HP, Peloton, Rite Aid fall premarket; Nvidia gains

U.S. futures traded with small losses Wednesday, handing back some of the recent gains ahead of the release of more important labor market economic data.

Here are some of the biggest premarket U.S. stock movers today:

HP (NYSE:HPQ) stock fell 8.3% after the information technology company tempered expectations for annual profit, as it grapples with a more than a year-long slump in the personal computers segment and sluggish demand in key market China.

Hewlett Packard Enterprise (NYSE:HPE) stock fell 1.8% after the tech company forecast fourth-quarter revenue below expectations, at a time when demand for the company’s servers is taking a hit from soft enterprise spending.

Nvidia (NASDAQ:NVDA) stock rose 0.4%, adding more gains after the chipmaker recorded its highest-ever closing price on Tuesday, as it has become the focal point of a recent surge in enthusiasm around the applications of generative artificial intelligence.

Coinbase (NASDAQ:COIN) stock fell 0.6%, handing back some of the previous session’s 15% gains as the cryptocurrency exchange benefited from a landmark decision by an appeals court in the U.S. which set the stage for a spot bitcoin exchange-traded fund.

Johnson & Johnson (NYSE:JNJ) stock fell 0.2% after the pharmaceutical giant forecast 12.5% growth in its annual adjusted profit, a downwards revision, after completing the separation of consumer health company Kenvue (NYSE:KVUE), up 0.2%.

Peloton (NASDAQ:PTON) stock fell 2.3% after Macquarie downgraded the exercise bike manufacturer to ‘neutral’ from ‘outperform’, citing last week’s earnings miss and weaker-than-expected revenue guidance for the first quarter of 2024.

Rite Aid (NYSE:RAD) stock fell 4.9% after S&P Global Ratings downgraded its credit rating on the drugstore chain due to increased risk from restructuring.

Texas Instruments (NASDAQ:TXN) stock fell 2.1% after Bernstein downgraded its stance on the chipmaker to ‘underperform’ from ‘market perform’, saying it’s poised to fall 15%.