Premarket Movers: Fossil Surges on Surprise Profit, CoreWeave Jumps on Raised Outlook
US stock futures were mixed before Wednesday's open, with Nasdaq-100 futures up 1.7%, S&P 500 futures adding 0.7% and Dow futures off 0.1%. Traders kept watching rate bets after hotter inflation data, with the bond market shut for Veterans Day and a mortgage rate update due later.
AI names drive the chip rebound
CoreWeave jumped 13.7% ahead of the open after third-quarter revenue of $3.66B topped the $3.55B analysts expected. The cloud provider raised its 2026 revenue outlook to a range of $13B to $13.3B, above the $12.86B consensus, while its adjusted loss of 95 cents beat the $1.16 loss forecast.
Management pointed to about $9B of customer prepayments and deposits expected over the next three months and said it does not plan new parent-level unsecured borrowing through 2027. The order backlog hit a record $133B, up 138% year over year.
Nvidia climbed 4.9% before the bell, clawing back part of a near 10% week-to-date slide tied to the controversy around CEO Jensen Huang. The board has retained Wachtell Lipton Rosen & Katz to look into whether company secrets were exposed.
Micron rose 6.5% as the semiconductor group moved with the AI trade. Advanced Micro Devices gained 6.4%, Intel added 6.2%, and Broadcom advanced 4.2%.
Valens Semiconductor jumped 6.8% after third-quarter revenue rose 26% from a year earlier to $21.91M, above its own guidance. Non-GAAP gross margin landed at 64.4%, and the company said full-year revenue should reach the upper end of its $78M to $81M range.
Netlist rose 2.7% after management flagged more memory licensing deals, naming SK Hynix and Samsung as targets. Third-quarter net sales jumped 149% to $105.1M, helped by initial Samsung license fees.
Earnings shuffle the rest of the board
Fossil surged 20.2% after the watch and accessories maker posted an unexpected quarterly profit. Adjusted earnings of $0.19 beat forecasts for a $0.10 loss, revenue of $271.2M topped the $248.88M estimate, and the 2026 revenue outlook moved up to $980M to $990M.
GoPro sank more than 10% after the camera maker delayed its third-quarter report, citing unfinished accounting work on financing arrangements. It warned the Starman Optical deal could fall apart without lender waivers.
Tandy Leather Factory rose 10.7% after swinging to net income of $500K from a $1.4M loss a year earlier. Revenue grew 7.3% to $18.5M, with gross margin at 62.4%.
NextNav climbed 9% after third-quarter revenue nearly doubled and its quarterly loss narrowed to 4 cents from 12 cents a year earlier. Cash and short-term investments reached $264.1M at the end of September, up from $152.1M at year-end.
Redwire gained 2.7% after NASA picked it for a roughly $40M contract to build a power system for the Moon Base program, adapting its Roll-Out Solar Array used on the International Space Station.
Traders are also tracking the Anthropic IPO, which is offering 825M shares in a $70 to $78 range and could start trading next week.
Rumble, Corteva and Franco-Nevada are among the names reporting results Wednesday.
