Stocks making the biggest moves premarket: GitLab, CVS Health, Take-Two Interactive & more

Published Tue, Dec 5 20238:13 AM ESTUpdated Tue, Dec 5 20238:56 AM EST

Check out the companies making headlines before the bell. GitLab — GitLab shares popped more than 14% after the maker of developer tool software posted stronger-than-expected fiscal first-quarter results and shared upbeat guidance. The company posted its first adjusted operating profit and said revenue grew 32% year over year. For the fourth quarter, GitLab anticipated adjusted earnings of 8 cents to 9 cents per share on $157 million to $158 million in revenue. CVS Health —The pharmacy stock climbed 3% in premarket trading after the company provided higher-than-expected revenue guidance for 2024. CVS now expects revenue of at least $366 billion, while analysts polled by FactSet forecast $344.5 billion. The company also plans to raise its quarterly dividend by 9.9% beginning in the February quarter. Take-Two Interactive — The video game publisher's stock fell more than 4% before the bell. Subsidiary Rockstar Games released the trailer for the new iteration of its Grand Theft Auto game, which is slated for 2025, earlier than expected following a leak on social media platform X. Nokia , Ericsson — U.S.-listed shares Nokia dropped 6.3% after losing a $14 billion deal to build a new telecom network for AT & T to Ericsson. Nokia, based in Finland, will see its existing equipment replaced in several places. U.S.-listed shares of Ericsson, based in Sweden, popped 2.7%. Johnson & Johnson —Johnson & Johnson's stock rose nearly 1% after the pharmaceutical company offered 2024 guidance and said it expects operational sales growth to range between 5% and 6% next year. That topped a FactSet estimate of 3.6%. The drugmaker also said it has more than 10 assets with peak sales potential exceeding $5 billion. UBS — UBS shares slipped nearly 2% after Bank of America downgraded the Swiss bank to neutral, citing higher costs as it integrates Credit Suisse post-acquisition. Albemarle — The lithium company about 2% after Piper Sandler downgraded shares to underweight and trimmed its price target, citing global price declines. AutoZone — Shares dipped 1.5% after AutoZone posted mixed fiscal first-quarter results . The auto parts retailer posted earnings of $32.55 per share, topping the FactSet consensus estimate of $31.57 per share. The revenue of $4.19 billion came in line with expectations. J.M. Smucker — Shares of the snack food company rose 3% in premarket trading after J.M. Smucker topped earnings expectations for its fiscal second quarter. Net sales rose year over year when excluding the pet food brands J.M. Smucker sold off in April. Adecoagro — The Latin American agriculture stock rose 2.3%. Bank of America upgraded shares of Adecoagro to buy from neutral, saying that better sugar cane yields could fuel earnings growth in 2024. — CNBC's Jesse Pound, Brian Evans, Sarah Min and Michelle Fox contributed reporting