GameStop shares dropped over 20% as the video game retailer announced plans to sell 45 million common shares of its stock, alongside preliminary results indicating a sales decline in the first quarter. Reddit saw a 10.5% rally following a partnership announcement with OpenAI, where Reddit will gain AI features powered by OpenAI and OpenAI will access Reddit’s API to train its AI models. Take-Two Interactive Software’s stock fell more than 2% after an update on the release timing of the new Grand Theft Auto game, now set for fall 2025. Snowflake edged lower by 0.3% amid reports of discussions to acquire startup Reka AI for over $1 billion.
Doximity’s shares surged nearly 18% after exceeding fourth-quarter estimates in earnings and revenue, with adjusted earnings per share of 25 cents and revenue of $118 million beating analyst forecasts. Globant SA’s stock dropped over 3% after issuing second-quarter guidance below estimates, despite first-quarter results meeting expectations. Cracker Barrel Old Country Store saw a nearly 15% drop in shares after announcing an 80% decrease in its dividend to 25 cents from $1.25 to support a strategic transformation plan. Applied Materials shares added 1.2% following a second-quarter earnings beat and roughly in-line revenue, leading to increased price targets from firms such as Goldman Sachs and Citigroup.
DXC Technology shares fell more than 23% as the company issued first-quarter earnings and revenue guidance below expectations, despite topping estimates in fourth-quarter results. The IT company expects earnings of 55 cents to 60 cents per share in the first quarter, weaker than the consensus estimate of 76 cents. Revenue guidance of $3.1 billion to $3.150 billion also fell short of the anticipated $3.3 billion. Overall, the pre-market movements of these companies indicate a mix of positive and negative reactions to recent announcements and updates, with investors closely monitoring developments to assess future performance and potential investment opportunities.
