Check out the companies making the biggest moves in premarket trading: Target — Shares of the retailer jumped nearly 8% after a stronger-than-expected fourth-quarter report. Target generated $2.98 in earnings per share on $31.92 billion of revenue. Analysts surveyed by LSEG were looking for Target to earn $2.42 per share on $31.83 billion of revenue. Apple — Shares slipped 2.3% after a report from Counterpoint Research said iPhone sales tumbled 24% in China during the first six weeks of 2024 compared to the year prior. Tesla — The EV maker declined 2.5%. The company halted production Tuesday at its Berlin plant after a power outage due to a nearby substantiation fire, Reuters reported, citing a German news report. Police told CNBC the incident initially looked like arson . Microstrategy — The stock fell 3.6% after the bitcoin development company announced a private offering for $600 million in convertible senior notes. Microstrategy said it will use the proceeds to buy more bitcoin and for general corporate purposes. Advanced Micro Devices — Shares slid nearly 2% after the semiconductor company was blocked by U.S. regulators from selling its artificial intelligence chips designed for China, Bloomberg reported . The chips are supposedly too powerful, and will require a license from the Department of Commerce’s Bureau of Industry and Security to be sold. Stitch Fix — Shares tumbled 13.4% a day after the online personalized styling service company reported an earnings miss for its second quarter. Stitch Fix also saw its active clients fall 17% from the prior year. Albemarle — The specialty chemical company dropped more than 7% on the back of its plans to sell $1.75 billion of depository shares. Albemarle said the money may be used to fund growth capital expenditures, among other uses. GitLab — The stock sank nearly 24% a day after the software company issued weaker-than-expected revenue and earnings guidance for the full year. GitLab also said it expects an adjusted loss of 4 cents to 5 cents per share for the first quarter, versus the 6-cent per-share profit expected by analysts. Paymentus Holdings — Shares popped 19.6% a day after the payment technology company reported an earnings and revenue beat for the fourth quarter, fueled by transaction growth. AeroVironment — The stock rallied nearly 18% a day after the defense company exceeded estimates for its third-quarter adjusted earnings per share and revenue. AeroVironment’s full-year earnings and revenue guidance also topped expectations. — CNBC’s Jesse Pound and Lisa Han contributed reporting.
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