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Stocks making the biggest moves premarket: Apple, WestRock, McDonald’s and more

Apple’s iPhones are on display in an Apple store in Miami, May 4, 2023.
Joe Raedle | Getty Images

Check out the companies making headlines in premarket trading Thursday.

Apple — Apple shares fell more than 2.6% after Bloomberg News reported China is planning to extend a ban on iPhone use to state-owned corporations. A day earlier, The Wall Street Journal reported that China was moving to prohibit iPhone usage and other foreign-branded devices in government agencies.

Dutch Bros — The drive-through coffee chain dropped about 6% in premarket trading after it announced a public offering of $300 million in shares of its Class A common stock after market close Wednesday.

Dave & Buster’s — Shares of the entertainment and dining company fell more than 3% after it reported weaker-than-expected second-quarter earnings. The company generated 60 cents per share in profit on $542 million of revenue. Analysts surveyed by LSEG, formerly known as Refinitiv, were expecting 93 cents per share on $559 million of revenue. Comparable sales declined year over year on a pro forma basis.

McDonald’s — The fast-food chain gained nearly 1% premarket after Wells Fargo upgraded the stock to overweight from equal weight, saying the company “is firing on all cylinders” when it comes to innovation and that it could see upside in the second half of this year.

ChargePoint Holdings — Shares of the electric vehicle charging infrastructure company tumbled 11.6% after ChargePoint missed estimates for the fiscal second quarter. ChargePoint noted $150 million in revenue while analysts polled by LSEG forecast $153 million. The company also said it would cut its global workforce by about 10%.

WestRock — Shares added 6.7% after The Wall Street Journal reported that the company is nearing a merger with Europe’s Smurfit Kappa in a deal that could create a global paper and packaging giant worth about $20 billion. — The artificial intelligence software company plunged 9.2% after forecast a larger-than-expected operating loss for the fiscal second quarter. The company called for an operating loss of $27 million to $40 million, while analysts polled by StreetAccount anticipated a loss of $20.5 million. For the latest quarter, reported a loss of 9 cents per share, excluding items, on revenue of $72.4 million, while analysts surveyed by LSEG called for a loss of 17 cents per share on revenue of $71.6 million.

Roku — The streaming stock was 1% lower in early morning trading after Loop Capital downgraded the company to hold from buy. The move comes after Roku jumped more than 12% Wednesday after announcing plans to lay off 10% of its staff, as well as consolidate office space and review its content slate to trim expenses. Roku had also lifted its third-quarter revenue guidance, saying it now expects revenue to range between $835 million and $875 million, versus prior guidance of $815 million. 

Verint Systems — The analytics company lost 16.2% in premarket trading after Verint’s second-quarter earnings and revenue fell short of expectations. Verint posted adjusted earnings of 48 cents per share, while analysts polled by FactSet forecast 57 cents per share. Revenue came in at $210.2 million, falling short of the estimated $57.4 million.

— CNBC’s Tanaya Macheel and Jesse Pound contributed reporting.

This post has been syndicated from a third-party source. View the original article here.

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