Premarket Trading Shows Mixed Moves for Major Technology Stocks

Major technology stocks showed mixed results in premarket trading Wednesday. Alphabet fell 0.5 percent, Nvidia rose 0.4 percent, Apple gained 0.1 percent, Tesla increased 1.6 percent, Amazon edged up 0.02 percent, Microsoft declined 0.5 percent, and Meta dropped 0.5 percent.

Box shares declined 2 percent after the company reported first-quarter results that met expectations. The company cited foreign-exchange effects on its performance.

Shares of several rocket, space, and satellite communications companies advanced in premarket trading. LUNR rose 17 percent, RDW gained 20 percent, and ASTS increased 6.1 percent. The sector has risen since SpaceX filed publicly for what would be its initial public offering.

Semiconductor and chip equipment companies also posted gains. POWI rose 7.0 percent, SMTC gained 5.4 percent, and MRVL increased 5.7 percent. Market capitalizations of SK Hynix and Micron Technology each exceeded $1 trillion.

Mobility shares fell 43 percent after the company lowered its full-year adjusted earnings-per-share guidance below analyst estimates. The company also reported that Avis Budget had terminated a contract, which prompted at least three analyst downgrades.

Zscaler shares declined 22 percent after the company issued a fourth-quarter revenue forecast below expectations. Evercore downgraded the stock, citing slower growth in net new customers.