Stocks making the biggest moves premarket: Snowflake, Nvidia, BJ’s Wholesale and more

Here’s a quick update on key companies making waves in the market:

Snowflake saw a staggering rise in shares, soaring over 21% thanks to encouraging third-quarter results and promising guidance. With adjusted earnings of 20 cents per share on a revenue of $942 million, the company surpassed the LSEG’s forecast.

Palo Alto Networks, a cybersecurity firm, experienced a slight 2% dip in shares. This was after the company’s fiscal second-quarter outlook, which virtually matched the expected figures. Palo Alto Networks also announced a 2-for-1 stock split.

Nvidia, the chip manufacturing giant, saw a minor 1% decrease in shares, despite outperforming Wall Street’s Q3 expectations.

Cryptocurrency-associated stocks are on the rise, powered by Bitcoin’s record-breaking rise to $98,000. MicroStrategy and Coinbase saw increases of 11% and 4% respectively, with Mara Holdings and Robinhood also experiencing significant gains.

Baidu’s U.S. shares dropped over 1% as the company saw a 3% decrease in third-quarter revenue compared to the previous year. However, Baidu’s non-online marketing revenue, majorly driven by its AI cloud business, witnessed a 12% rise.

BJ’s Wholesale Club shares surged by roughly 8%, following a successful third-quarter earnings beat. The company also raised its full-year outlook and announced a $1 billion share repurchase plan alongside a hike in its membership fee.

Finally, Merus saw a rise of 2.5% in shares after a promising initiation of coverage by Goldman Sachs. The financial giant expects large gains on the horizon due to Merus’s cancer treatment.