Shares of Wolfspeed, Inc. (WOLF) jumped 8.2% to $14.62 in pre-market trading on Thursday, despite the company missing earnings estimates. Wolfspeed reported a fourth-quarter loss of 89 cents per share, falling short of the consensus estimate of 84 cents per share. Revenue for the quarter came in at $200.7 million, also missing the Street’s forecast. For the full fiscal year, Wolfspeed reported losses of $2.59 per share and revenue of $807.2 million, both below analyst expectations.
While Wolfspeed’s financial results were underwhelming, the stock’s pre-market surge suggests that investors may be optimistic about the company’s future prospects. The semiconductor industry is currently facing challenges, but Wolfspeed remains a key player in the market, particularly in the development of silicon carbide semiconductors, which are used in electric vehicles and other high-growth applications.
Here are some other stocks making headlines in pre-market trading:
Gainers:
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Staffing 360 Solutions, Inc. (STAF):
Shares soared 113.5% to $2.52 after a significant dip on Wednesday. The company’s strong performance in pre-market trading suggests a positive outlook for the staffing industry.*
Mobix Labs, Inc. (MOBX):
The stock gained 90.8% to $1.68 after reporting its third-quarter results. The company’s strong earnings likely drove the surge in pre-market trading.*
Beneficient (BENF):
Shares climbed 37.5% to $3.18. The company’s recent positive developments and potential growth prospects may be driving the pre-market surge.*
Guardion Health Sciences, Inc. (GHSI):
The stock rose 28% to $11.58 after the company announced a $5 per share dividend. This dividend announcement could be a key driver of the stock’s pre-market gains.*
GD Culture Group Limited (GDC):
Shares gained 22.2% to $4.79 after the company launched its TikTok account. The company’s focus on social media could be attracting investor interest.*
Roma Green Finance Ltd (ROMA):
The stock climbed 15.5% to $0.59 after a decline on Wednesday. The company’s recent developments and potential for growth could be driving the pre-market gains.*
Kindly MD Inc (KDLY):
Shares rose 13.8% to $1.97.*
Quantum Corporation (QMCO):
The stock gained 13.1% to $0.2488.*
Clover Health Investments, Corp. (CLOV):
Shares climbed 8.6% to $3.80 after a 13% jump on Wednesday.Losers:
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Revelation Biosciences, Inc. (REVB):
Shares plummeted 30.6% to $1.45 after the company announced the exercise of warrants for $3.8 million in gross proceeds. The market may be reacting negatively to the news of the warrant exercise.*
Virax Biolabs Group Limited (VRAX):
The stock declined 20.5% to $5.09 after the company announced a $5 million registered direct offering of 1,108,892 common shares at $4.50/share. This news could be causing investor concern about potential dilution.*
Notable Labs, Ltd. (NTBL):
Shares fell 18.2% to $0.4664.*
Galmed Pharmaceuticals Ltd. (GLMD):
The stock dropped 17.4% to $0.3550 after a surge on Wednesday. The company’s recent developments and potential for growth could be driving the pre-market gains.*
Thunder Power Holdings, Inc. (AIEV):
Shares fell 15.8% to $0.61 after the company entered into a $100 million committed equity facility. This news could be causing investor concern about potential dilution.*
Santech Holdings Limited (STEC):
The stock declined 13.2% to $0.3780.*
InMed Pharmaceuticals Inc. (INM):
Shares dipped 12.1% to $0.3690.*
Urban Outfitters, Inc. (URBN):
Shares fell 11% to $36.94 after reporting second-quarter results.*
Snowflake Inc. (SNOW):
The stock dropped 10% to $121.54 after reporting second-quarter results.*
