Stocks making the biggest moves premarket: Bitcoin stocks, Elastic, Gap and more
Check out the companies making headlines before the bell. Bitcoin stocks — Stocks linked to the world’s oldest cryptocurrency were in the red as bitcoin plunged closer to $80,000 as investors fled risk assets. Digital asset mining companies American Bitcoin and Riot Platforms fell 2.4%, while Bitcoin treasury Strategy shed 2%. Galaxy Digital was down 2.2%. Elastic — The data analytics company tumbled nearly 13% after reporting fiscal second-quarter results that saw a deceleration in cloud growth. Elastic’s adjusted earnings and revenue topped Wall Street’s expectations. Albemarle — A Bloomberg report revealed that lithium miner has come up with a preliminary plan to resume operations at its Jianxiawo mine by early December. Ablemarle fell nearly 5%. Veeva Systems — The cloud solutions provider fell 7% after saying it expects fewer top biopharmaceutical companies to select its Vault CRM. Veeva posted third-quarter earnings of $2.04 per share, excluding one-time items, on $811.2 million revenue versus analysts’ consensus estimate of $1.95 on $792.8 million revenue. Gap — The apparel retailer jumped more than 5% premarket after topping expectations for same-store sales with 5% growth in the latest quarter thanks to its viral “Better in Denim” campaign with Katseye. Excluding the pandemic, same-store sales growth was the fastest since its fiscal 2017 holiday quarter. Ross Stores — The retailer reported better-than-expected revenue of $5.6 billion compared to analysts’ consensus estimate of $5.42 billion, pushing its shares nearly 3% higher. Ross also raised its fourth-quarter earnings guidance, saying “we now expect tariff-related costs to be negligible.” AnaptysBio — The biotech fell 12% after pharmaceutical company Tesaro said it is suing AnaptysBio for allegedly breaching a license agreement for the oncology treatment Jemperli. — CNBC’s Michelle Fox-Theobald and Yun Li contributed reporting.
