Premarket Movers | MongoDB Soars 22%; Credo Technology Surges 16%; Snowflake Gains 4%; IREN Drops 4%

Tiger Newspress12-02

MongoDB shares soared 22.1% in premarket trading after the database software maker announced third-quarter earnings that topped Wall Street estimates and issued a strong forecast.

Credo Technology shares surged 16.2% in premarket trading after the technology company posted fiscal second-quarter results and guidance that were well above Wall Street's forecast.

Snowflake shares gained 3.5% in premarket trading. Analysts have been raising price targets ahead of Snowflake’s Q3 results. Rosenblatt raised its price target to $275 and now expects 27% Q3 product revenue growth. Multiple firms, including Citi, Jefferies, BofA, RBC and BTIG, have lifted targets in recent weeks on AI-driven demand trends.

Warner Bros. Discovery shares rose 1.4% in premarket trading. Warner Bros Discovery has received a second round of bids, including a mostly cash offer from Netflix, in an auction that could conclude in the coming days or weeks, a source familiar with the matter told Reuters on Monday.

Instacart shares fell 3.2% in premarket trading following reports that Amazon is developing a new ultrafast grocery delivery service that could directly compete with Instacart’s core business.

IREN shares sank 4.1% in premarket trading after the company announced its intention to offer $2 billion in convertible senior notes through a private placement to qualified institutional buyers.

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