Stocks making the biggest moves premarket: Cava, CoreWeave, Brinker, Hanesbrands and more
Check out the companies making headlines in premarket trading. Cava — The fast-casual restaurant chain plunged 23.6% after revenue came in at $280.6 million for the second quarter, missing the LSEG consensus forecast of $285.6 million. The company also missed expectations for same-store sales and lowered its forecast. However, Cava earned 16 cents per share in the quarter, exceeding Wall Street’s estimate of 13 cents. CoreWeave – The artificial intelligence infrastructure provider dropped about 9% despite it posting better-than-expected revenue for the second quarter. During an earnings call with analysts, CFO Nitin Agrawal said that revenue growth remains capacity constrained as demand outstrips supply. Circle — Shares of the stablecoin issuer fell 1.5%. Circle said it would offer 10 million Class A shares to the public, including two million of which that would come from the company itself. Brinker International — The Chili’s parent rallied 8.8% on better-than-expected earnings beat for the fiscal fourth quarter. Brinker earned $2.49 per share, excluding items, on revenue of $1.43 billion. Analysts surveyed by LSEG expected a profit of $2.45 per share on revenue of $1.39 billion. Hanesbrands — Shares of the clothing maker fell 7.5% after surging around 28% in Tuesday’s session. Hanesbrands said it agreed to $4.4 billion takeover deal by Canada-based Gildan Activewear. The Financial Times first reported on the deal Tuesday. V2X — The defense stock popped 5.2% on the back of Bank of America’s upgrade to buy from neutral. The bank said V2X should see growth levels that are both sustainable and can accelerate in the years ahead. Palo Alto Networks — The cybersecurity stock rose 1.7% on the heels of Deutsche Bank’s upgrade to buy from hold. Deutsche said Palo Alto has a solid core business and management. SailPoint — The identity security stock rallied 7% following an upgrade by JPMorgan to overweight from neutral. The bank said investors should buy the dip on the stock. KinderCare Learning Companies — Shares plunged nearly 20% after the daycare operator reported disappointing second-quarter results. KinderCare posted earnings of 22 cents per share on revenue of $700.1 million. That’s lower than the 26 earnings per share and $705.7 million expected by analysts, according to FactSet. Following the results, Barclays downgraded the stock to equal weight from overweight. — CNBC’s Sean Conlon and Sarah Min contributed reporting
