Stocks making the biggest moves premarket: GameStop, American Eagle Outfitters, Asana and more

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GameStop — GameStop surged 9.2% before the bell despite sharing a widening quarterly loss and declining sales. The video game retailer also announced a partnership with crypto exchange FTX. GameStop’s results could not be compared since few analysts cover the company.

Asana — Asana’s stock surged 19% in the premarket following a beat on the top and bottom lines for the previous quarter. The communications software company shared a smaller-than-expected loss of 34 cents per share on revenue of $134.9 million. Revenue guidance for the current quarter also came in ahead of Wall Street’s expectations.

American Eagle Outfitters — The retailer’s stock sank 14.5% in premarket trading after earnings per share for the quarter fell 9 cents short of expectations, according to analysts surveyed by Refinitiv. American Eagle Outfitters also said it expects higher markdowns and increased promotions given the current retail environment.

Dave & Buster’s — Shares of Dave & Buster’s rose 3.5% after the company posted a better-than-expected quarterly revenue. The company’s top line came in at $468.4 million, topping a StreetAccount forecast of $432.9 million. Comparable store sales also beat expectations for Dave & Buster’s.

First Solar — Shares of First Solar rose 4.4% after Goldman Sachs double-upgraded the solar technology stock to buy and said the company is an immediate beneficiary of the Inflation Reduction Act.

Frontier Group — Shares of the discount airline fell 2.9% amid a downgrade to market perform from outperform by Raymond James. Shares of Allegiant Travel rose on the back of an upgrade to outperform in the same note.

Moderna — Moderna’s stock gained 1.8% after Deutsche Bank upgraded the stock to a buy rating, citing revision to estimates following strong quarterly results.

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