Stocks Making the Biggest Moves Premarket
Several companies are making the biggest moves in premarket trading, including Nike, Rent-A-Center (RCII), Altria (MO), Generac (GNRC), and Rent-A-Center (RENT). Here are some of the stocks that are making the biggest moves.
Altria (MO)
Altria (MO) and Nike are among the companies making the biggest moves premarket, with the former gaining 1.4%, while the latter is down 0.8%. While Altria’s move was narrower than the S&P 500’s daily loss of 1.07%, the Dow lost 1.07%, and the Nasdaq fell 0.07%. In addition, Altria’s shares – which own Philip Morris USA – have gained 2.53% over the last month. However, the stock is still down 3.49% over the past year, and analysts are waiting for the company’s growth story to unfold.
Altria shares gained 0.4% in premarket trading, after the company announced that it exercised its option to release its non-competition obligations with Juul. In other news, Micron Technology (MU) rose 1.4% after the company announced it forecasted strong revenue growth for its second half of fiscal 2023. However, the company also warned of tough times ahead and reduced investments. Meanwhile, Piper Sandler upgraded Voya Financial (VOY) to ‘overweight’ from ‘neutral’, citing its attractive valuation. Conversely, Rent-A-Center (RCII) fell 17% after it cut its current-quarter earnings guidance.
Generac (GNRC)
Generac (GNRC) is among the stocks that are making the biggest moves premarket. The company has recently surpassed a critical support level and is trading above its 50-day simple moving average. This indicator is a first marker for a trend and is often used to determine if a stock is trending higher or lower. GNRC has added 17.2% in the past four weeks and is currently rated a Buy by Zacks.
Several companies reported earnings this morning. Nike dropped 10%, while Micron Technology gained 1.5%. The company beat estimates for its latest quarter, but issued a weaker-than-expected income outlook due to weakening consumer electronics demand.
Rent-A-Center (RCII)
Nike, Rent-A-Center and Intercept Pharmaceuticals have made some of the biggest moves premarket after the release of their latest earnings reports. The good news for Nike was that its quarterly results came in better than expected. But the bad news for Intercept Pharmaceuticals was that it got bad news on a study that would expand the prospects for its key pipeline treatment.
Nike Micron Amylyx and Rent-A-Center (RCII), all of which have fallen in premarket, made biggest moves on Thursday. Amylyx Therapeutics jumped by 9.3% on the news that it has approved a drug to slow the progression of ALS and improve patient survival. Meanwhile, Rent-A-Center slipped 18.1% premarket, after cutting its earnings guidance for the current quarter, citing poor retail traffic and the current state of the economy. However, blue apron stocks rebounded after news that CEO Randy Greben is departing the company.
Nike (NKE)
Shares of Nike Inc. dropped 9.3% in premarket trading Friday, putting them on track to open at their lowest levels in over two years. Despite reporting better-than-expected revenue and profit, the company warned that its current-quarter results will fall short of analysts’ expectations and will likely be impacted by higher promotional activity and a slowdown in sales in China.
Shares of Rent-A-Center (RCII) and Micron Technology (MU) also made large moves in premarket trading. Rent-A-Center (RCII), meanwhile, tumbled 18.1% in premarket trading after cutting its guidance for current-quarter earnings. The company cited weak consumer confidence and retail traffic as reasons for the cut. Despite the drop, Nike shares erased premarket losses and gained 2.7% in aftermarket trading.
Nike Micron Amylyx and Rent-A-Center (RCII), all of which have fallen in premarket, made moves on Thursday. Amylyx Therapeutics jumped by 9.3% on the news that it has approved a drug to slow the progression of ALS and improve patient survival.
