAAP loss of $1.07 per share for the fiscal first quarter, while analysts surveyed by LSEG anticipated a loss of 95 cents. The business reported a narrower-than-anticipated loss for the fourth quarter of its fiscal year and revenue that exceeded forecasts.
The GameStop — After the company nominated billionaire activist investor Ryan Cohen as the new CEO with immediate effect, the meme stock increased by almost 8%. The change was made three months after Matthew Furlong, the previous CEO, was let go.
More than 2% of shares of Duolingo rose before the market opened. On Wednesday, UBS started covering Duolingo with a buy recommendation, claiming it to be a “best-in-class brand.”
CarMax – As a result of a decline in second-quarter fiscal earnings from a year ago and a decline in used car demand, the company’s shares fell by about 12%. On revenue of $7.07 billion, the company reported earnings of 75 cents per share. As a result of sharp market depreciation hurting volume, CarMax reported buying 14.9% fewer vehicles from consumers and dealers than the prior year.
A workday After lowering its long-term subscriber growth objective from 20% to a range of 17% to 19% from its previous target of 20%, the cloud services provider saw its stock fall more than 11%.
DigitalBridge – Shares of the provider of digital infrastructure increased 7.7% after JPMorgan upgraded it from neutral to overweight. According to the company, DigitalBridge’s business transition is largely complete.
Concentrix — Following a top and bottom-line shortfall in the company’s third quarter results announcement, shares fell 5.1%. Using adjusted figures, Concentrix reported $1.63 billion in revenue and adjusted earnings of $2.71 per share. Concentrix’s earnings per share and revenue were projected by analysts surveyed by FactSet to be $2.85 and $1.64 billion, respectively. According to FactSet, the company’s $3.03 to $3.15 per share fourth-quarter earnings guidance below analyst expectations of $3.33 per share.
Source (CNBC)
