Using TipRanks’ Top Stock Gainers/Losers tool, we have compiled a list of Wednesday’s biggest pre-market stock movers, which is as follows:
Five Biggest Movers
Topping the list is visual media firm Getty Images Holdings Inc. (NYSE:GETY), which was trading 16.2% up in Wednesday’s early trade. While there is no company-specific news that can explain the upswing, Ronald Josey of Citigroup (NYSE:C) recently initiated coverage on the stock with a Hold rating and a price target of $33 (20% upside potential).
Luxury department store chain operator Nordstrom, Inc. (NYSE:JWN) was down 14.2% at the time of writing after it revised its Fiscal Year 2022 guidance. The Seattle-headquartered company expects adjusted EPS to range from $2.30 to $2.60, compared to the earlier projection of $3.20 to $3.50. It has also reduced its Fiscal Year revenue growth forecast to 5%-7% from 6%-8% expected earlier. Nordstrom released its fiscal second-quarter results after the market closed on Tuesday.
Next on the list is Farfetch Ltd. (NYSE:FTCH), a U.K.-based online luxury fashion retail platform, which gained 13.5% in the pre-market session on Wednesday following the news that it would acquire a 47.5% stake in Swiss luxury goods retailer Richemont’s subsidiary YOOX Net-A-Porter (YNAP). The deal is expected to boost Farfetch’s watch and jewelry offerings.
Texas-based Academy Sports and Outdoors Inc. (NASDAQ:ASO) jumped 9.4% before the bell. According to a recent SEC filing, Swiss National Bank increased its stake in the sporting goods retailer by 6.5% (12,200 shares) in the first quarter. The central bank of Switzerland now owns 198,600 ASO shares valued at $7.825 million.
Finally, shares of GDS Holdings Ltd. (NASDAQ:GDS) surged 8.2% early Wednesday, riding on better-than-expected results for the second quarter of 2022. The China-based data center operator posted a loss of RMB0.27 per share, narrower than the Street’s expectation of RMB0.3681 a share. Revenue increased 24% year-over-year to RMB2.31 billion versus the consensus estimate of RMB2.28 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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