TipRanks has compiled a list of Tuesday’s biggest pre-market stock movements.
Company-specific news, earnings releases, and other variables seem to have dominated today’s market. Using TipRanks’ new Top Stock Gainers/Losers page, we’ve identified the top five pre-market stock movers, as detailed below.
5 Biggest Movers
American department store retail chain Kohl’s Corporation (KSS) was the biggest gainer in pre-market trading, recording gains of 14.4%, at the time of writing. Positive sentiment followed as a result of Kohl’s exclusive negotiations with Franchise Group (FRG), a retail holding business, that proposed a $60 per share takeover bid.
GitLab Inc. (GTLB) gained 11.3% in pre-market trading, at the last check. The company’s upbeat first-quarter Fiscal 2023 results (ended April 30) and a decent outlook drove investor optimism. For Fiscal 2023, an adjusted loss per share is expected in the range of $0.93-$0.89, against the Street’s estimated loss of $0.96 per share. Meanwhile, the company expects revenue in the range of $398 million to $402 million, above the consensus estimate of $389.3 million. GitLab is the DevOps platform that allows firms to maximize the returns on software development.
Meanwhile, one of the largest American companies in the spirits and wine business, Brown-Forman Corporation Class B (BF.B), lost around 9.2% in pre-market trading at the time of writing. There is no fundamental news explaining the trading frenzy.
DiDi Global Inc. (DIDI), a Chinese mobility technology platform, surged 5.87% in pre-market trading at last glance. The uptrend followed a 24.32% jump in the stock price at Monday’s close. It seems that the Wall Street Journal report released yesterday has kept the positive momentum alive. According to the report, Chinese regulators are set to remove the ban on three Chinese companies, including DIDI, and permit them to add new users again as early as this week. Additionally, the mobile apps of these companies are likely to get permission to return to domestic app stores.
Rhode Island-based natural and organic food company United Natural Foods, Inc. (UNFI) completes the list. It surged 5.77% in pre-market trading at the time of writing. Investor confidence has risen ahead of the release of the third-quarter Fiscal 2022 earnings report, which will be released today before the market opens. Analysts expect earnings per share of $0.98 on revenues of $7.09 billion.
Continue to watch this space for possible volatility upon the market open. Tomorrow, we’ll have another up-to-date piece on stock Pre-Market Movers…
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