Boxes of General Mills Lucky Charms cereal are displayed on a shelf at a Safeway store April 18, 2022 in San Anselmo, California.
Justin Sullivan | Getty Images
Discover the latest premarket trading highlights.
General Mills — Shares experienced a 3.9% decline in response to mixed fiscal fourth-quarter results. The owner of popular brands like Betty Crocker and Cheerios surpassed earnings expectations with adjusted earnings per share of $1.12, surpassing the Refinitiv consensus estimate of $1.07 per share. However, General Mills fell short on revenue, reporting $5.03 billion while analysts predicted $5.17 billion.
Nvidia, Advanced Micro Devices — The chip stocks experienced declines of 3.1% and 2.8%, respectively, following a report by The Wall Street Journal suggesting potential new restrictions on exporting artificial intelligence chips to China by the Biden administration. This news impacted the iShares Semiconductor ETF (SOXX), which declined over 2%.
Pinterest — The social media platform saw a nearly 5% increase in premarket trading after receiving an upgrade to overweight by Wells Fargo. The investment bank noted that Pinterest is strategically outsourcing monetization to third parties in order to overcome challenges in attribution and scale, including a partnership with Amazon.
Snowflake — The data cloud stock rose by 1.7% in premarket trading following the company’s investor day, during which it reiterated its full-year guidance. Goldman Sachs maintained its buy rating on the stock, while Morgan Stanley stated it would remain overweight.
ZoomInfo — Shares of this software company increased by 3.9% in premarket trading after Needham initiated coverage of ZoomInfo with a buy rating. The investment firm highlighted ZoomInfo’s “best in class unit economics.” Morgan Stanley also reiterated its overweight rating on ZoomInfo.
— Reporting by Yun Li and Jesse Pound of CNBC
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