Amnon Shashua, president and CEO of Mobileye, and Patrick Gelsinger, CEO of Intel, outside the Nasdaq MarketSite during Mobileye’s initial public offering in New York, Oct. 26, 2022.
Michael Nagle | Bloomberg | Getty Images
Check out the companies making the biggest moves in premarket trading.
Mobileye — Shares sank 5% following a U.S. Securities and Exchange Commission filing Monday that showed an Intel subsidiary will sell 35 million Class A shares in a secondary offering. Mobileye will not receive any proceeds from the sale.
Coinbase — Shares of the crypto company sank more than 15% in premarket trading after the SEC sued Coinbase, alleging the company was acting as an unregistered broker and exchange. The move comes shortly after the SEC filed suit against Binance on similar grounds.
EPAM Systems — The software firm fell 2.9% a day after the company posted second-quarter earnings and revenue guidance that was below analysts’ expectations. It also lowered its full-year earnings and revenue guidance to below analysts’ expectations.
McCormick — The stock added about 2% following a double upgrade to buy from underperform by Bank of America. The Wall Street firm cited easing volume pressures and called the stock a “growthy staple.”
GitLab — Shares of the software development platform company surged nearly 30% in premarket trading after Gitlab reported a smaller-than-expected loss for its first quarter. GitLab reported an adjusted loss of 6 cents per share on $126.9 million in revenue. Analysts surveyed by Refinitiv were expecting a loss of 14 cents per share on $117.8 million of revenue. Revenue grew 45% year over year.
Ferguson — Shares of the distribution company slipped 3.4% after Ferguson reported a 2% decline in net sales for its fiscal third quarter year over year. Ferguson results did top analyst expectations, with adjusted earnings of $2.20 per share on $7.14 billion of net sales. Analysts expected $2.16 in adjusted earnings per share on $7.09 billion of revenue, according to StreetAccount.
J.M. Smucker — The food products stock gained 1% in premarket trading after J.M. Smucker released its fiscal fourth-quarter results. The company reported $2.64 in adjusted earnings per share on $2.23 billion of revenue. Analysts surveyed had penciled in $2.41 in earnings per share on $9.56 billion of revenue, according to StreetAccount. J.M. Smucker’s full-year earnings guidance of $9.20 to $9.60 was on the low side of analyst estimates, however.
Apple — The iPhone maker dipped less than 1% in premarket trading a day after releasing its Vision Pro mixed-reality headset. Wall Street analysts had mixed responses, with D.A. Davidson downgrading the stock to neutral.
— CNBC’s Jesse Pound contributed reporting.