Check out the companies making headlines in pre-market trading. Chipotle — Shares of Chipotle rose 6.6% in premarket trading after the Mexican fast-casual chain announced a 50-to-1 stock split. The change was announced to the public on Tuesday and is expected to take effect in June if approved in a shareholder vote earlier this month. Deutsche Bank, on the other hand, raised its price target on the stock, citing strong growth prospects. CarMax — Shares of the used car dealer rose 3% after Needham upgraded the stock to buy from hold. The investment firm said the used car market may be on the verge of a multi-year recovery. Riot Platforms — Shares of Riot Platforms rose 5% after JPMorgan upgraded its rating on the Bitcoin mining company to “overweight” from “neutral.” Analyst Reginald Smith sees Riot’s “unique combination of industry-leading power contracts, scale and liquidity” as a catalyst, adding that he sees the company as the largest U.S.-listed cryptocurrency miner provides the best relative advantage. General Mills — Shares of General Mills rose more than 3% after the company’s revenue and profit beat Wall Street estimates. The company reported earnings of $1.17 per share, excluding items on revenue of $5.1 billion, while analysts polled by LSEG had forecast earnings of $1.05 per share on revenue of $4.97 billion. General Mills also reiterated its full-year outlook for Signet Jewelers, which sent its shares down more than 7% after first-quarter revenue guidance fell short of Wall Street expectations. The company forecast revenue between $1.47 billion and $1.53 billion, while analysts polled by FactSet forecast revenue of $1.61 billion. PDD Holdings — Shares soared more than 17% after the company’s fourth-quarter revenue beat analysts’ expectations. The company reported revenue of 88.88 billion yuan, while analysts polled by FactSet had forecast 73.59 billion yuan. Mobileye — Shares of Mobileye rose 4% after Volkswagen announced it would strengthen its partnership with the automotive technology company. Mobileye will provide the European automaker with new self-driving technology. Intel — Shares of the chip maker rose nearly 3% after the company received up to $8.5 billion in White House funding as part of the CHIPS Act. In addition, RBC Capital Markets and JPMorgan Chase both said on Wednesday that Intel is one of the few companies that still has more room to operate as spending on servers to support artificial intelligence continues to rise and investor optimism about artificial intelligence increases overall. one. MicroStrategy Incorporated – Shares of MicroStrategy bounced back more than 2% after TD Cowen slashed its price target after the company doubled down on its Bitcoin purchases. However, the company reiterated its outperform rating on the stock. —CNBC’s Michelle Fox, Alex Harlin, Jesse Pond and Lisa Kelehan contributed reporting
