TipRanks has compiled a list of Wednesday’s biggest pre-market stock movements.
Amid the ongoing tough environment, earnings releases, company-specific news, and other variables seem to have dominated today’s stock 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
The Wendy’s Company (WEN), operating as a quick-service restaurant company, was the biggest gainer in pre-market trading, jumping around 11.6% in pre-market trading at the time of writing. Positive sentiment followed the company’s filings, which revealed that activist hedge fund Trian Partners, led by Nelson Peltz, is in talks with Wendy’s board for a takeover bid. Trian is the company’s largest shareholder holding a 19.4% stake in Wendy’s.
Another gainer, Nordstrom, Inc. (JWN), an American luxury department store chain, gained 9% in pre-market trading at last glance. Upbeat revenues in the first quarter of 2022 and a strong outlook for 2022 sparked positive sentiment despite a wider-than-expected loss. For 2022, the company expects sales growth of 6% to 8%, up from the prior range of 5% to 7%. Adjusted EPS is expected in the range of $3.20 to $3.50.
Semiconductor company Analog Devices, Inc. (ADI) surged 7.74% in pre-market trading, at last check. The recent collaboration between the American electronic design automation company Synopsys (SNPS) and Analog to enhance power system design seems to have continued to drive optimism. A director at Analog commented, “Collaborating with Synopsys enables us to deliver a powerful simulation solution based on Saber’s integrated environment for simulation and modeling, allowing our customers to accelerate their time-to-market.”
Meanwhile, Eve Holding, Inc. (EVEX), the developer of urban air mobility solutions, lost 7.2% in pre-market trading at the time of writing after recording gains of 6.7% at yesterday’s close. There is no company-specific news explaining the trading frenzy.
Kyndryl Holdings, Inc. (KD) completes the list. The American global information technology infrastructure services provider recorded gains of 7.1% in pre-market trading at last glance after posting losses of 6.3% at Tuesday’s close. The disclosure of insider selling of shares seems to have driven volatility in the stock. Per the company’s filings, the major shareholder, Business Machine International, of Kyndryl, recently sold shares worth $311.1 million at an average price of $13.95 per share.
Continue to watch this space for possible volatility upon the market opens. Tomorrow, we’ll have another up-to-date piece on stock Pre-Market Movers…
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