Stocks making the biggest moves premarket: Home Depot, Starbucks, Hormel Foods, Chipotle and more

Here’s a quick rundown of the rattling and buzzing in the premarket among leading corporations.

Starbucks is making a splash with an 11% rise in shares following the announcement of a leadership change – Chipotle’s CEO, Brian Niccol, is stepping in. As a consequence, Chipotle’s shares felt the chill with a 10% decrease.

Meanwhile, Home Depot experienced a rough start with a drop of over 2% due to a cautious forecast about underwhelming sales in the second half of 2024. The company expects annual comparable sales to slide by 3% to 4%, a distressing update from their previous projection of a 1% decline.

Shares of sports clothing manufacturer On Holding took a 6.5% hit as their Q2 results stayed shy of Wall Street’s expectations. The company’s earnings per share fell short, though the silver lining was a better than expected revenue.

Tencent Music Entertainment Group also faced the music with a sharp 7% dip in U.S.-traded shares. This came as the firm reported a slight yearly slump in revenue and mobile user figures that didn’t quite hit the mark.

Kodiak Gas Services dealt with a 2.7% slip in shares following disappointing annual earnings and a revenue miss. Their earnings per share took a sizeable step down compared to last year, and their revenue failed to meet analyst predictions.

On a brighter note, Hormel Foods saw a 2% increase in shares after Citigroup raised the stock’s rating from neutral to buy. The boost is attributed to promising retail sales patterns, a favorable cost environment, and anticipated margin growth in the turkey segment.

Finally, B. Riley Financial took a hit with an over 8% fall after announcing a postponed 10-Q SEC document for Q2. The company’s shares plummeted further after news broke of a possible Securities and Exchange Commission investigation into its risk disclosures.