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Explore the latest market movers in the premarket.

Micron — The chipmaker’s stock experienced a 3.4% decline in premarket trading due to a lower-than-expected earnings forecast. Micron projects a first-quarter loss of $1.07 per share, on a non-GAAP basis, while analysts surveyed by LSEG predicted a loss of 95 cents. However, the company’s fiscal fourth-quarter performance exceeded expectations with a smaller-than-anticipated loss and higher revenue.

GameStop — The meme stock surged by nearly 8% after announcing the appointment of billionaire activist investor Ryan Cohen as the new CEO, effective immediately. This decision came following the termination of Matthew Furlong’s tenure three months ago.

Duolingo — Pre-market trading saw Duolingo’s shares rise by more than 2% following UBS’s initiation of its coverage with a buy rating. UBS referred to Duolingo as a “best-in-class brand.”

CarMax — Shares plummeted by nearly 12% due to a decline in fiscal second-quarter earnings compared to the previous year, attributed to weakening demand for used cars. The company reported earnings of 75 cents per share on revenue of $7.07 billion. CarMax noted a 14.9% decrease in vehicle purchases from consumers and dealers, primarily influenced by a steep market depreciation.

Workday — The cloud services company experienced an over 11% drop in share value after revising its long-term subscription growth target to a range of 17% to 19%, down from the previous target of 20%.

Peloton — Shares surged by nearly 14% in premarket trading after Peloton and Lululemon announced their five-year strategic partnership. As part of the agreement, Peloton’s content will be available on Lululemon’s exercise app, and Lululemon will become the primary athletic apparel partner for Peloton.

DigitalBridge — Shares of the digital infrastructure company surged by 7.7% after JPMorgan upgraded its rating from neutral to overweight. The upgrade was based on JPMorgan’s assessment that DigitalBridge has successfully completed its business transformation.

Concentrix — Shares declined by 5.1% after the company’s third-quarter earnings report fell short of both top and bottom line expectations. Concentrix reported adjusted earnings of $2.71 per share on revenue of $1.63 billion, while analysts estimated earnings of $2.85 per share and revenue of $1.64 billion. The company’s fourth-quarter earnings forecast of $3.03 to $3.15 per share also came in lower than analyst projections of $3.33 per share, according to FactSet.

— CNBC’s Sarah Min and Pia Singth contributed reporting.