Snowflake, Intel, Tesla Fall Premarket; Best Buy, Box Rise

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Snowflake, Intel, Tesla Fall Premarket; Best Buy, Box Rise

By Peter Nurse -- Stocks in focus in premarket trade on Thursday, March 3rd. Please refresh for updates.

  • Snowflake (NYSE: SNOW ) stock slumped 20% after the cloud data warehousing company reported the slowest revenue growth in the fourth quarter since at least 2019.

  • Splunk (NASDAQ: SPLK ) stock rose 2.3% after the software company surprised with an adjusted profit and upbeat revenue guidance, while also announcing a new CEO.

  • Best Buy (NYSE: BBY ) stock rose 5.6% after the electronics retailer beat challenging year-over-year comparisons when the pandemic and stimulus checks fueled sales.

  • American Eagle Outfitters (NYSE: AEO ) stock fell 4.9% after the clothes chain forecast a decline in earnings for the first half of 2022, citing rising freight expenses.

  • Box (NYSE: BOX ) stock rose 6.1% after the file sharing company reported better-than-expected fourth-quarter results and upbeat guidance helped by increased enterprise spending on digital transformations.

  • Intel (NASDAQ: INTC ) stock fell 2.3% after Morgan Stanley downgraded its stance on the semiconductor manufacturer to ‘underweight’ from ‘equal weight”, on relative valuation grounds.

  • AT&T (NYSE: T ) stock rose 0.3% after Morgan Stanley (NYSE: MS ) said the media giant’s upcoming spin-off of WarnerMedia should be the next catalyst, sending its stock higher. The investment bank has an ‘overweight’ rating on AT&T.

  • Tesla (NASDAQ: TSLA ) stock fell 0.5% after CEO Elon Musk said he is open to the United Auto Workers union holding a vote about organizing labor at the company, a move he has long resisted. Separately, local news reports suggested that Tesla is close to getting final approvals for its factory outside Berlin to start operations.

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