Check out the companies making the biggest pre-market moves: Cerebras — The semiconductor company fell 11% after releasing its first earnings report since going public in May. Cerebras reported a loss of 22 cents on first-quarter revenue of $193.4 million. The company also said it expects core gross margin to contract to 36-38% in the second quarter, compared to 46.5% in the first quarter. FedEx — Shares fell about 6.5% even though the company reported better-than-expected fourth-quarter results. These numbers reflect the last numbers before FedEx separated its cargo operations. Micron — Memory shares rose more than 2.5% in premarket trading, rebounding from Tuesday’s 13% decline. The rally came ahead of the company’s financial results, which are scheduled to be released after the bell on Wednesday. Memory stocks — Micron wasn’t the only one to recover. Other memory stocks also rose after Tuesday’s decline caused by a sharp decline in South Korean tech stocks. SanDisk rose more than 2% and Western Digital rose more than 1%. Seagate Technology rose about 1%. KB Home — LSEG said the homebuilder rose 2.5% after posting fiscal second-quarter sales of $1.11 billion, beating analysts’ expectations of $1.1 billion. Meanwhile, KB Home’s earnings per share were 43 cents, below expectations of 45 cents. Worthington Enterprises — The industrial manufacturer fell 10% after reporting weaker-than-expected fourth-quarter results. Last quarter, Worthington earned an adjusted 97 cents per share on revenue of $371.5 million. Analysts polled by FactSet had expected earnings of $1.06 per share and revenue of $386.5 million. Wendy’s — The stock has become one of the most talked about stocks on Reddit’s investment community r/Wallstreetbets, and its stock price has soared, according to data from Swaggy Stocks. Wendy’s has a short interest of about 23% of the stock’s free float, and could mount a short squeeze, according to S3 Partners. Arm Holdings — The semiconductor company rose 3% after analysts at UBS and TD Cowen raised their price targets. Both said the outlook for the company’s CPU business has improved as the popularity of agent AI grows and the shift to chips continues. Take-Two Interactive Software — Shares rose more than 3% after the company announced pre-orders for the Grand Theft Auto 6 game would begin Thursday. Also boosting the stock was BTIG’s initial coverage of the game with a buy rating, saying the game could improve profitability over the next few years. — CNBC’s Nick Wells contributed reporting
