Stocks making the biggest premarket moves: Nvidia, Best Buy, Snowflake, Carnival & more

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The logo of NVIDIA as seen at its corporate headquarters in Santa Clara, California, in May of 2022.
Nvidia | via Reuters

Check out the companies making the biggest moves in premarket trading Thursday:

Nvidia — Shares soared 28% after the chipmaker reported blockbuster earnings. Nvidia said it expected a “giant record year” and guided for sales of $11 billion in the second quarter, more than 50% higher than analysts’ estimates.

Best Buy — Shares of the electronics retailer gained nearly 5% in premarket trading after the company posted first-quarter earnings of $1.15 per share excluding items, topping the $1.11 expected by analysts, according to Refinitiv. Revenues of $9.47 billion came in below the $9.52 billion anticipated.

Snowflake — The cloud computing company slid about 13% following the company’s weaker-than-expected revenue guidance for the second quarter. However, Snowflake beat analysts’ estimates for first-quarter earnings and revenue when it reported after the bell Wednesday, according to Refinitiv.

American Eagle Outfitters — The stock shed nearly 20% in premarket trading after the retailer said it expects second-quarter revenue to fall. American Eagle Outfitters also posted first-quarter earnings per share in line with estimates and revenue slightly above expectations

Carnival — The cruise line added 2.3% following an upgrade to buy from neutral by Citi. The firm said Carnival is at a turning point on its balance sheet at a time when investors seem more interested in the cruise space.

Dish Network — Shares slipped 2.7% in the premarket after being downgraded by Citi to neutral from buy on Wednesday. The Wall Street firm cited Dish’s substantial capital needs combined with the drop in market value of its securities.

Dollar Tree — Shares of the discount retailer fell 11% in premarket trading after Dollar Tree reported shrinking margins for the first quarter. Gross profit fell 4.7% even as net sales rose 6.1%. The company’s first quarter adjusted earnings per share of $1.47 was below analyst estimates of $1.52, according to StreetAccount.

C3.ai, Palantir Technologies — The AI stocks rallied on the back of Nvidia’s earnings, with C3.ai popping 14% and Palantir Technologies gaining nearly 10%.

Advanced Micro Devices, Taiwan Semiconductor — The semiconductor stocks followed Nvidia higher in premarket trading, with AMD adding about 9% and Taiwan Semiconductor up nearly 7%.

— CNBC’s Alex Harring, Tanaya Macheel and Jesse Pound contributed reporting.

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