Check out the companies that made headlines in pre-market trading: Macy’s — The department store chain fell 9% after cutting its fiscal year forecast. According to FactSet, Macy’s now expects adjusted earnings to be between $2.25 and $2.50 a share, compared with previous guidance that adjusted for shipping costs and estimated a range of $2.34 to $2.69 a share. It was getting worse. GE Vernova — The energy equipment maker fell 2.4% after the company announced lower-than-expected full-year revenue guidance for both fiscal years 2024 and 2025. GE Vernova also announced that it would begin issuing a dividend of 25 cents per share and an initial $6 billion stock repurchase authorization. Dave & Buster’s — The arcade and dining facility operator plunged more than 14% after disappointing third-quarter results and the announcement of the resignation of its CEO. The company reported a loss of 45 cents per share on revenue of $453 million. Analysts had expected a loss of 40 cents per share on revenue of $463.7 million. Duolingo — The language learning company’s stock fell about 2% after Bank of America downgraded it from buy to neutral. The investment firm said Duolingo appears to be trading at a “highest valuation” and that it has a high hurdle to beat investors’ expectations for its next quarterly report. GameStop — Shares rose more than 3% in premarket trading after the video game retailer announced a surprise profit for its latest quarter. GameStop posted a net income of $17.4 million in the third quarter, compared to a net loss of $3.1 million in the year-ago period. Rigetti Computing — Shares rose more than 7%, adding to a 45.2% jump from the previous session. Shares rose on Tuesday after Google announced that its new chip, Willow, had achieved a new breakthrough in quantum computing. Righetti develops quantum integrated circuits for quantum computers. Patterson Companies — Shares soared more than 34% on news that the dental and animal health company will be acquired by Patient Square Capital for $31.35 per share. The transaction is expected to close in the fourth quarter of Patterson’s fiscal year 2025. Stitch Fix — Stocks soared more than 20% after online personal styling company Stitch Fix raised its second-quarter earnings outlook. The company expects sales of $290 million to $300 million for the quarter, compared with the guidance of analysts compiled by FactSet for $283.5 million. Stitch Fix also raised the high end of its full-year revenue outlook, now expecting $1.14 billion to $1.18 billion. The company’s previous estimate was for sales of $1.11 billion to $1.16 billion. General Motors — The Detroit automaker rose more than 1% after discontinuing its cruise robo-taxi service. GM said it would no longer fund robotaxi development and would incorporate the division into its own technology team. Automakers had spent more than $10 billion on the robotaxi division. Bausch & Lomb — Contact lenses stock fell nearly 12% after Citigroup downgraded its rating to neutral. Citigroup cited increased competition as a future headwind for Bausch. Wolverine Worldwide — The footwear and apparel company’s stock rose 3% following an upgrade from Hold to Buy on Stifel. The company said 2025 will be a “year of transformation” for Saucony’s parent company. C3.ai — Shares fell 5% after JPMorgan was downgraded from neutral to underperform. The bank cited rising valuations as the reason for the rating change. — CNBC’s Yun Lee, Lisa Kai-Lai Han, Ha-Kyung Kim, Michelle Fox, Samantha Soobin, Jesse Pound and Spencer Kimball contributed reporting.
Stocks with the biggest moves pre-market: GME, M, GEV, DUOL
