Stocks making the biggest moves premarket: GameStop, USA Rare Earth, Applied Materials, Zillow and more
Check out the companies making headlines in premarket trading. USA Rare Earth — The rare earth miner jumped 8.8% after CEO Barbara Humpton told CNBC that the company is in “close communication” with the White House. GameStop — The meme stock fell 2.7% after the company said in a filing it’s selling a combination of assets ranging from common stock to debt for an undisclosed amount. Applied Materials — Shares slipped 2.2% after the company acknowledged in a regulatory filling that new U.S. export restrictions will hurt revenue. Applied Materials said the restrictions will lower fourth-quarter revenue by about $110 million and its fiscal year 2026 revenue by around $600 million. Uranium Energy — The uranium miner fell 2% after planning a secondary offering of 15.5 million shares. Goldman Sachs is the sole underwriter. Entergy — The utility rose 2% after announcing plans to provide power for Google ‘s planned technology investment worth around $4 billion in Arkansas. As part of the investment, Google will develop a new data center in West Memphis, Arkansas, the company’s first in the state. Zillow — Gordon Haskett Research Advisors upgraded Zillow to buy from hold, sending the real estate platform up more than 1%. The Wall Street researcher said the recent sell-off is overdone, creating an attractive buying opportunity. Zillow has declined 17% over the past two weeks on concerns regarding competitive encroachment and legal woes. Red Cat Holdings — The drone stock added 4% after Needham initiated research coverage at a buy. The firm said that the unmanned aerial systems industry is entering a supercycle and that Red Cat is well positioned to capture rising demand. Freeport-McMoRan — The copper and gold miner gained more than 1% after UBS upgraded Freeport to buy from neutral, saying it has been overly punished after declaring force majeure at its Grasberg mine in Indonesia following a deadly collapse. Force majeure is a legal declaration allowing a company to temporarily halt contractual supply obligations. “We believe the market is pricing in an overly pessimistic outcome for Grasberg recover, therefore see the risk vs reward as attractive,” UBS analyst Daniel Major wrote. — CNBC’s Yun Li, Fred Imbert and Sarah Min contributed reporting
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