Stocks Making the Biggest Premarket Moves: Enbridge, Roku, Gitlab and More

Check out the companies making headlines in premarket trading on Wednesday.

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Roku: The streaming company saw a remarkable increase of 12.5% in its stock price after announcing its intention to reduce its workforce by 10%. Roku also revised its third-quarter revenue guidance, now expecting it to be between $835 million and $875 million, as opposed to the previous estimate of $815 million. In addition to staff reductions, Roku plans to streamline its office space and evaluate its content portfolio to cut costs.

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Zscaler: Despite reporting earnings for its fiscal fourth quarter that exceeded expectations and providing strong guidance for the current quarter, the cloud security company experienced a minor decline of 1.2% in its stock price. Zscaler posted adjusted earnings of 64 cents per share, surpassing analyst expectations of 49 cents. Revenue also exceeded consensus estimates by $25 million, reaching $455 million. Furthermore, Zscaler expressed confidence that its earnings and revenue would surpass analysts' projections for the ongoing quarter.

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Enbridge and Dominion Energy: Enbridge shares dropped by 7.1% in premarket trading after Dominion Energy, which was down 1.1%, announced plans to sell its three natural gas distribution companies to Enbridge for $9.4 billion.

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ResMed: Shares of the medical technology device manufacturer rose by 2% following an upgrade from Needham, changing its rating from "hold" to "buy." ResMed, known for producing CPAP devices for sleep apnea, had faced a 30% decline in the third quarter, primarily due to concerns regarding the potential impact of weight-loss drugs on the demand for its devices.

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Gitlab: The technology platform saw a 6.5% increase in its stock price during premarket trading after posting a strong second-quarter report the previous evening. GitLab reported adjusted earnings of 1 cent per share on $140 million in revenue, surpassing analysts' expectations of a 3-cent loss per share and revenue of $130 million. The company's revenue outlook for the current quarter also exceeded analyst predictions.

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Toast: Shares of the restaurant technology company rose by 3.8% following an upgrade from UBS, which changed its rating from "neutral" to "buy." UBS cited improved potential for quarterly net new additions and margin expansion as reasons for the upgrade.

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Asana: Despite delivering strong financial results and outlook, shares of the work management company declined by 5.7%. Asana reported an adjusted loss of 4 cents per share on revenue of $162.5 million, outperforming analysts' expectations of an 11-cent loss per share on $158 million in revenue. Additionally, Asana raised its full-year guidance, anticipating a lower loss of 39 to 43 cents per share, down from the previous expectation of 50 to 55 cents per share.

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Southwest Airlines: Shares of the Dallas-based carrier fell by more than 4% after the company reported that August bookings were at the "lower-end" of expectations. Southwest also anticipates that its third-quarter revenue per average seat mile will fall at the low end of its previous guidance, attributing this to rising fuel costs.

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C3.ai: The artificial intelligence software company experienced a 1.5% increase in its stock price ahead of its earnings report, scheduled for release after the market's close on Wednesday. Analysts expected an adjusted loss of 12 cents per share on $73.8 million in revenue for the second quarter and an adjusted loss of 4 cents per share on $78 million in revenue for the third quarter.

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Novo Nordisk: Shares of the pharmaceutical giant gained 0.8% in premarket trading. Novo Nordisk launched its Wegovy weight loss drug in the U.K. on Monday, despite supply constraints, advancing the drug's rollout in Europe.

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AeroVironment: Shares of the unmanned aircraft systems maker surged by 15.8% after beating analysts' expectations in its fiscal first quarter. AeroVironment reported adjusted earnings of $1 per share on revenue of $152 million, surpassing analysts' forecasts of earnings of 26 cents per share on revenue of $129 million.

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