Here’s a look at the top gainers in pre-market trading: Rivian Automotive — The electric vehicle stock jumped nearly 4% after Piper Sandler upgraded it to “overweight.” The company also raised its price target to $21 from $15, which represents a 96% upside from Thursday’s closing price. Analyst Alexander Potter cited Rivian’s new product launches and its decision to delay capital spending on the call. Micron Technology — The semiconductor stock rose 2.5%. On Friday, Citi named Micron one of its top picks and raised its price target to $150 from $95, implying an upside potential of 64%. The bank believes Micron Technology’s shares should trade at a premium given its increasing investments in artificial intelligence. Adobe — Shares of Adobe fell 11% in one day after the software company issued weak revenue guidance for the quarter. However, Adobe’s fiscal first-quarter profit and revenue beat expectations. It also announced a $25 billion stock buyback. Ulta Beauty — Shares fell 6.5% on the day after the beauty retailer issued full-year profit guidance that was at the lower end of consensus forecasts. However, Ulta reported fourth-quarter profit and revenue that beat expectations. Crypto Stocks – Cryptocurrency-related stocks fell as Bitcoin retreated from recent highs. Coinbase and Microstrategy fell about 6% and 5% respectively. Marathon Digital fell 4%. As Bitcoin rises, so do stock prices. Cardlytics — The advertising company’s 2023 adjusted EBITDA turned positive for the first time since 2019, sending the company’s shares soaring 50% in one day. Its first-quarter forecast was also higher than expected. PagerDuty — The IT company that specializes in incident response issued a weaker-than-expected forecast, sending its shares down 8.5% despite its latest quarterly results beating expectations. PagerDuty expects first-quarter adjusted earnings of 12 cents to 13 cents per share, below the LSEG consensus estimate of 18 cents. Revenue guidance was between $110.5 million and $112.5 million, also below analysts’ expectations of $113.4 million. Smartsheet — The business software provider’s revenue guidance for the current quarter and full year fell short of analysts’ expectations, sending the company’s stock price down more than 8% in one day. Zumiez — Shares fell 11% as the specialty retailer’s outlook weakened. After Thursday’s close, Zumiez expected a first-quarter loss of $1.09 to $1.19 per share, compared with the consensus estimate of a loss of 34 cents per share, according to FactSet. Revenue guidance also missed the mark. —CNBC’s Sarah Min contributed reporting.
