Check out the companies making the biggest moves premarket: Cerebras — The semiconductor company dropped 11% after posting its first earnings report since going public in May. Cerebras reported a first-quarter loss of 22 cents on revenues of $193.4 million. The company also said core gross margin is expected to shrink to between 36% and 38% in the second quarter, compared to 46.5% in the first. FedEx — Shares shed about 6.5% even after the company posted better-than-expected fiscal fourth-quarter results . Those numbers reflected the last before FedEx spun off its freight business. Micron — The memory stock was rising more than 2.5% in premarket trading, rebounding from its 13% fall on Tuesday. It was also climbing ahead of the company’s earnings, which are set to be released Wednesday after the bell. Memory stocks — It wasn’t just Micron rebounding: other memory stocks were rising after a Tuesday sell-off induced by a sharp decline in tech stocks in South Korea . Sandisk rose more than 2%, while Western Digital was up more than 1%. Seagate Technology rose about 1%. KB Home — The homebuilder added 2.5% after posting fiscal second-quarter revenue of $1.11 billion, beating the $1.10 billion analysts had penciled in, per LSEG. On the other hand, KB Home’s earnings of 43 cents per share came under the estimated 45 cents. Worthington Enterprises — The industrial manufacturer tumbled 10% after reporting fiscal fourth-quarter results that missed expectations. In its last quarter, Worthington earned an adjusted 97 cents per share on revenue of $371.5 million. Analysts surveyed by FactSet were expecting earnings of $1.06 per share and $386.5 million in revenue. Wendy’s — Shares were surging as the stock became one of the most discussed on the Reddit investing community r/Wallstreetbets, according to data from Swaggy Stocks. Wendy’s has a short interest of around 23% of its float, according to S3 Partners, potentially setting up a short squeeze. Arm Holdings — The semiconductor company rose 3% after it received price target hikes from analysts at both UBS and TD Cowen. Both said that the company’s CPU business’ outlook has improved amid the shift toward the chip as agentic AI becomes more and more popular. Take-Two Interactive Software — Shares were up more than 3% after the company announced presales for its Grand Theft Auto 6 game will begin on Thursday. The stock was also boosted by BTIG initiating coverage of it with a buy rating, saying the game will lead to a multi-year improvement in earnings power. — CNBC’s Nick Wells contributed reporting
