GameStop, Luminar Technologies, Virgin Orbit, And More Stocks Making Big Premarket Moves

‍GameStop

As a result of its quarterly profit announcement, the video game retailer's gross margin increased from a year ago, as it posted its first profit in two years. Furthermore, the stock price jumped 44% after the company posted a profit for the first time in two years.

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Luminar Technologies

A downgrade by Goldman Sachs to a sell rating, citing margin risks and a premium valuation as possible reasons for their decision. The stock dropped nearly 9.2% after the Wall Street firm lowered it from neutral to sell.

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Petco Health and Wellness

A 7.8% drop in Petco's share price occurred early on in the morning following the company's earnings report, which did not meet Wall Street's expectations in the fourth quarter. Petco reported that revenues for the fourth quarter were $1.58 billion, which was in line with streetAccount analysts' expectations. Additionally, Petco reported adjusted earnings per share of 23 cents, a result below a consensus estimate of 24 cents.

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Virgin Orbit Holdings

A Reuters report on Monday indicated that a billionaire Richard Branson-owned rocket construction company was planning to raise $200 million in an equity stake from Texas-based venture capital investor Matthew Brown via a private placement of shares. The share price of Branson's rocket company jumped by nearly 73.3% following the report. The deal between Virgin Orbit and Brown is said to be on track to close on Friday, according to reports. Trade Algo reported on Monday that the company was likely to file for bankruptcy as soon as this week, according to reports.

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Boeing

According to Chief Financial Officer Brian West, Boeing's KC-46 tanker program will incur additional charges because of a supplier quality issue with the center fuel tank, lowering the airline's share price by 1.3%. While West did not disclose the charges, he said Boeing would report a negative first-quarter margin in the defense business.

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First Republic

It has been extremely volatile in recent weeks since Silicon Valley Bank closed, as investors have reacted to the news. The shares went down by 4.2% in premarket trading after rising nearly 30% in Tuesday's session.

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Nike

Even after the company beat sales forecasts for its fiscal third quarter on both the top and bottom lines, Nike's shares fell by approximately 1.1% before the bell. Sales in China did not meet market expectations, and the company also kept working through its inventory, which weighed on margins in the third quarter.