Check out the companies making headlines premarket. Chipotle — Shares rose 6.6% in premarket trading after the Mexican fast-food chain announced a 50-for-1 stock split. The change, announced to the public Tuesday, is expected to take effect in June. , if approved by shareholders at a vote scheduled for early this month. At the same time, Deutsche Bank raised its target price for the stock, citing strong growth prospects. CarMax — The used car dealer’s shares rose 3% after it upgraded Needham’s shares to buy from hold. The used car market could be on the verge of a multi-year recovery, an investment firm said. Riot Platforms – Shares rose 5% after JPMorgan raised its rating on the bitcoin mining company to “outperform” from neutral. Analyst Reginald Smith cited Riot’s “unique combination of industry-leading energy contracts, scale and liquidity” as a catalyst and added that he believes the name offers the best relative growth potential among the largest U.S.-listed crypto miners. General Mills — Shares rose more than 3% after the company beat Wall Street’s revenue and profit expectations. The firm reported $1.17 per share excluding $5.1 billion in earnings, while analysts polled by LSEG had forecast $1.05 per share and $4.97 billion. General Mills also reaffirmed its full-year forecast for Signet Jewelers – shares fell more than 7% after first-quarter revenue forecast missed Wall Street estimates. The firm expects revenue of $1.47 billion to $1.53 billion, while analysts surveyed by FactSet forecast $1.61 billion. PDD Holdings – Shares soared more than 17% after the company beat analysts’ revenue estimates in fourth quarter. The firm reported revenue of 88.88 billion yuan, while analysts surveyed by FactSet had forecast revenue of 73.59 billion yuan. Mobileye — Shares jumped 4% after Volkswagen announced an intensified partnership with the auto technology company. Mobileye will provide the European automaker with new automated driving technologies. Intel — The chipmaker’s shares rose nearly 3% after the company received $8.5 billion from the White House as part of the CHIP Act. Elsewhere, RBC Capital Markets and JPMorgan said Wednesday that Intel is among a handful of companies that still have more room to run as costs to support artificial intelligence servers continue to rise and investor optimism about AI in general grows. MicroStrategy Incorporated — Shares rose more than 2%, rebounding after TD Cowen cut its price target on MicroStrategy after the company doubled down on bitcoin buying. However, the company confirmed its rating of shares as overweight. — CNBC’s Michelle Fox, Alex Harring, Jesse Pound and Lisa Kailai Han contributed reporting.
