Stocks Making the Biggest Premarket Moves: Micron, Carmax, Gamestop and More

Check out the companies making headlines before the bell.

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Micron: Micron, a prominent chipmaker, experienced a 3.4% decline in its shares during pre-market hours due to a weaker-than-expected earnings projection. Micron anticipates a fiscal first-quarter loss of $1.07 per share, on a non-GAAP basis, in contrast to analysts' expectations of a loss of 95 cents. However, the company reported a fiscal fourth-quarter loss that was narrower than anticipated, along with revenue surpassing expectations.

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GameStop: The meme stock surged by nearly 8% following the immediate appointment of billionaire activist investor Ryan Cohen as the company's CEO. This change in leadership occurred three months after the removal of the previous CEO, Matthew Furlong.

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Duolingo: Duolingo's shares witnessed an increase of over 2% in premarket trading. UBS initiated coverage of Duolingo with a buy rating, citing it as a "best-in-class brand."

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CarMax: CarMax encountered a nearly 12% drop in its shares as fiscal second-quarter earnings declined compared to the previous year, primarily due to reduced demand for used cars. The company reported earnings of 75 cents per share on revenue amounting to $7.07 billion. CarMax also noted a 14.9% decrease in the acquisition of vehicles from consumers and dealers compared to the previous year, attributed to significant market depreciation affecting volume.

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Workday: The cloud services company experienced a decline of more than 11% as it revised its long-term subscription growth target to a range of 17% to 19%, down from its previous target of 20%.

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Peloton: Shares of Peloton surged by nearly 14% in premarket trading after the announcement of a five-year strategic partnership with Lululemon. Under this agreement, Peloton's content will be accessible on Lululemon's exercise app, while Lululemon will become Peloton's primary athletic apparel partner.

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DigitalBridge: Shares of the digital infrastructure company witnessed a 7.7% increase following an upgrade by JPMorgan from "neutral" to "overweight." The firm noted that DigitalBridge has substantially completed the transformation of its business.

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Concentrix: Concentrix saw a 5.1% decline in its shares after the release of its third-quarter earnings report, which fell short of both top and bottom-line expectations. Concentrix reported adjusted earnings of $2.71 per share on revenue of $1.63 billion, missing analyst estimates of $2.85 per share and revenue of $1.64 billion. Additionally, the company's fourth-quarter earnings forecast of $3.03 to $3.15 per share also fell below analyst forecasts of $3.33 per share, according to FactSet.

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