Stocks making the biggest moves premarket: Chipotle, MicroStrategy, CarMax, Intel and more
Check out the companies making headlines in premarket trading. Chipotle — Shares rose 6.6% in premarket trading after the fast-casual Mexican chain announced a 50-to-1 stock split. The change, which was shared with the public on Tuesday, is expected to go into effect in June if approved by shareholders in a vote scheduled for earlier that month. Elsewhere, Deutsche Bank raised its price target on the stock, citing strong growth prospects. CarMax — Shares of the used car dealer climbed 3% after an upgrade to buy from hold by Needham. The investment firm said the used vehicle market could be on the verge of a multiyear recovery. Riot Platforms — The stock rose 5% after JPMorgan upgraded the bitcoin mining company to overweight from neutral. Analyst Reginald Smith cited Riot's "unique combination of industry-leading power contracts, scale and liquidity" as catalysts, and added that he thinks the name offers the best relative upside amongst the biggest U.S.-listed crypto miners. General Mills — Shares climbed more than 3% after the firm beat Wall Street expectations on the top and bottom lines. The firm reported $1.17 per share excluding items on revenue of $5.1 billion, while analysts polled by LSEG had forecast $1.05 per share and $4.97 billion. General Mills also reaffirmed its full-year outlook Signet Jewelers — Shares pulled back more than 7% after first-quarter revenue guidance missed Wall Street estimates. The firm expects revenue in the range of $1.47 billion to $1.53 billion, while analysts polled by FactSet forecast $1.61 billion. PDD Holdings —Shares soared more than 17% after the company beat analyst estimates for revenue in the the fourth quarter. The firm reported revenue of 88.88 billion yuan, while analysts polled by FactSet had forecast 73.59 billion. Mobileye — The stock jumped 4% after Volkswagen announced it will intensify its collaboration with the automotive tech company. Mobileye will provide new automated driving technologies to the European carmaker. Intel — Shares of the chipmaker climbed nearly 3% after the company was awarded as much as $8.5 billion from the White House as part of the CHIPS Act. Elsewhere, Both RBC Capital Markets and JPMorgan said Wednesday that Intel is among a handful of companies that still have more room to run as spending to bolster artificial intelligence servers continues to climb and as investor AI optimism overall expands. MicroStrategy Incorporated — Shares rose more than 2%, rebounding after TD Cowen slashed its price target on MicroStrategy after the company doubled down on a bitcoin buying spree. The firm reiterated an outperform rating on the stock, however. — CNBC's Michelle Fox, Alex Harring, Jesse Pound and Lisa Kailai Han contributed reporting