Stocks making the biggest moves premarket: Spirit Airlines, Nvidia, Wayfair and more

Published Fri, Jan 19 20248:29 AM ESTUpdated Fri, Jan 19 20249:13 AM EST

Check out the companies making headlines before the bell. Wayfair — Shares of the digital home goods retailer surged nearly 12% premarket after the company said it will lay off 13% of its global workforce , including 19% of its corporate team, in an effort to cut out layers of management and reduce costs. This is Wayfair's third restructuring since 2022 and is expected to save the company about $280 million. Hertz — Hertz shed 2.8% on a Jefferies price target cut and downgrade to hold from buy. The firm said that electric vehicle repair issues and depreciation expenses will limit the company's near-term profitability, even as Hertz plans to sell roughly a third of its EV fleet and instead reinvest in gas vehicles. Spirit Airlines — The stock popped nearly 18% after the budget airline said it expects revenue for the fourth quarter to come in on the high end of its earlier forecasts thanks to strong bookings. Spirit also estimated operating expectations will come in better than expected. Shares tumbled 62% week to date after a judge blocked its merger with JetBlue airways. iRobot , Amazon — Shares of iRobot fell nearly 35% after a Wall Street Journal report said the EU's antitrust watchdog plans to reject Amazon's planned acquisition of the company. Amazon's stock gained 0.6% meanwhile. Texas Instruments — Shares rose 2.1% after UBS raised its rating on the stock to buy and increased its price target, saying the company should be among the first of its peers to see orders inflect higher due to its lesser reliance on distribution. The firm had also hiked up its revenue forecast for 2024 and 2025. Nvidia , Advanced Micro Devices — Semiconductor stocks rose again Friday. Nvidia added 1.7% after Wells Fargo named it "the clear beneficiary" of Meta's AI infrastructure buildout. AMD added 1.6% after reaching its highest-ever closing price Thursday amid increased investor interest in the second-largest standalone GPU maker. DraftKings — Shares of the sports betting company rose more than 1% after Stifel upgraded DraftKings to buy from hold. The investment firm said that DraftKings looks fundamentally strong even with competition from ESPN Bet. J.B. Hunt Transport Services – Shares rose more than 3% after the company posted mixed quarterly results. Earnings came in at $1.47 per share, falling short of the $1.75 expected by analysts polled by LSEG. The company reported revenues of $3.30 billion, exceeding the $3.28 billion expected by analysts. J.B. Hunt reported a year-over-year decline in intermodal revenues but said volumes rose 6%. — CNBC's Tanaya Macheel, Samantha Subin and Jesse Pound contributed reporting.