Stocks making the biggest moves premarket: Enbridge, Roku, Gitlab and more

The Roku application on a TV in Hastings-On-Hudson, New York, USA, on Tuesday, July 25th, 2023.

Tiffany Hagler-Geard, a photographer who works for Bloomberg, captured compelling images that depict everyday life situations.

Take a look at the companies that are in the news before the market opens on Wednesday.

Roku, the company that provides streaming services, experienced a significant increase of 12.5% in its stock value after revealing its intention to reduce its workforce by 10%. Additionally, Roku adjusted its forecast for the third quarter, projecting higher revenues ranging from $835 million to $875 million, compared to the previous estimate of $815 million. As part of their cost-cutting strategy, Roku intends to consolidate their office spaces and review their content lineup.

Zscaler, the company that specializes in cloud security, experienced a decrease of 1.2% in value following the release of their positive financial results for the fourth quarter of their fiscal year, as well as their promising guidance for the current quarter. Zscaler achieved adjusted earnings of 64 cents per share, surpassing the expectations of analysts surveyed by LSEG (previously known as Refinitiv) who predicted earnings of 49 cents. Moreover, the company's revenue exceeded consensus estimates by $25 million, totaling $455 million. Furthermore, Zscaler expressed confidence that their earnings and revenue for the current quarter will exceed analysts' predictions.

Enbridge and Dominion Energy - Enbridge experienced a decrease of 7.1% in premarket trading following Dominion Energy's announcement of selling its three natural gas distribution companies to Enbridge for a sum of $9.4 billion. Dominion Energy itself witnessed a decrease of 1.1% during the same period.

ResMed — the stock gained 2% following an upgrade by Needham from hold to buy. ResMed, a company that produces devices to treat sleep apnea, faced a 30% decrease in the third quarter due to worries about how weight-loss medications could affect the demand for their products.

Gitlab - The stocks of the tech platform saw a significant increase of 6.5% in early morning trading after a promising second-quarter report was released on Tuesday evening. GitLab achieved adjusted earnings of 1 cent per share, generating $140 million in revenue. Many industry analysts, as surveyed by LSEG, had predicted a loss of 3 cents per share and revenue of $130 million. Moreover, GitLab's expected revenue for the current quarter surpassed the expectations of analysts.

Bread — The stock of the eatery technology company surged by 3.8% following an upgrade by UBS to a buy rating from a neutral rating in a note on Wednesday. UBS mentioned that there is now a better chance for increased quarterly net new additions and expanding margins.

Asana, the company that manages work tasks, experienced a 5.7% decrease in its stock value, even though its report and future prospects were positive. Asana reported a loss of 4 cents per share, after adjusting for certain factors, with revenue reaching $162.5 million. Analysts who were surveyed by LSEG had predicted a loss of 11 cents per share, with revenue estimated at $158 million. Asana also revised its annual forecast, now anticipating a loss of 39 to 43 cents per share, which is lower than the previously predicted loss of 50 to 55 cents per share.

Southwest Airlines' stock experienced a decline of over 4% as the airline revealed that August bookings did not meet their anticipated levels. Southwest anticipates that their third-quarter revenue per average seat mile will fall on the lower side of their previous forecast, mentioning the escalation of fuel prices as a contributing factor.

C3.ai, the software company specializing in artificial intelligence, experienced a 1.5% increase before its anticipated earnings report to be released on Wednesday evening. Analysts predict that the company will report an adjusted loss of 12 cents per share, with a revenue of $73.8 million, for the second quarter. Furthermore, they anticipate an adjusted loss of 4 cents per share, along with a revenue of $78 million, for the third quarter.

Novo Nordisk — The pharmaceutical behemoth's stocks experienced a 0.8% surge before the market opened. The Danish corporation commenced the release of its Wegovy weight reduction medication in the United Kingdom on Monday, propelling the drug's introduction in Europe despite limitations in supplies.

Shares of AeroVironment, a company that manufactures unmanned aircraft systems, experienced a significant increase of 15.8% after surpassing the predictions of financial experts during their first fiscal quarter. AeroVironment reported adjusted earnings of $1 per share and achieved a revenue of $152 million, which surpassed the anticipated earnings of 26 cents per share and revenue of $129 million according to analyses conducted by LSEG.

- The blog section contained information provided by Sam Subin, Michelle Fox Theobald, and Jesse Pound from CNBC.