Stocks Making The Biggest Premarket Moves: General Mills, Nvidia, AMD And More

Take note of the companies generating significant attention in premarket trading.

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General Mills: Shares experienced a decline of 3.9% following a mixed fiscal fourth-quarter performance. The renowned owner of Betty Crocker and Cheerios surpassed earnings expectations, reporting adjusted earnings per share of $1.12 compared to the Refinitiv consensus estimate of $1.07. However, General Mills fell short on revenue, recording $5.03 billion instead of the projected $5.17 billion as forecasted by analysts.

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Nvidia and Advanced Micro Devices: Both chip stocks witnessed decreases of 3.1% and 2.8% respectively after The Wall Street Journal published a report stating that the Biden administration was exploring potential new restrictions on exporting artificial intelligence chips to China. This development caused the iShares Semiconductor ETF (SOXX) to slide by more than 2%.

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Pinterest: The social media platform observed a substantial premarket surge of nearly 5% following Wells Fargo's upgrade of the stock from equal weight to overweight. In its assessment, the Wall Street bank highlighted Pinterest's strategic decision to outsource monetization to third parties as a means of addressing attribution and scale challenges, including a partnership with Amazon.

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Snowflake: The data cloud company experienced a premarket increase of 1.7% following its investor day on Tuesday, during which it reiterated its full-year guidance. Goldman Sachs reiterated its buy rating on the stock subsequent to the event, while Morgan Stanley expressed its intention to remain overweight.

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ZoomInfo: Shares of this software company gained 3.9% in premarket trading after Needham initiated coverage of ZoomInfo with a buy rating. In a note to clients, Needham praised ZoomInfo for its "best in class unit economics." Morgan Stanley also reaffirmed its overweight rating on ZoomInfo.

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