Stocks making the biggest moves premarket: Intel, GameStop, Bath & Body Works and more

Take a look at the companies creating buzz before the market opens.

Intel – Intel’s shares saw an over 1% increase in the premarket following its latest announcement about the introduction of new artificial intelligence chips. These chips are intended to compete with similar products from Intel’s rivals, Nvidia and AMD. Despite the upsurge in AI, Intel has witnessed a 40% downfall for this year so far, while Nvidia and AMD have risen by 132% and 11% respectively.

GameStop – After a 21% surge on Monday, GameStop’s shares fell by 2%, sparked by rumours that meme stock trader Keith Gill might own a significant stake in the videogame company. The Wall Street Journal reported that E-Trade is considering prohibiting Gill from using its platform due to concerns over market manipulation. AMC Entertainment’s shares also fell by 3%, following an 11% rise.

Bath & Body Works – The home fragrance and personal care retailer’s shares fell by 9%. Although Bath & Body Works exceeded first quarter earnings and revenue predictions, it revealed disappointing projections for the current quarter. The company anticipates earnings to be between 31 cents and 36 cents per share, compared to a FactSet prediction of 38 cents.

SentinelOne – Following a Canaccord Genuity upgrade from ‘hold’ to ‘buy’, this cybersecurity stock saw a 2.3% increase. The firm referred to SentinelOne as a ‘long-term secular winner’, deeming its recent sell-off as ‘excessive.

Gitlab – Despite reporting a greater than anticipated earnings and revenue postmarket for its fiscal first quarter on Monday, the software company’s shares fell by 2.3%. Adjusted earnings per share came in at 3 cents, as compared to an expected loss of 4 cents per share by analysts surveyed by LSEG. Its revenue was $169 million, surpassing the consensus estimate of $166 million.

Alphabet – In light of reports from CNBC about Alphabet eliminating at least 100 positions within its cloud unit, shares of the search giant remained stagnant.