Stocks making the biggest moves premarket: Intel, Tesla, Dave & Buster's, Paramount and more

Published Wed, Apr 3 20247:57 AM EDT

Check out the companies making headlines in premarket trading. Intel — Shares fell more than 4% after the company disclosed a growing operating loss in its semiconductor manufacturing business. Intel reported an operating loss of $7 billion in 2023 for the arm of the company, compared to $5.2 billion from one year prior. Tesla — The electric vehicle maker slipped roughly 1% after Guggenheim and Deutsche Bank slashed their price targets on the stock. The target cuts follow Tesla reporting much weaker-than-expected first-quarter delivery numbers . Paramount Global — Shares added 2.5% after a report from The New York Times said the company could potentially enter into exclusive sale discussions with the media company Skydance. Dave & Buster's — Shares jumped 5% after the restaurant and entertainment chain increased its share repurchase authorization by $100 million, bringing the total available share repurchase authorization to $200 million. The company also posted weaker-than-expected fourth-quarter earnings and revenue, however. Cal-Maine Foods — The egg producer saw its shares jump 7% after it posted earnings per share of $3 and $703 million in revenue for the latest quarter, and noted that market prices moved higher sequentially in the third fiscal quarter due to both the recent impact of highly pathogenic avian influenza (HPAI) and normal seasonal fluctuations. The company also reported a 3% increase in sales volumes. Wolfspeed — The chipmaker lost 2% after Wells Fargo downgraded the stock to equal weight from overweight, citing Tesla exposure as a drag on growth, and cut its price target on Wolfspeed to $30 per share from $55. Ally Financial — Shares slipped 2% following a downgrade to underweight from neutral at Morgan Stanley. The lender stock has soared more than 50% since early October, with analyst Richard Shane now seeing "limited upside potential based on the current valuation." — CNBC's Hakyung Kim, Brian Evans, Lisa Han and Jesse Pound contributed reporting