Stocks making the biggest premarket moves: Micron, Apple, Astera Labs, Broadcom and more

Published Thu, Mar 21 20248:15 AM EDT

Check out the companies making the biggest moves in premarket trading: Micron — Shares popped 16.5% after the semiconductor manufacturer's fiscal second-quarter earnings and revenue beat analyst estimates. Micron posted earnings of 42 cents per share on $5.82 billion of revenue, higher than the loss of 25 cents per share on $5.35 billion of revenue analysts polled by LSEG had expected. Micron also guided for higher-than expected third-quarter earnings and revenue. Apple — The iPhone maker slipped 1% after a Bloomberg report that the Justice Department could file an antitrust lawsuit against Apple as early as Thursday. Astera Labs (ALAB) — Shares added nearly 2%, one day after debuting on the Nasdaq . Astera, which sells data center connectivity chips to cloud and artificial-intelligence infrastructure companies, surged 72% on its first day trading. Li Auto — U.S.-listed shares tumbled 9% after the Chinese electric-vehicle maker said it expected first quarter deliveries of 77,000 vehicles at the midpoint, down from a prior outlook of 101,500 at the midpoint. Broadcom — Shares climbed nearly 3% before the opening bell after TD Cowen upgraded the chipmaker to outperform early Thursday, with analyst Matthew Ramsay highlighting further potential upside from the artificial intelligence business. Revolve Group — The fashion retailer jumped nearly 5% after getting an upgrade from TD Cowen to outperform from market perform. The firm said it expects Revolve to see a return to growth after a year of markdowns and broad-based softness. Nvidia — Shares jumped 2% after TD Cowen reiterated an outperform rating on the dominant maker of AI chips and increased its price target to $1,100 from $900. The bank said Nvidia's introduction of its latest Blackwell platform during its GTC conference reinforces the company's "compute leadership across the stack." Chewy — Shares fell 2% after the pet products retailer issued soft guidance for the current quarter. Chewy expect first quarter revenue between $2.84 billion to $2.86 billion, versus the $2.89 billion expected from analysts, per LSEG. Fourth-quarter earnings and revenue topped estimates. Five Below — The discount retailer sank 13% one day after reporting an earnings and revenue miss in its fourth quarter. Five Below also issued light guidance for the top and bottom line for both the current quarter and full year. Guess — The stock jumped nearly 12% a day after the clothing designer posted adjusted earnings of $2.01 per share, topping the $1.56 expected from analysts polled by LSEG. Revenue came in at $891 million, versus the $856 million consensus estimate. Darden Restaurants — Shares dropped about 4% after the latest revenue numbers from the owner of the Olive Garden and LongHorn Steakhouse chains fell short of analyst estimates. Darden Restaurants reported revenue of $2.97 billion in its fiscal third quarter, below the $3.02 billion anticipated by analysts polled by FactSet. Adjusted earnings per share of $2.62 matched the consensus estimate. Separately, Darden also authorized a new $1 billion share repurchase program. — CNBC's Lisa Han, Sarah Min, Pia Singh and Brian Evans contributed reporting.