Stocks making the biggest premarket moves: Target, Apple, Tesla, Microstrategy and more

Here’s a rundown of the significant premarket trading movements:

Target – The retail giant’s shares surged close to 8% following a robust fourth-quarter report that defied forecasts. With earnings per share standing at $2.98 on $31.92 billion revenue, Target outperformed the $2.42 per share on $31.83 billion revenue prediction set by LSEG analysts.

Apple – The tech conglomerate’s shares dipped by 2.3% after Counterpoint Research revealed a 24% plunge in iPhone sales in China during the initial six weeks of 2024, compared to the previous year.

Tesla – Shares in the EV pioneer fell by 2.5% due to a production halt at its Berlin establishment on Tuesday resulting from a power outage caused by a nearby fire, as covered by Reuters and CNBC.

Microstrategy – The bitcoin development entity’s shares dropped by 3.6% after the announcement of a private $600 million convertible senior notes offering. The proceeds from this venture will be directed towards acquiring more bitcoin and fulfilling general corporate needs.

Advanced Micro Devices – The chipmaker’s shares fell almost 2% after being restricted by U.S. regulators from trading its AI chips designed for China. The chips will require a license from the Department of Commerce’s Bureau of Industry and Security due to their superior power.

Stitch Fix – The online styling service provider’s shares plummeted by 13.4% following subpar second quarter earnings. The company also reported a 17% drop in active clients compared to the previous year.

Albemarle – Shares in the specialty chemical enterprise rose by over 7% in the wake of its plans to sell $1.75 billion worth of depository shares. The funds raised will potentially be directed towards capital expenditure growth and other areas.

GitLab – The software firm’s stock dropped nearly 24% after it issued lower revenue and earnings guidance for the complete year. The company also predicts an adjusted loss of 4 to 5 cents per share for the first quarter, as opposed to the 6-cent per share profit anticipated by analysts.

Paymentus Holdings – The payment tech company’s shares surged by 19.6% after it posted impressive fourth-quarter earnings and revenue, driven by transaction growth.

AeroVironment – The defense company’s stock soared almost 18% after posting above-estimate third-quarter adjusted earnings per share and revenue. Its full-year earnings and revenue projections also exceeded forecasts.