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These Stocks Are the Biggest Pre-Market Movers on Wednesday

Story Highlights

CHWY, BBBY, MRTX, HPQ, and AMBA stocks moved the most in Wednesday’s early trade.

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 on Wednesday is New Jersey-based Bed Bath & Beyond Inc. (NASDAQ:BBBY), which crashed 16.6% at the last check. The slide could have been triggered by the home goods retailer’s proposal to offer, sell, and issue new common shares. However, the terms of the offering are still unknown.

Biotechnology company Mirati Therapeutics Inc. (NASDAQ:MRTX) gained 11.2% before the bell following rival Amgen Inc.’s (NASDAQ:AMGN) announcement that its lung cancer drug met the primary end-point in a late-stage trial. Amgen’s Lumakras competes with Mirati’s adagrasib, which is under regulatory review as a second-line treatment for non-small cell lung cancer (NSCLC).

Next is Chewy Inc. (NYSE:CHWY), an online retailer of pet products, which was trading 11.1% down at the time of writing following lower-than-expected revenues for the fiscal second quarter ended July 31. Even though revenues jumped 12.8% year-over-year to $2.43 billion, they fell short of the consensus estimate of $2.45 billion.

Ambarella Inc. (NASDAQ:AMBA) stock plunged more than 11% in Wednesday’s early trade after the semiconductor products maker offered weak guidance for the fiscal third quarter. AMBA now expects revenues in the range of $81 million to $85 million versus the Street’s expectation of $85 million. The California-based company released its fiscal second-quarter results before the market opened on Wednesday.

Last on the list is IT giant HP Inc. (NYSE:HPQ), which slipped 6.4% in the pre-market session after its fiscal third-quarter revenues missed analysts’ expectations by more than $1 billion. While the company reported revenues of $14.66 billion, its earnings of $1.04 per share were in line with the consensus estimate.

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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