US Premarket: Nintendo, Dow, Adobe and other stocks making biggest moves

Rent the Runway

Shares of the fashion rental company plunged 22% in the premarket as it’s laying off 24% of its corporate workforce. Additionally, the company said it’s cutting $25 million to $27 million in fixed costs to deal with an uncertain macro backdrop.

Nintendo

Shares of the gaming company surged 5% in premarket trading after Nintendo said its new title beat a domestic sales record. Sales of the action shooting game Splatoon 3 topped 3.45 million units in Japan.

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Dow

Dow shed 0.9% in premarket action after Jefferies downgraded the chemicals company to hold from buy, due to excess supply and demand risks.

Adobe

The stock slid 0.4% in the premarket after BMO Capital Markets downgraded Adobe to market perform from outperform, saying there are concerns about the long-term durability of Adobe’s Creative Cloud.

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Oracle

The stock gained 1.6% in premarket trading after Oracle reported revenue that was in line with expectations. Revenue grew 18% in the previous quarter from the year-ago period, on the back of a recent acquisition in software maker Cerner.

Oatly

Oatly shares fell 1.8% in premarket trading after Credit Suisse downgraded the stock to neutral from outperform, saying rising inflation in Europe and Asia will hurt the Swedish diary-alternative food company’s ability to compete.

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Wolfspeed

The stock added 1.6% in premarket action after Evercore ISI started coverage of the stock with an outperform rating, saying Wolfspeed “is one of the greatest ways to invest in the Electric Vehicle transition underway today.”

Twilio

The communications software company’s stock surged 1.1% in the premarket after KeyBanc Capital Markets resumed coverage on the stock with an overweight rating, saying Twilio is in the right position to use its engagement strategy to raise gross margins.

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Twitter

Shares of the social media giant added 1% as a Twitter whistleblower, previously an executive, is set to testify on his claims of security lapses at the company before a US Senate committee on Tuesday. Twitter shareholders are also likely to vote on Elon Musk’s deal to buy the company.