Check out the companies making headlines before the bell: GameStop – Shares fell more than 20% after the video game retailer said it plans to sell 45 million shares of its common stock. It also published preliminary results showing a decline in sales in the first quarter. Reddit – Shares of the social media company rose 10.5% after announcing a partnership with OpenAI. Under the deal, Reddit will get some AI features powered by OpenAI, while the maker of ChatGPT will get access to the Reddit Data API to train its AI models. Take-Two Interactive Software – Shares of the video game company fell more than 2% after an update on the timing of a new Grand Theft Auto game. Take-Two says the game will now be released in the fall of 2025. Previous guidance had called for it to be released sometime in 2025. Snowflake — Stock fell 0.3% after Bloomberg Law, citing sources familiar with the matter, said the cloud computing company is conducting Discussions to acquire startup Reka AI for more than $1 billion. Doximity – Shares of the online networking company rose nearly 18% after beating estimates in the fourth quarter at the top and bottom line. Adjusted earnings per share of 25 cents and revenue of $118 million beat expectations of analysts surveyed by LSEG that called for 20 cents in earnings per share and $116 million in revenue. Doximity also reported implied revenue guidance for the first quarter. Globant SA – The stock fell more than 3% after Globant released second-quarter earnings and revenue guidance that fell short of estimates, even as first-quarter results came in line with expectations. The information technology company expects adjusted earnings of $1.47 per share to $1.52 per share, weaker than the $1.57 per share earnings expected by analysts surveyed by FactSet. Expected revenue of $585 million to $589 million was weaker than the consensus estimate of $590.2 million. Cracker Barrel Old Country Store – Shares fell nearly 15% after the restaurant chain announced it would cut its dividend to 25 cents per share from $1.30, a roughly 80% decline, to support its strategic turnaround plan. Applied Materials – Shares of the chipmaker rose 1.2% after reporting a beat in second-quarter earnings and nearly identical revenue. The company reported earnings of $2.09 per share, excluding items, on revenue of $6.65 billion, while analysts polled by FactSet called for adjusted earnings of $1.99 on revenue of $6.54 billion. Several companies, including Goldman Sachs and Citigroup, raised their price targets higher on the back of the report. DXC Technology – Shares fell more than 23% after DXC Technology released first-quarter earnings and revenue guidance that fell short of expectations, even as fourth-quarter results beat estimates. The information technology company expects earnings of 55 cents to 60 cents per share in the first quarter, weaker than the FactSet consensus estimate of 76 cents in earnings per share. Revenue guidance of $3.1 billion to $3.150 billion was below the $3.3 billion expected. — CNBC's Brian Evans, Michelle Fox, Hakyung Kim, Yun Lee, Jesse Pound and Pia Singh contributed reporting. Correction: A previous version misstated the amount of dividends paid by Cracker Barrel before the cut. The restaurant chain previously issued a dividend of $1.30 per share.
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Stocks making the biggest moves in pre-market: GameStop, Reddit and more
