Check out the companies making headlines in premarket trading.
General Mills — Shares dropped 3.9% following mixed fiscal fourth-quarter results. The Betty Crocker and Cheerios owner beat Wall Street expectations on earnings, reporting $1.12 in adjusted earnings per share against a Refinitiv consensus estimate of $1.07 per share. But General Mills missed on revenue, posting $5.03 billion while analysts forecasted $5.17 billion.
Nvidia, Advanced Micro Devices — The chip stocks lost 3.1% and 2.8%, respectively, after The Wall Street Journal reported that the Biden administration was looking at possible new restrictions on exporting artificial intelligence chips to China. The iShares Semiconductor ETF (SOXX) slipped more than 2%.
Pinterest — Shares of the social media platform jumped nearly 5% in the premarket after Wells Fargo upgraded the stock to overweight from equal weight. The Wall Street bank said Pinterest is making the strategic move to outsource monetization to third-parties to overcome its attribution and scale challenges, including a partnership with Amazon.
Snowflake — The data cloud stock rose 1.7% in premarket trading coming off the company’s investor day on Tuesday, at which it reiterated full-year guidance. Goldman Sachs reiterated its buy rating on the stock following the event, while Morgan Stanley said it would stay overweight.
ZoomInfo — Shares of the software company added 3.9% in premarket trading after Needham initiated coverage of ZoomInfo with a buy rating. Needham said in a note to clients that ZoomInfo has “best in class unit economics.” Morgan Stanley also reiterated its overweight rating on ZoomInfo.
— CNBC’s Yun Li and Jesse Pound contributed reporting
Source: Finance - cnbc.com
