Premarket Movers｜Circle up 4%; Plug Power Jumps 5%; American Superconductor Drops 14%; GitLab Plunges 12%; Cleveland-Cliffs Sinks 6%
Circle shares rose 4% in premarket trading on Wednesday after sinking 8.1% on Tuesday. CNBC’s Jim Cramer on Monday said Circle stock was ‘too hot’ to buy up here.
Plug Power shares rose 5% in premarket trading on Wednesday.
GitLab, Inc. shares fell 12% in premarket trading on Wednesday after the DevOps company offered up guidance for the second-quarter and full-year that were slightly below Wall Street's expectations.
Looking to the second-quarter, GitLab expects to earn between $0.16 and $0.17 per share, with revenue between $226M and $227M. The midpoint of $226.5M is slightly below the $226.58MM analysts were expecting, who also anticipated adjusted earnings of $0.16 per share.
Shares of major U.S. steel producers declined in premarket trading on Wednesday as reports emerged that the U.S. and Mexico are nearing a deal that would ease President Donald Trump’s 50% tariffs on Mexican steel imports.
cleveland-cliffs stock fell 6%, Nucor dropped 3% following news that the potential agreement would allow duty-free imports of Mexican steel up to a certain volume threshold.
Videogame retailer GameStop reported a decline in first-quarter revenue on Tuesday as customers increasingly opted for digital downloads over purchases at its brick-and-mortar stores, sending its shares down 4% in premarket trading on Wednesday.
The Grapevine, Texas-based company, known for its rollercoaster stock performance and Reddit-fueled rally in 2021, has long struggled to adapt to the rapidly changing gaming industry as consumer preferences shift away from physical game purchases towards digital downloads, game streaming and online shopping.
American Superconductor fell 14% in premarket trading on Wednesday after the company announced Tuesday it plans to launch an underwritten public offering of its common stock. The power resiliency solutions provider, whose stock has surged over 10% in the past week and maintains a strong balance sheet with more cash than debt, also intends to grant underwriters a 30-day option to purchase additional shares.
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