GameStop, Moderna and other stocks making biggest moves premarket

GameStop (GME)

The videogame retailer posted an unexpected quarterly loss despite its revenue exceeding expectations. GameStop CEO Matt Furlong said the omicron variant and supply chain disruptions had a significant impact on results during the holiday season. GameStop lost 7.6% in the premarket.

Moderna (MRNA)

Moderna is awaiting FDA approval for a second booster shot of its Covid-19 vaccine for adults aged 18 and above. Earlier this week, Pfizer (PFE) and partner BioNTech (BNTX) asked the FDA to approve a second booster for people 65 years and older. Moderna surged 1% in premarket trading.

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Joann (JOAN)

In the premarket, shares tumbled 8.3% after the crafts retailer missed quarterly sales expectations and reported a $60 million increase in ocean freight costs for 2021. Joann said the freight increase was among several significant supply chain issues and disruptions.

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US Steel (X)

US Steel shares dropped 3.6% in premarket trading after the company released weaker-than-expected guidance for the current quarter. The company cited an increase in raw materials costs among other factors.

FedEx (FDX)

FedEx gained an adjusted $4.59 per share for its latest quarter, missing estimates by 5 cents, though revenue from delivery service passed analyst forecasts. Worker shortages due to the Covid-19 omicron variant outbreak impacted FedEx’s bottom line. FedEx slipped 3.1% in the premarket.

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SolarEdge Technologies (SEDG)

Solar equipment and software company’s 2 million share offering has been priced at $295 per share, compared to Thursday’s close of $314.60. SolarEdge slipped 3.4% in the premarket trading.

Wingstop (WING)

The stock of the restaurant chain fell 4.7% in premarket trading after Piper Sandler downgraded it to “underweight” from “overweight.” Piper warned that Wingstop will have a harder time maintaining a premium valuation during a restaurant industry expansion cycle due to higher expenses.

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Rent The Runway (RENT)

The fashion rental company’s stock surged 4.2% in premarket action after Jefferies began coverage with a “buy” rating. Rent The Runway said it expects top-line growth of up to 50% as a result of its extensive offerings and high barrier to entry.