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Wednesday, May 22, 2024

Pre-market Stock Movers: SAVE, NVDA, W Showing Significant Movement

If you’re wondering what’s happening in the business world before the stock market opens, we’ve got the scoop on the latest company news.

First up, Wayfair is making some big changes in an effort to trim costs and streamline its operations. The digital home goods retailer announced that it will be laying off 13% of its global workforce, including 19% of its corporate team. This restructuring is expected to save the company a whopping $280 million. As a result, Wayfair’s stock surged nearly 12% in premarket trading.

On the flip side, Hertz saw a 2.8% drop after a price target cut and a downgrade to hold from buy by Jefferies. The firm cited issues with electric vehicle repair and depreciation expenses as potential hurdles for the company’s profitability in the near term. However, Hertz plans to sell off a third of its EV fleet and reinvest in gas vehicles.

A bit of good news comes from Spirit Airlines, with the budget airline anticipating that its revenue for the fourth quarter will exceed earlier forecasts. The company also expects better-than-expected operating results. After a tough week due to a blocked merger with JetBlue Airways, Spirit Airlines saw a nearly 18% jump in its stock price.

Meanwhile, iRobot took a hit with a nearly 35% fall in its stock after reports that the EU’s antitrust regulator plans to reject Amazon’s acquisition of the company. On the other hand, Amazon’s stock gained 0.6% during premarket trading.

Texas Instruments’ shares rose 2.1% following a rating upgrade and a higher price target from UBS. The firm believes that Texas Instruments will be among the first in its industry to see an increase in orders, which is great news for the company.

Semiconductor stocks like Nvidia and Advanced Micro Devices also saw gains, with Nvidia being named “the clear beneficiary” of Meta’s AI infrastructure buildout by Wells Fargo. Meanwhile, AMD reached its highest-ever closing price on Thursday, reflecting increased investor interest in the company.

DraftKings had reason to celebrate as well, with its stock rising more than 1% after being upgraded to buy from hold by Stifel. The investment firm expressed confidence in DraftKings’ strength despite competition from ESPN Bet.

Lastly, J.B. Hunt Transport Services saw its shares rise more than 3% after reporting mixed quarterly results. While earnings fell short of analyst expectations, the company’s revenues exceeded forecasts, and it reported a year-over-year increase in volumes.

Overall, it’s been a mix of ups and downs for these companies, but such is the nature of the stock market. Stay tuned for more updates as the day progresses!

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