Business

Stocks Making the Biggest Moves Premarket: GameStop, T-Mobile, Sonos and Others

Carlo Allegri | Reuters

Check out the companies making headlines before the bell:

GameStop (GME) – GameStop surged 14.3% in the premarket on reports that the videogame retailer is starting a new division to focus on cryptocurrency partnerships and NFTs.

T-Mobile (TMUS) – T-Mobile reported fourth-quarter postpaid net subscriber additions of 844,000 and total 2021 additions of about 2.9 million. The fourth-quarter numbers for the wireless service provider were below consensus estimates of 868,000, and the stock fell 1.8% in premarket trading.

STMicroelectronics (STM) – STMicro issued preliminary fourth-quarter revenue figures that were higher than analysts were anticipating. The chip maker's sales came in at $3.56 billion, compared with a consensus estimate of $3.41 billion, amid increasing demand and a worldwide chip shortage. STMicro shares jumped 4.2% in premarket action.

Sonos (SONO) – The speaker maker's stock rallied 4% in the premarket, following an International Trade Commission ruling that Alphabet's Google infringed on some Sonos audio patents in its Nest speakers. Google plans to appeal the decision.

Quidel (QDEL) – Quidel said it expects to report revenue of $633 million to $637 million for the fourth quarter, well above the consensus estimate of $466 million. The diagnostics company is benefiting from increased demand for its Covid-19 tests, as well as tests for other diseases. Quidel gained 4.8% premarket trading.

DraftKings (DKNG) – The sports betting company's stock added 2% in the premarket, ahead of the launch of legal mobile sports betting in New York State, beginning Saturday morning.

Visa (V) – Visa slid 1.4% in premarket trading after Mizuho downgraded the stock to "neutral" from "buy." Mizuho cites what it sees as the permanent shortening of the "cash-to-card conversion runway" as well as increasing competition.

Trade Desk (TTD) – The provider of programmatic advertising technology was upgraded to "buy" from "hold" at Jefferies, based on a number of key catalysts including conservative consensus estimates and a new partnership with Walmart. The stock added 4.6% in the premarket.

Discovery (DISCA) – The media company's stock was upgraded to "buy" from "neutral" at BofA Securities, which feels that Discovery's upcoming merger with WarnerMedia has the potential to create a "global media powerhouse." Discovery added 3.8% in premarket action.

New York Times (NYT) – The newspaper publisher announced a deal to buy sports news site The Athletic for $550 million, following earlier reports that a transaction had been finalized. New York Times shares fell 1.4% in the premarket.

Acuity Brands (AYI) – The provider of building management systems reported an adjusted quarterly profit of $2.85 per share, beating the $2.41 consensus estimate, with revenue also topping Wall Street forecasts. Acuity Brands said the company performed well in the face of supply chain challenges and unpredictable market conditions.

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