Nvidia and Best Buy rise premarket; Dollar Tree and Snowflake fall
Investing.com -- Stocks in focus in premarket trade on Thursday, May 25th. Please refresh for updates.
Nvidia (NASDAQ: NVDA) stock soared 28% after the world's most valuable listed chip company forecast strong current-quarter revenues, adding it was ramping up supply to meet surging demand for its artificial intelligence chips.
Best Buy (NYSE: BBY) stock rose 4.4% after the consumer electronics company beat quarterly profit estimates, as its promotional programs aided higher sales.
Dollar Tree (NASDAQ: DLTR) stock fell 11.2% after the discount company cut its annual profit forecast, as high inflation dampens demand for higher-margin items.
Snowflake (NYSE: SNOW) stock fell 13.6% after the software company provided a disappointing sales outlook for the current quarter, suggesting companies are trimming their spending on cloud software given the uncertain macro environment.
American Eagle Outfitters (NYSE: AEO) stock slumped 19.7% after the retailer cut its full-year revenue forecast, as demand for its apparel slowed down due to still-high inflation.
- MetLife (NYSE: MET) stock rose 2.2% after the insurer signed a $19.20 billion reinsurance deal with retirement and life insurance firm Global Atlantic, and boosted its stock buyback program to $4B.
Virgin Galactic (NYSE: SPCE) stock rose 6.1% with the space tourism firm set to launch its first spaceflight mission nearly two years later Thursday, a final planned test flight before it can begin its long-awaited commercial service.
Vipshop (NYSE: VIPS) stock rose 3.9% after JPMorgan upgraded its stance on the Chinese e-commerce company to ‘overweight’ from ‘neutral’, calling it the best defensive play in the e-commerce world.