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Biggest premarket movers: GameStop, Lyft, Vail Resorts and others

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As the stock market prepares to open, several companies are making headlines. GameStop, known for its meme stock status, saw a 5% decline before the market opened, despite a 30% gain in earlier trading. The company reported lower net sales of $882 million for the first quarter compared to the previous year. GameStop also announced plans to sell additional stock on top of a previously announced 45-million share sale. The stock rallied 47% in anticipation of a livestream by Roaring Kitty, a popular figure in the meme stock community.

Lyft, the ride-sharing company, experienced a more positive start to the day with shares rising over 3%. This increase followed multiple analyst upgrades to buy ratings after Lyft’s successful investor day. The company projected a gross bookings compound annual growth rate of approximately 15% between 2024 and 2027. However, Vail Resorts, the ski resort owner, saw an 8% decline in its stock after posting disappointing quarterly results that fell short of Wall Street’s estimates for sales and net income. The company reported earnings of $9.54 per share on $1.28 billion in revenue.

Skechers, the footwear maker, saw a 2% increase in its stock price after being upgraded to a buy rating by Bank of America. The upgrade cited an improving wholesale environment and strong sales trends as reasons for the optimism. DocuSign, known for its electronic signature services, dropped over 7% after releasing its fiscal second-quarter and full-year forward guidance, despite beating Wall Street’s estimates for the first quarter. The company also announced a $1 billion stock buyback. Samsara, a software maker, experienced a more than 6% drop in its stock price after issuing financial forecasts for the second quarter and full year, despite better-than-expected results for the first quarter.

Braze, a customer engagement platform, surged 15% after posting a smaller-than-expected loss of 5 cents per share and beating revenue estimates. The company also provided strong guidance for the current quarter and full year, expecting revenue to range between $577 million and $581 million. These companies are just a few of the many making headlines in the stock market before the opening bell, showcasing the volatility and unpredictability of the market. Investors will be closely watching how these companies perform throughout the day and how their stock prices fluctuate in response to market conditions.

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