Biggest stocks moving before the market opens: Nvidia, Live Nation, Snowflake and others

The premarket trading session is an exciting time for investors to monitor the activity of various companies before the stock market officially opens. In a recent session, several companies made headlines with significant stock movement. Nvidia, a leading chipmaker, saw a 7.4% jump after announcing strong fiscal first-quarter results, better-than-expected guidance, and a 10-for-1 stock split. Other companies such as Super Micro Computer and Advanced Micro Devices also experienced positive gains, with increases of more than 5% and 3%, respectively. Taiwan Semiconductor, another key player in the industry, advanced 2.4% after forecasting annual revenue growth at 10% for the global semiconductor sector.

Despite the overall positive movement, some companies faced challenges during premarket trading. Live Nation, a major concert promoter, saw its shares drop by 6% after reports emerged about a potential lawsuit from the Department of Justice and a group of states for antitrust violations related to Ticketmaster’s dominance in concert ticket sales. Snowflake, a cloud-computing company, rose 3.8% after surpassing Wall Street’s first-quarter revenue estimates. However, adjusted earnings fell short of expectations by 4 cents per share. Similarly, VF Corp, the parent company of outdoor apparel brands like The North Face and Vans, experienced a significant tumble of 13.6% due to an unexpected loss per share and soft revenue in the fiscal fourth quarter.

On the other hand, some companies made positive strides in premarket trading. News Corp’s shares rose more than 5% following a recent announcement of a “multi-year global partnership” with OpenAI, enabling content from NewsCorp’s outlets to be displayed within OpenAI’s ChatGPT chatbot. E.l.f. Beauty, a cosmetics maker, also experienced a 3.4% increase after surpassing analyst forecasts for the fiscal fourth quarter. Despite the strong performance, full-year guidance fell short of expectations. LiveRamp Holding, an advertising technology firm, rallied 14.5% on better-than-expected earnings for the fiscal fourth quarter and firm revenue guidance for the upcoming quarters.

Additionally, there were instances of setbacks in premarket trading as well. NetEase, a Chinese game maker, dropped 3.4% due to weaker-than-expected first-quarter revenue and a smaller quarterly dividend compared to the previous quarter. Cytokinetics, a biopharmaceutical company, retreated 14.7% following a $500 million common stock offering. Meanwhile, DuPont de Nemours saw a 5.3% climb after announcing plans to divide into three separate businesses, with CEO Ed Bred stepping down to become executive chair of the board.

In other news, Alibaba’s shares slipped 1.5% amid reports that the Chinese tech giant is considering a convertible bond offering to raise $5 billion. Take-Two Interactive Software, a video game stock, rose 2.3% after receiving an upgrade from Bank of America to buy from neutral. GoodRX, a digital health care platform focused on medicine, gained 5.8% after an upgrade to outperform from RBC. Hasbro, a toy and gaming company, traded higher by 3% following a JPMorgan upgrade to overweight from neutral, citing underestimation of cost efficiencies and digital gaming forecasts.

Overall, premarket trading provides a glimpse into the potential market movement before the official trading day begins. Investors closely monitor the performance of key companies to make informed decisions about buying or selling stocks. The recent activity in premarket trading reflects a mix of positive gains, setbacks, and strategic developments within various industries, offering valuable insights for investors navigating the dynamic stock market landscape.