A CarMax dealer on April 11, 2023 in Santa Rosa, California.
Justin Sullivan | Getty Images
Check out the companies making headlines before the bell.
Micron – Shares of the chipmaker fell 3.4% before the bell on Thursday on weaker-than-expected profit guidance. Micron estimates a fiscal first-quarter loss of $1.07 per share on a non-GAAP basis, while analysts polled by LSEG expected a loss of 95 cents. For the fiscal fourth quarter, the company reported a narrower loss than expected and revenue that exceeded expectations.
GameStop – The meme stock rose nearly 8% after the company named billionaire activist investor Ryan Cohen as the company’s CEO, effective immediately. The move comes three months after the dismissal of previous CEO Matthew Furlong.
Duolingo – Shares rose more than 2% in the premarket. UBS started coverage of Duolingo on Wednesday with a buy rating, saying it is a “best-in-class brand.”
CarMax – Shares fell nearly 12% as fiscal second-quarter profits fell from a year ago due to weaker demand for used cars. The company said it earned 75 cents per share on revenue of $7.07 billion. CarMax said it purchased 14.9% fewer vehicles from consumers and dealers compared to a year ago as sharp market devaluation hit volumes.
Business Day – The cloud services company fell more than 11% after cutting its long-term subscription growth target to a range of 17% to 19%, compared to its previous target of 20%.
Peloton – Shares rose nearly 14% in premarket trading on Thursday after Peloton and Lululemon announced a five-year strategic partnership on Wednesday. Under the agreement, Peloton’s content will be available on Lululemon’s workout app and Lululemon, in turn, will become Peloton’s primary activewear partner.
DigitalBridge – Shares of the digital infrastructure company rose 7.7% after JPMorgan upgraded the company to overweight from neutral. The company said DigitalBridge is largely complete with transforming its business.
Concentrix – Shares fell 5.1% after the company’s third-quarter earnings report missed both revenue and profit. Concentrix had adjusted earnings of $2.71 per share on revenue of $1.63 billion. Analysts polled by FactSet had estimated Concentrix would earn $2.85 per share on revenue of $1.64 billion. The company’s fourth-quarter earnings forecast of $3.03 to $3.15 per share also fell short of analyst forecasts of $3.33 per share, according to FactSet.
—CNBC’s Sarah Min and Pia Singh contributed reporting.