Check out the companies making the biggest moves in premarket trading: Target — The retailer’s stock rose nearly 8% after a better-than-expected fourth-quarter report. Target generated earnings per share of $2.98 on revenue of $31.92 billion. Analysts surveyed by LSEG expected Target to report earnings of $2.42 per share on sales of $31.83 billion. Apple — Shares fell 2.3% after a report from Counterpoint Research said iPhone sales in China fell 24% year-on-year in the first six weeks of 2024. Tesla — The EV maker fell his 2.5%. The company suspended production at its Berlin factory on Tuesday after a nearby fire caused a power outage, Reuters reported, citing German media. Police told CNBC that the incident initially appeared to be arson. Microstrategy — Shares fell 3.6% after the Bitcoin developer announced a private placement of $600 million in convertible senior notes. MicroStrategy said it would use the proceeds to purchase additional Bitcoin and for general corporate purposes. Advanced Micro Devices — Shares fell nearly 2% after the semiconductor company was blocked by U.S. regulators from selling artificial intelligence chips designed for China, Bloomberg reported. The chip would likely be so powerful that it would require a license from the Department of Commerce’s Bureau of Industry and Security to sell. Stitch Fix — Shares fell 13.4% the next day after the online personalized styling services company reported a second-quarter revenue miss. Stitch Fix also saw a 17% year-over-year decline in active customers. ALBEMARLE — The specialty chemical company fell more than 7% on the back of plans to sell $1.75 billion worth of depositary stock. Albemarle said the funds could be used to fund growth capital expenditures, among other uses. GitLab — Shares fell nearly 24% in a day after the software company released lower-than-expected full-year sales and earnings guidance. GitLab also said it expects an adjusted loss of 4 cents to 5 cents per share in the first quarter, compared to analysts who expected a profit of 6 cents per share. . Paymentus Holdings — Shares soared his 19.6% a day after the payments technology company reported higher fourth-quarter profits and revenue, driven by increased trading. AeroVironment — Shares rose nearly 18% the next day after the defense company beat expectations for third-quarter adjusted earnings per share and revenue. AeroVironment’s full-year earnings and revenue outlook also exceeded expectations. —CNBC’s Jesse Pound and Lisa Han contributed reporting.
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