The Largest-Moving Stocks
The stock of CarMax (KMX), an auto retailer, fell 12.7% in the premarket after its quarterly revenue and profit fell far short of forecasts. CarMax’s comparable used-vehicle sales decreased by 22.4% instead of the 16.9% decline predicted by FactSet’s consensus estimate. Moreover, it earned 24 cents per share as opposed to the consensus estimate of 70 cents.
Micron Technology (MU) – Micron shares dropped 2.9% in premarket trading after the chip manufacturer reported a wider-than-expected quarterly loss and revenue that missed Wall Street projections. The decline in demand for electronics impacted Micron’s performance. Hence, the company announced it would lay off about 10% of its workforce.
Stephanie Linnartz, a Marriott executive, became the new CEO of Under Armour (UAA), with effect from February 27. Currently serving as president of Marriott’s international operations, Linnartz has worked for the lodging company for 25 years.
Tyson should lay off hundreds of employees, according to people familiar with the situation who spoke to the Wall Street Journal. The beef and poultry producer is shutting down one office in South Dakota and two locations in Illinois. Tyson’s stock dropped 1% in the premarket.
Other Stocks
MillerKnoll (MLKN) – After reporting better-than-expected earnings and revenue for its most recent quarter, MillerKnoll increased 2.9% in premarket trading.
TSP – the 25% workforce reduction plan will affect TuSimple 350 employees of the self-driving truck startup. According to earlier reports, the company may lay off up to 700 workers as it focuses on studying and advancing self-driving trucking technology. The premarket saw a 3.5% increase in TuSimple.
Global Business Travel Group (GBTG) – The American Express spin-off was given an outperform rating in new coverage at Evercore ISI, which anticipates that the business travel platform will profit from its dominant market position and a pick-up in business travel recovery. In premarket trading, Global Business Travel Group increased by 1.6%.
