Stocks Making The Biggest Premarket Moves: Advance Auto Parts, Sofi, Twilio And More

SoFi, the financial services platform, experienced a notable increase of nearly 7% in its stock. This surge came as a result of the progress made towards a deal to raise the U.S. debt ceiling, which is expected to resume student loan payments.

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Carvana, on the other hand, saw a decline of nearly 4% in premarket trading. Despite this dip, Carvana's stock has demonstrated exceptional performance throughout the year, with a remarkable gain of 189% since the beginning of 2023.

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Anheuser-Busch, the renowned beer giant, experienced a decline of 1.7% in its stock. The decrease was primarily attributed to lower sales volume across the company's product portfolio, with Bud Light witnessing a significant drop of 25.7% for the week ending May 20, according to Evercore.

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Hewlett Packard Enterprise faced a substantial drop of nearly 8% following the release of its mixed quarterly numbers. While the company outperformed Refinitiv's forecast by earning an adjusted 52 cents per share compared to the expected 48 cents, its revenue of $6.97 billion fell short of the consensus estimate of $7.31 billion.

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Twilio, a provider of automated communications solutions, observed a positive trend with its shares increasing by 3.6% after reports surfaced that Legion Partners is considering changes to the company's board, as well as potential divestitures.

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Ambarella, a chip stock, witnessed a significant decline of 18% after disappointing guidance for the second quarter. Ambarella's projected revenue of $60 million to $64 million fell below analysts' expectations of around $66.9 million, as reported by StreetAccount.

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Advance Auto Parts, a retailer of car parts, suffered a substantial decline of over 25% due to an extensive earnings miss. The company reported an adjusted earnings per share of 72 cents, significantly lower than the Refinitiv consensus forecast of $2.57 per share. Additionally, Advance Auto Parts made the decision to reduce its quarterly dividend.

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C3.AI, an artificial intelligence stock, experienced a decline of 5.8% ahead of its quarterly results, which were scheduled to be released on Wednesday. Analysts polled by FactSet predicted an adjusted quarterly profit of 3 cents per share.

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On a more positive note, shares of American Airlines rose by approximately 2% in premarket trading after the company raised its expectations for the second quarter. American Airlines increased its earnings per share forecast from a range of $1.20 to $1.40 to a range of $1.45 to $1.65. The company also adjusted its margin expectations to a range of 12.5% to 14.5%, up from the previous range of 11% to 13%.

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