Here’s a look at the biggest gainers in premarket trading: Target — The retailer’s shares jumped nearly 8% after the retailer reported a stronger-than-expected fourth-quarter report. Target earned $2.98 per share on revenue of $31.92 billion. Analysts polled by LSEG expected Target to earn $2.42 per share on revenue of $31.83 billion. Apple – A report from Counterpoint Research said iPhone sales in China fell 24% in the first six weeks of 2024 compared with the same period last year, sending the company’s shares down 2.3%. Tesla — Shares of the electric car maker fell 2.5%. Reuters quoted German news reports as saying the company’s Berlin factory had stopped production on Tuesday due to a power outage due to a fire nearby. Police told CNBC the incident initially looked like arson. Microstrategy — Shares of Microstrategy fell 3.6% after the bitcoin development company announced a private placement of $600 million in convertible senior notes. Microstrategy said it will use the proceeds to purchase more Bitcoin and for general corporate purposes. According to Bloomberg, the company’s stock price fell nearly 2% after U.S. regulators blocked the semiconductor company from selling artificial intelligence chips designed specifically for China. The chips are said to be so powerful that they require a license from the Department of Commerce’s Bureau of Industry and Security before they can be sold. Stitch Fix — Shares of Stitch Fix fell 13.4% in one day after the online personal styling service reported lower-than-expected second-quarter profit. Stitch Fix also has 17% fewer active customers than last year. Albemarle — The specialty chemicals company’s shares fell more than 7% on plans to sell $1.75 billion in depositary shares. Albemarle said the funds could be used to fund growth capital expenditures and for other purposes. GitLab — Shares of GitLab fell nearly 24% in one day after the software company issued lower-than-expected full-year revenue and profit guidance. GitLab also said it expected an adjusted loss of 4 cents to 5 cents per share in the first quarter, while analysts expected a profit of 6 cents per share. Paymentus Holdings — Shares of Paymentus Holdings rose 19.6% on the day after the payments technology company reported better-than-expected fourth-quarter earnings and revenue, driven by growth in trading. AeroVironment — The defense company’s third-quarter adjusted earnings per share and revenue beat estimates, sending the company’s stock up nearly 18% in one day. AeroVironment’s full-year profit and revenue guidance also topped expectations. —CNBC’s Jesse Pond and Lisa Han contributed reporting.
