Stocks making the biggest moves premarket: Trump Media, GameStop, Dave & Buster’s and more
Check out the companies making headlines before the bell. Trump Media & Technology – Shares slid more than 11% in the wake of the debate between Republican nominee Donald Trump and Democratic Vice President Kamala Harris . Trump Media is majority owned by the former president. Rentokil Initial – Shares plummeted about 20% following the Terminix parent’s profit warning . Rentokil now expects second-half organic sales growth for North America to slow to around 1% due to weaker-than-expected trading in the region in July and August. Shares of fellow pest control company Rollins fell nearly 5% in sympathy. Dave & Buster’s – The entertainment stock popped more than 13% after topping earnings estimates for the recent quarter by 15 cents a share. Revenues came up short of Wall Street’s expectations. GameStop – The video game retailer’s shares plunged more than 10% in premarket trading after the company reported a steep decline in sales. Revenue of $798 million in the latest quarter marked a more than 20% drop from the $1.16 billion in sales a year ago. GameStop also announced an “at-the-market” stock offering of up to 20 million shares. Williams-Sonoma – The home furnisher popped 3% on the heels of a Jefferies upgrade to buy from hold. Jefferies said the company has “hidden gems” within its portfolio and can benefit from even a modest recovery in the housing market. Novartis – U.S.-listed shares of the Swiss pharmaceutical company shed 2% following a downgrade at Bank of America to hold from buy. The bank sees fewer catalysts for growth ahead for Novartis. Viking Therapeutics – Shares jumped more than 4%. JPMorgan initiated coverage of the biotech company competing in the GLP-1 space with an overweight rating, saying an upcoming data readout in November will be a positive catalyst for the stock. The Wall Street firm issued an $80 price target implying more than 40% upside. Crypto stocks – Stocks tied to the price of bitcoin were under pressure as the price of the flagship cryptocurrency fell slightly overnight, with crypto traders digesting central bank policy in Japan and looked ahead to key U.S. inflation data. Coinbase fell 2%, while MicroStrategy retreated 3%. The biggest bitcoin miners, MARA Holdings (formerly Marathon Digital) and Riot Platforms lost 3% and 1%, respectively, after rallying Tuesday. Morgan Stanley – Shares of the major bank were down more than 1% after Goldman Sachs downgraded the stock to neutral from buy. Goldman said that Morgan Stanley looks expensive relative to its peers. — CNBC’s Alex Harring, Samantha Subin, Jesse Pound, Yun Li, Sarah Min, Tanaya Macheel and Michelle Fox contributed reporting.
