Today's Pre-Market Stock Movers: SBUX, AMD, PACW, LLY and More
Gapping up
$Pearson(PSO.US$ +8% (Pearson shares popped more than 8%. The stock was double upgraded to buy from underperform by Bank of America, which said Tuesday's sell-off in the stock, which followed a sharp decline in Chegg amid AI worries, was "overly harsh.")
$Generac(GNRC.US$ +6% (The energy technology company gained 6.5% after quarterly earnings beat analyst expectations. Generac reported an adjusted 63 cents per share against an expected 48 cents, according to StreetAccount.)
$Chegg(CHGG.US$ +6% (Shares of the online book renter regained 6.2% on Wednesday after falling as much as 48% a day earlier. The company noted concern of the rise of artificial intelligence as a threat to the core business on its earnings call. CEO Dan Rosensweig also said that the panic that sent the stock plunging was extraordinarily overblown.)
$Eli Lilly and Co(LLY.US$ +5% (The pharmaceutical stock rose more than 5% on clinical trial data showing that the company's donanemab drug slowed the progression of Alzheimer's disease.)
$Cogent Communications(CCOI.US$ +2% (Shares of the communications and internet company gained 2.8% after a Bank of America upgrade. Cogent said Tuesday it had closed on a plan acquisition of Sprint's wireless network from T-Mobile.)
$Match group(MTCH.US$ +2% (Shares rose 2.7% in light volume during premarket trading. The online dating company reported first-quarter earnings that topped analysts estimates from Refinitiv after the bell Tuesday. However, Match's revenue missed expectations.)
Gapping down
$Advanced Micro Devices(AMD.US$ -7% (The semiconductor stock fell more than 7% in premarket trading after quarterly results a day earlier. The company reported an adjusted 60 cents per share on $5.35 billion in revenue, which were both ahead of analyst expectations of 56 cents and $5.3 billion, according to Refinitiv. Guidance for sales for the current quarter was lower from the company, however, and analysts are now split on how to view the stock.)
$Starbucks(SBUX.US$ -5% (Shared of the popular coffee chain fell 5% before the bell even after beating analyst estimates and posting stronger-than-expected same-store sales growth. Starbucks reaffirmed its outlook.)
$PacWest Bancorp(PACW.US$ -4% (Regional bank stocks were poised to extend their losses for the week on Wednesday morning. PacWest's shares fell 4.6% in premarket trading after sliding nearly 28% on Tuesday. )
$Biogen(BIIB.US$ -4% (The biotech company declined about 4% on Wednesday, after Eli Lilly reported its Alzheimer's drug trial data. Biogen reported earnings last week, notching an adjusted $3.40 per share while analysts polled by StreetAccount forecasted $3.28. The company recently received authorization from the Food and Drug Administration for an ALS treatment drug.)
Source: Dow Jones, CNBC
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