Stocks making the biggest moves premarket: Dollar Tree, Petco, Tesla and more

Published Wed, Mar 13 20248:08 AM EDT

Check out the companies making headlines before the bell: Dollar Tree — Shares dropped 7% after the discount retailer posted disappointing quarterly results and announced the closure of several stores. Dollar Tree posted an adjusted profit of $2.55 per share. That said, it wasn't clear if that number was comparable to a StreetAccount estimate of $2.66 per share. Dollar Tree also said it plans to close nearly 1,000 stores. Dollar General — Shares of the discount retailer slid 2% following competitor Dollar Tree's earnings release. Dollar General is set to release earnings Thursday before the open. Petco Health & Wellness — Shares added 3.5% after the pet retailer reported a revenue beat for the fourth quarter. Petco's adjusted earnings per share was 2 cents on revenues of $1.67 billion. Analysts polled by LSEG had expected EPS of 2 cents on revenues of $1.67 billion. Tesla — Shares fell 2% after Wells Fargo downgraded the electric vehicle maker to underweight from equal weight. The bank said it sees "risk to volume as price cuts are having a diminishing impact ." Carnival, Royal Caribbean — The two cruise line operators gained 1.7% and 1.8%, respectively, after Goldman Sachs initiated coverage of Carnival and Royal Caribbean at buy ratings. Crypto stocks – Stocks whose performance is tied to the price of bitcoin rose as the cryptocurrency pushed to another record. Microstrategy , which has an aggressive bitcoin acquisition strategy, gained 5%. In the mining sector, Marathon Digital and CleanSpark advanced more than 2% each, while Riot Platforms and Iris Energy added 1% each. Bitdeer gained nearly 4% after BTIG initiated coverage with a $15 price target, implying nearly 140% upside. GE Healthcare Technologies — Shares dropped 5% after GE HealthCare Technologies announced a secondary offering of 13 million shares. Texas Roadhouse — Shares gained 1.5% after Baird upgraded the restaurant chain to outperform, citing the strength of its relatively strong traffic. Eli Lilly , Amazon — Eli Lilly on Wednesday said it's partnering with Amazon Pharmacy to help deliver certain prescription drugs, including weight loss treatment Zepbound . Shares of Eli Lilly gained nearly 1%, while Amazon shares were slightly lower. — CNBC's Michelle Fox, Fred Imbert and Tanaya Macheel contributed reporting